₦airaland Forum

parkervero:
What's the difference between 19.8k then and 73k now?

Then a bag of rice was around 9k. But with 73k now, a bag of rice is between 70k and 90k. Is the nation going forward or backwards?

PJtech:
Stop confusing people.. If min wage is 70k not everyone will earn 70k
.only level 1 government workers will earn that amount. There are some government workers that will earn more than 1m monthly

Most secondary school teachers will earn atleast 250k monthly

But we should expect price of goods and foodstuff to multiply if that happens... So the min wage is useless

Pele

Ucvalue:
Do you think that will help?

Someone who earns $5 daily and someone who earns 70k/M or maybe 100k/M
$5x30($150) 200k

Who do you think is doing better?

Someone who earns $5 daily does better. The guy who does that daily income won't have issues footing his daily expenses and also saving a little from his daily expenses but that dude who does monthly may not be able to save.

There are risks associated with the two, since the first has more risk he enjoys more reward that the other guy with a monthly pay with low risk .

If you can secure your risks in such a way that an unforseen contingency has little or no effect on the $5 earning then u will be going place so in the coming years. Some don't take risks and would prefer the stable income of monthly pay.

Abid2020:
Will NYSC Allowance Increase to ₦70,000 Following the New Minimum Wage Approval?

The recent announcement by President Bola Ahmed Tinubu approving a new minimum wage of ₦70,000 has sparked widespread discussions and speculations across Nigeria.

Among the many conversations, a pressing question for many young Nigerians is: Will the National Youth Service Corps (NYSC) allowance be increased to ₦70,000?

short answer: Yes

mastermaestro:
Then a bag of rice was around 9k. But with 73k now, a bag of rice is between 70k and 90k. Is the nation going forward or backwards?

Short answer: Backwards

The new minimum wage will reflex in nysc pay and it will be 82 or 83k per corp member. Save this and save yourself calculation stress

Absolutely
That’s how it has always been

It'll be #75k minimum!!!!

Ate247:
for self. If 77k finish on just feeding alone. Then you're your problem.

dey play.
2 cups of Beans na 1k, that one alone fit do you? Add 3 cups of rice that's like 3k for just breakfast and lunch, dinner dey oo, garri, gas , soup contents just for 31 days wetin go come remain for 77k plus transport to and fro work.
I'm not even talking of rich food oo but average man soup with chicken, meat and fish totally out of it

Femeto:
No way. While people were collecting 19,800 as NYSC allowance minimum wage was 30,000 naira.

minimum wage was #18k
That time

Stupid government

Why not allow subsidy and low prices?

Now you removed it and unable to control the effects

Stupid government

Mandate2023:
I see dis as a gullible question......NYSC allowance has always been d minimum wages

is not true. During my service 2008 - 2009 minimum wage was around 20k but our allawee was 9,500k

WikeTheDrunk:
If NYSC allowance increases to 70k, it will be a big disgrace to employees like private school teachers and those who work in one-man businesses. Just imagine a youth corp member earning 70k while you earn 30k or 40k. There is no dignity in poverty.

non govt organisation rely on income like school fees n cost of running the business to determine the salary benchmark. If you want them to start paying 70k, that means school fees n other products will go up

Imagine corpers receiving over 70k while some people after years of graduation and service are still being paid 70k or even less.

mightyhaze:
federal?


What year

2000

It will be 77k FULL AND FINAL!

Ucvalue:
[quoe author=ExudeLoveToAll post=131047453]It will increase more than 70k, expect something like 73k, it's just when it's implementation will commence.[/quote


Increasing minimum wage to 70k does it help the matter?

My suggestion any Nigerian should find a means to earn in dollars or find a steady cash flow system that can generate income atleast 50k daily should go along way instead of depending on the so called minimum wage (70K)

I'm not your financial adviser DO YOU OWN RESEARCH

You can drop a juicy reply and end with I'm not your financial advice ni.... What can one do to earn 50k daily

abbey621:
Inflation is primarily caused by excess money in circulation leading to high level demand with low level of supply. country like Nigeria that relies on 90% imported goods is fighting against multiple types of inflation. The more we import the weaker the Naira gets and that leads to astronomical prices of goods and services.

Your statement above is wrong and the evidence is simple:

In 2011, minimum wage went from 5,500 to 18,000, cost of building supplies, petrol and other imported products rose between 20 to 40%. In 2019, minimum wage went from 18,000 to 30,0000 and we witnessed even worse inflation, from 50% to as much as 200%. I know this because I built my first house in 2017 costing less than 80 million Naira and in 2021 when I wanted to build my second house with the same style and materials, the total cost was over 150 million.

Now we want to go from 30,000 to 70,000 and we expect just a marginal increase in goods and services.....NO BE JUJU BE THAT?

No.
It's not completely true that inflation is caused by excess money in circulation. The correct thing to say, is that it's caused by excess money in circulation gotten from illegal means spent recklessly and consistently on goods and services to push their prices up . Most people who earn their money legitimately would hardly spend it anyhow. So I don't expect Nigerian workers who are going through pain and suffering during this period to be so foolish to go on a sending spree once they start earning the new minimum wage in the coming months .

The data you presented shows you have a mono - causal explanation for inflation. It's not
good enough to convince me or anyone else who's well informed about all the other factors which usually combine to cause inflation at any given time For instance , the cost of petrol recently went
up from 220 a litre to about 600 to 750. What's the cause? Minimum wage or government policy

Except you're saying that during those period ,other factors which can also contribute to inflation took a break to allow for minimum wage increase to do havoc, you haven't presented any reasonable argument.

Or is it that if minimum wage wasn't increased, prices of goods and services would have remained stable from those years to now?



I'm not saying there won't be an increase in the prices of some goods and services after minimum wage,but it only will be marginal like before, and not enough to cause hyperinflation.

FYI, minimum wage increase also has its benefits. It would help to stimulate the Nigerian economy that's almost going comatose . Businesses are already folding up everywhere or have reduced production due to low patronage . No money in the hands of their regular customers to buy from them as before. So, how do you expect them to stay in business and continue to produce with the current high cost of production in the country?

BTW how many business owners pay the exact minimum wage in Nigeria? Only a few. If not for wickedness, why should business owners in Nigeria who are exempted from law to pay it want to increase the price of the goods and services they offer to the public immediately after

PJtech:
Stop confusing people.. If min wage is 70k not everyone will earn 70k
.only level 1 government workers will earn that amount. There are some government workers that will earn more than 1m monthly

Most secondary school teachers will earn atleast 250k monthly

But we should expect price of goods and foodstuff to multiply if that happens... So the min wage is useless

1m monthly?

As permanent secretary or what

JobAndVacancies:
using 77k to manage within 31 days is hell.
Bills are just too many.
Funny enough 77k fit finish only on feeding

30k food no reach you for 30days as a corper, wetin u dey chop?


When we still dey receive 19800 I returned home with 146k with strict savings though things was less expensive but I was still on strict savings


Regardless of the inflation, a male corper is suppose to be on strict savings of 40k for 12 months, by the mentality you will be coming back with a business mindset not an employee mindset. I can't speak for ladies

lereinter:
1m monthly?

As permanent secretary or what

Go and sidon

WikeTheDrunk:
If NYSC allowance increases to 70k, it will be a big disgrace to employees like private school teachers and those who work in one-man businesses. Just imagine a youth corp member earning 70k while you earn 30k or 40k. There is no dignity in poverty.

Ina can day talk anyhow, like the Corp member is lesser, what certificate does the employ have or you think most Corp member just earn the money while sleeping, especially in a strange land, what you should righly say is how would the private sector meet up

triplechoice:
No.
It's not completely true that inflation is caused by excess money in circulation. The correct thing to say, is that it's caused by excess money in circulation gotten from illegal means spent recklessly and consistently on goods and services to push their prices up . Most people who earn their money legitimately would hardly spend it anyhow. So I don't expect Nigerian workers who are going through pain and suffering during this period to be so foolish to go on a sending spree once they start earning the new minimum wage in the coming months .

The data you presented shows you have a mono - causal explanation for inflation. It's not
good enough to convince me or anyone else who's well informed about all the other factors which usually combine to cause inflation at any given time For instance , the cost of petrol recently went
up from 220 a litre to about 600 to 750. What's the cause? Minimum wage or government policy

Except you're saying that during those period ,other factors which can also contribute to inflation took a break to allow for minimum wage increase to do havoc, you haven't presented any reasonable argument.

Or is it that if minimum wage wasn't increased, prices of goods and services would have remained stable from those years to now?



I'm not saying there won't be an increase in the prices of some goods and services after minimum wage,but it only will be marginal like before, and not enough to cause hyperinflation.

FYI, minimum wage increase also has its benefits. It would help to stimulate the Nigerian economy that's almost going comatose . Businesses are already folding up everywhere or have reduced production due to low patronage . No money in the hands of their regular customers to buy from them as before. So, how do you expect them to stay in business and continue to produce with the current high cost of production in the country?

BTW how many business owners pay the exact minimum wage in Nigeria? Only a few. If not for wickedness, why should business owners in Nigeria who are exempted from law to pay it want to increase the price of the goods and services they offer to the public immediately after

Do you want to hear the truth or do you want to continue rambling? I've given you the textbook definition of what causes inflation and adapted it to the Nigerian scenario, I live in a country where the rubbish you wrote about illegality does not exist and yet inflation doubled 2 to 3 years ago to the point they had to drastically reduce the money in circulation by raising interest rates and removing some government benefits.
I'm not going to go back and forth with you arguing nonsenstical what ifs and whatabouts! I've provided you the definition, agree or disagree that's your business not mine.....PEACE!

It will increase and the implementation would start from may salary, that is the accrued difference from the last minimum wage ( ~40k ) would be paid together with the new minimum wage.

Abid2020:
Will NYSC Allowance Increase to ₦70,000 Following the New Minimum Wage Approval?

The recent announcement by President Bola Ahmed Tinubu approving a new minimum wage of ₦70,000 has sparked widespread discussions and speculations across Nigeria.

Among the many conversations, a pressing question for many young Nigerians is: Will the National Youth Service Corps (NYSC) allowance be increased to ₦70,000?

Karleb:
As someone that collected both 19,800 and 33,000.

Yes!

Were you paid backlogs? How fast did they switch up your payment from 19800 to 33k?

Na 70k

MissOpe:
Crypto Way...
But this one sef dey very risky

U are right, it's very risky.

callmenazarene:
I hate listening to online financial advisor. Promised this and that. Some even pledged to build mansion on the oceans. If there is any crypto expert apart from 419 teach me in a rough way. All Ears.

Leave those financial experts and just go to YouTube and do a search and learn whatever you deem fit to learn for free. Since you are learning from experts without physical mentorship you on try try to start with as small as possible so that you can fail , learn and grow while turning to an expert yourself and growing your asserts.

Some of these gurus parading the place can't help themselves but want you to pay from your nostrils to get their skills that has made them where they have never been.

What's with the comparison and obsession of nigerians with America sef. Are both economy the same? Earning 100k in Nigeria is better than earning $150 daily in America if you dint know.

Ucvalue:
Do you think that will help?

Someone who earns $5 daily and someone who earns 70k/M or maybe 100k/M
$5x30($150) 200k

Who do you think is doing better?

mightyhaze:
I serve 2004 during obj..na 7500 I receive..infact our set na last to receive 7500 sef ..next set was now 9500

Senior men full here oo😊

Abid2020:
Will NYSC Allowance Increase to ₦70,000 Following the New Minimum Wage Approval?

The recent announcement by President Bola Ahmed Tinubu approving a new minimum wage of ₦70,000 has sparked widespread discussions and speculations across Nigeria.

Among the many conversations, a pressing question for many young Nigerians is: Will the National Youth Service Corps (NYSC) allowance be increased to ₦70,000?

Haha