₦airaland Forum

SLIDEwaxie:
na why you no fit spell millionaire. A professor earns more than ₦2M

You are not right, sir!

And if you believe you are, can you provide any proof?

Which university are taking your data from?

No prof in government owned universities earns more than 1m monthly and I am being generous with the upper limit self.

major50:
This is what is obtainable in Federal Universities.

this ur 700k na before deduction..normally professors salary for fg uni nor pass 500k

TrainPark:
You are not right, sir!

And if you believe you are, can you provide any proof?

Which university are taking your data from?

No prof in government owned universities earns more than 1m monthly and I am being generous with the upper limit self.

1m a month..no uni pays that..it's between 500k-600k at their peak

osazsky:
1m a month..no uni pays that..it's between 500k-600k at their peak

You are right...

TheChameleon:
It is a sad situation but i will also play devil's advocate....

Why can't Nigerian Professors have inventions, patents and discoveries like their peers in developed countries?

Malaria, no cure. Electricity, no fix. Must we wait for Whites to fix all our problems?

Oh, Government doesn't fund them well..... But we have seen billions looted by Government, Institutions and Individuals through TETFUND.

What did they do with what they received? A Science Parastatal went to Senate and listed Kilishi processing as their major achievement.

The blunt reality is that, we Africans can not see running abroad as the ONLY solution to our problems.

Japan and Germany were practically annihilated after World War 2 and they stayed back to fix their countries over time.

Sad that South Africa looks VERY different from most parts of Black Africa simply because the Whites only left direct power in 1994 (3 decades ago)

Fixing Africa is a collective responsibility. Why are Blacks at the very bottom? Whites, Yellows, Browns all see us as inferior to even their pets.

Tgis mindset is alarming tbh
Preofessors do not necessarily have to be businessmen or scientists to be able to have a decent life
In Nigeria there are indigenous business people making medicines, plastics and a whole lot.
You've overrated education in your mind
Money is king not education
If i have money i can employ 100 professors if i want
We've been sold this lie in Nigeria that Education is everything which isnt true at all.
A Professor is a teacher.
How much do Nigerian Universities budget for research each year

papiilo:
Good idea, may God help u

Amen
Thank you

adedayourt:
Fews weeks ago, I engaged a Marina bank staff about their car loan facility and here is the highlight of the terms

1. Interest rate is 41% p.a
2. Duration of 48months ie 4yrs
3. Additional 2% management fee etc
4. Loan amount is N15million
5. They would provide the dealer I must buy from

By implication, at the end of 4yrs, borrower would have paid 164% in interest aside other charges equivalent to N39.6million principal & interest

It becomes very disheartening when we compare with other clime where one could get 13% interest rate while income could afford comfortable repayment plan.


At this rate, a N500k monthly earner cannot afford a car. Now imagine entrepreneur who genuinely require capital to fund a viable business plan

I am of the opinion that is beyond just the banking system but a widespread failure in the Nigeria system as a whole.

(Images from X user)

Yesterday I entered fair money app to check their loan services, after the initial questions about my details n financial statement, I was given a loan of 419700k, I entered to check the duration and possible interest on the said loan figure, what I saw left me devastated.
I was to pay 124978k monthly for 9months.
The loan period was 270days which is 9months, when I calculated the sum total of 124978 for 9months, it was 1124802.
I went further to divide the 419700 loan amount offered by 9months, it gave me 46k monthly.
So I'm given 46k to be paying 124k monthly.
At that rate, fair money is doing a ROI of more than 100percent to gullible Nigerians, meanwhile they R giving a paltry 21 to 25percent on their fixed deposit if you fixed the sum for more than 180days.
These guys r reaping Nigerians badly, n no one to speak for us

The truth is: academia isn't a lucrative sector. Harvard MBA graduates earn more than their professors once they convoke. Bachelor degree holders in Mathematics and Physics out-earn their professors once they take up offers in financial services corporations. Anyone who wants to earn a lot of money as a skilled professional should omit academia. The salary of a software engineer in Tokyo is almost 90% what my professors earned as Associate Professors. One left to the private sector where salaries are higher. If you want to make a of money in academia, you need to write and sell books, discover new technologies and collaborate with investors and/or private corporations. The latter is what my head professor did - he works on compounds chemical companies are interested in. Thus, he drives two cars - both German. I've been told of professors who are rich because they research alongside robotic companies. One drives a Porsche. A good example of such a professor is George Church.

Nevertheless, salaries in the public sector in Nigeria are abysmal. With the figures I've seen up there, it has exacerbated considering the hyperinflation. My then dean earned max 500K per month. This was pre-Covid. With the devaluation of the naira, removal of subsidy and general inflation, whatever she earns now (based on those figures) is largely worthless. However, academia isn't a lucrative sector. It only offers job security and work life balance.

TrainPark:
You are not right, sir!

And if you believe you are, can you provide any proof?

Which university are taking your data from?

No prof in government owned universities earns more than 1m monthly and I am being generous with the upper limit self.

Thanks for your comment. Any idea how much professors at Covenant, Babcock, ABUAD etc., earn per month?

Softmirror:
Except if he is not creative enough to do soooooo.

He will need to set himself free from mental slavery to the Program of work for money!

Nonsense, how many people Dey earn this for uk?

Na to use the 15m play 5 sure odds na

anonimi:
While we the citizens stand aside and look at the situation as if we are not concerned

Who do we expect to remedy the situation?

Do you know how many times we have gone on strike on this matter?
Do you know how many government officials we have lobbied?
Do you know the struggles?
Do you know how many of us were arrested and detained for speaking up?
Do you know how many of us were denied promotion for advocating better welfare conditions for lecturers?
The stories are gory, but the "policy makers and implementors" don't care.
If you citizens "stand aside and look at the situation...", some of us are active in the forefront pushing for reforms and risking EVERYTHING in the process.

symbianDON:
Remove corruption, 95% of civil servants cannot afford to buy cars currently

A recent study suggest that 90% of salary earners in Nigeria earn less than 100 thousand naira monthly

viyon02:
A professor can not have 2m as salary, this means education alone can not make you a millioner. Too poor for a nation like Nigeria.

You mean education alone in Nigeria?
Because in saner climes, if you be prof to afford brand new car, no go be ur problem.

adedayourt:
Fews weeks ago, I engaged a Marina bank staff about their car loan facility and here is the highlight of the terms

1. Interest rate is 41% p.a
2. Duration of 48months ie 4yrs
3. Additional 2% management fee etc
4. Loan amount is N15million
5. They would provide the dealer I must buy from

By implication, at the end of 4yrs, borrower would have paid 164% in interest aside other charges equivalent to N39.6million principal & interest

It becomes very disheartening when we compare with other clime where one could get 13% interest rate while income could afford comfortable repayment plan.


At this rate, a N500k monthly earner cannot afford a car. Now imagine entrepreneur who genuinely require capital to fund a viable business plan

I am of the opinion that is beyond just the banking system but a widespread failure in the Nigeria system as a whole.

(Images from X user)

Hej, just a minor correction to your analysis.
The obligor will not actually pay N39.6million at the end of the day, but N27.6 million.

sherif4owo:
Misleading, professors earn over 500K. Even over a million.

Blatant lie. No professor in Nigeria earns above 600K.

SLIDEwaxie:
na why you no fit spell millionaire. A professor earns more than ₦2M

See this one wen dey deceive himself.

adedayourt:
Fews weeks ago, I engaged a Marina bank staff about their car loan facility and here is the highlight of the terms

1. Interest rate is 41% p.a
2. Duration of 48months ie 4yrs
3. Additional 2% management fee etc
4. Loan amount is N15million
5. They would provide the dealer I must buy from

By implication, at the end of 4yrs, borrower would have paid 164% in interest aside other charges equivalent to N39.6million principal & interest

It becomes very disheartening when we compare with other clime where one could get 13% interest rate while income could afford comfortable repayment plan.


At this rate, a N500k monthly earner cannot afford a car. Now imagine entrepreneur who genuinely require capital to fund a viable business plan

I am of the opinion that is beyond just the banking system but a widespread failure in the Nigeria system as a whole.

(Images from X user)

no
It's cos he is unproductive

viyon02:
A professor can not have 2m as salary, this means education alone can not make you a millioner. Too poor for a nation like Nigeria.

yes it can
The issue is what we have is schooling not education

SLIDEwaxie:
na why you no fit spell millionaire. A professor earns more than ₦2M

where?

Amuluonyenaego:
Wickedness of politicians is the cause, do Dey really know what it takes to become a professor?

wickedness of pols or laziness of the ppl(who don't vote, vote un wisely)

AntiWailer:
They earn more.

You don't need to expose your ignorance.

They earn more? Really? Pls enlighten us how a professor at bar earns up to 800k and more

flexyrule:
Fews weeks ago, I engaged a Marina bank staff about their car loan facility

Is Credit Direct a Bank??

I'd like to wade in here.

Officially, the MPR is still pegged 27.5%. We hope it remains so (or drops down to the 25% or 22.5% it was sometimes ago).

However, for personal loans, no bank lends at MPR rate. Even corporate loans are priced a little above the MPR, except in exceptional instances where the bank is getting other value from the customer besides the loan interest itself such as referrals, a FX deposit or huge monthly turnovers.

The truth is the best you can get from commercial banks now as per personal/consumer loan is 35%. Then add 1% Management Fee, 1% Advisory Fee and 1% Insurance Fee, all upfront. This brings the total percentage to 38%.

There's another catch, if you're applying for their loans via their app, monthly rates quoted are between 3.5 - 4.2%. It's sad.

That above is the best you can get in any commercial bank. If you have proof of something lesser, kindly let me know.

TheChameleon:
It is a sad situation but i will also play devil's advocate....

Why can't Nigerian Professors have inventions, patents and discoveries like their peers in developed countries?

Malaria, no cure. Electricity, no fix. Must we wait for Whites to fix all our problems?

Oh, Government doesn't fund them well..... But we have seen billions looted by Government, Institutions and Individuals through TETFUND.

What did they do with what they received? A Science Parastatal went to Senate and listed Kilishi processing as their major achievement.

The blunt reality is that, we Africans can not see running abroad as the ONLY solution to our problems.

Japan and Germany were practically annihilated after World War 2 and they stayed back to fix their countries over time.

Sad that South Africa looks VERY different from most parts of Black Africa simply because the Whites only left direct power in 1994 (3 decades ago)

Fixing Africa is a collective responsibility. Why are Blacks at the very bottom? Whites, Yellows, Browns all see us as inferior to even their pets.

A very good presentation of points but they clearly showed that you have little knowledge of how the University system works, especially the TETfund.

There's rarely any money released to the tertiary institutions for inventions. Yes , Lecturers can present a proposal for research but the issue is that the amount given by tetfund is not always enough and usually has a short duration ofstipulated period rarely enough for good result output.

It is true that money might be stolen in the University system but I would want you to know that all projects in the universities are being executed by contractors and not the Professors (perhaps it's only the VC that might have little input). These contractors are the Politicians who have to play along right at the Federal level downward. This results to substandard projects and supply of equipment in the institutions.

I admonish you to visit the Universities and access for yourself whether the condition of laboratories, availability of power among others are conducive enough for research.

Men! Our Nigerian Prof are trying. If I were one, I would have long relocated to Namibia

sherif4owo:
Misleading, professors earn over 500K. Even over a million.

This one still dey deceive himself. continue.

SLIDEwaxie:
na why you no fit spell millionaire. A professor earns more than ₦2M

Do you mean 2M per year or per month?
If it is per year, you are correct; but if you mean per month, then you must be living in another planet!
No Nigerian professor earns up to 2M naira monthly as salary. Average per for Federal universities is currently less than 1 million naira for a professor!

SLIDEwaxie:
federal Universities, Nigeria

I can tell you for free that you lied. No prof earns even half of what you quoted. How many prof do you have in your circle to start with? You guys just come online and drop garbage.

ibedun:
Illiteracy……🙄

this one hit you direct alaye

osazsky:
1m a month..no uni pays that..it's between 500k-600k at their peak

Some do more than that