₦airaland Forum

Houseofglam7:
These betting idiots have taken over Nairaland

immhotep:
And then increase VAT to 10%
Sai babarism at full blast.

cc lzaa adaibeku yarimo sarrki

SaintM90:
I just this country and it's media people... How many times will they say that "jibril has signed this into law when he hasnt"

Well 30,000 wouldn't solve 1/3 of the problems in this country!! This is totally unacceptable considering the economic hardship we're experiencing in this horrific administration

paddyofboss:
Have u balanced that with their standard of living to see the true value?

LZAA:

ChibuzorAbia wee not like this

chibuzorAbia:
You no serious! You can avoid the VAT by avoiding the product. That's why it is called indirect tax.


BTW when are you going to develop your region? Nwokem?

cc immhotep

Ecstasy154:
President Muhammadu Buhari has assented to the National New Minimum Wage bill, Daily Trust has reliably gathered.

Sources in the State House told our correspondent that the president assented to the bill today

Presidential adviser on National Assembly (Senate), Sen Ita Enang is being expected to brief the State House Correspondents on the development.

Detail soon

https://www.dailytrust.com.ng/exclusive-buhari-signs-new-minimum-wage-bill.html

frowland:
30k is minimum bro. Lets stop painting the picture that every worker earn 30k. It's the minimum pay for level 1 step 1. Check the increment in percentage and its impressive. 50% increase in salary is actually acceptable. People who earn 20k will now earn 30k, so is 50k will now earn 75k, those on 100k will earn 150k and so on and so fort. Its acceptable as far as am concerned.

CaptainMitch:
My salary go triple cc ibkayee

Warship:
What nonsense are you calculating self.

Pls ask questions on how to calculate it.

ibkayee:

CaptainMitch:
Hey fine girl good to see you

pawesome:
which gesture? Because the suffering will be worse dn now even at the increase in minimum wage

Collins4u1:
How much be the thing sef? 30k??

OhiOfIhima:
How will dat touch people working in private organization..

.

baliyubla:
You can now go ahead and announce 220 naira pump price, useless dullard.

frowland:
Pardon? Seems what you all like doing here is insults without any healthy conversation.
If a wage is increased from 20k to 30k, what is the percentage increase? Maths professor!

Warship:
Have you ever seen a payslip of any government official.?

If yes, find out the basic salary and the % of each allowance in respect to the basic salary.

When you do this, you will get the accurate increment.

Wetin you no sabi, keep quiet and ask.

frowland:
30k is minimum bro. Lets stop painting the picture that every worker earn 30k. It's the minimum pay for level 1 step 1. Check the increment in percentage and its impressive. 50% increase in salary is actually acceptable. People who earn 20k will now earn 30k, so is 50k will now earn 75k, those on 100k will earn 150k and so on and so fort. Its acceptable as far as am concerned.

wirinet:
Still the same problem of curing the symptoms and feeding the disease.

The over 50% increase in salary will be wiped out in less than a year due to almighty inflation. More money in people's pockets without a corresponding increase in productivity means more money chasing the same goods and services. We will bridge that increase in demand by increasing importation. Meaning more nairn chasing dollars, leading to fall in naira value, leading to increase in prices. Local products and services too will not be left behind and they will increase prices also.

So by this time next year;
Petrol will be close to N180/litre
Naira will be N450 in the blackmarket
Okada will be N100 minimum per drop.
Sliced bread will be N350 minimum
Electric rates will be N35/kwh
Pepsi will be N150 for small PET bottle.
House rent will increase by 30%
Etc.

frowland:
How did you come about the Naira going to 450? Be objective and not sentimental.

The external reserve is 45B USD strong so there is only one way the naira will go and its downwards.

Regarding pump price, well I don't have much information on that but Nigeria is one of the countries that sell fuel far cheaper than even US, Saudi, IRaq, Oman, Qatar etc etc and with much much population that those arab countries. So do the maths. The country is strained.

There is no subsidy on diesel and I have been using it for 3 years now @220/ltr. Both at home and office and no scarcity.

Fix power sector and half of the population won't care if pump price is 1k/ltr.

wirinet:
Basic economics of demand and supply. At 18,000 minimum wage, Nigeria imports about $40 billion worth of goods. If salaries is increased by 50%, demand for imported items is expected to increase (as there are no local industries to bridge the expected increase in demand), thereby leading to increase in demand for dollars to facilitate the imports. There will be upward pressure on the naira.




External reserve is savings for a rainy day or used in emergencies when crude prices crash. It is not used for day to day transactions. A $45 billion can only sustain exports for a couple of months, depending on how bad the oil price crash is. The best way to defend the naira is either to restrict imports or increase local production.

Fuel is expensive in most western nations due to high taxes. They put high taxes on fuel to encourage people use public transportation. Furthermore, high fuel prices will have devastating effects on the socio economic life of Nigerians.


Petrol cannot be compared to diesel. The demand for petrol is way more than that of diesel and besides, lots of our diesel is produced locally (though illegally) in the Niger delta.


Better said than done. We have been trying to fix the power sector for the last 50 years with little progress.

wirinet:
Basic economics of demand and supply. At 18,000 minimum wage, Nigeria imports about $40 billion worth of goods. If salaries is increased by 50%, demand for imported items is expected to increase (as there are no local industries to bridge the expected increase in demand), thereby leading to increase in demand for dollars to facilitate the imports. There will be upward pressure on the naira.




External reserve is savings for a rainy day or used in emergencies when crude prices crash. It is not used for day to day transactions. A $45 billion can only sustain exports for a couple of months, depending on how bad the oil price crash is. The best way to defend the naira is either to restrict imports or increase local production.

Fuel is expensive in most western nations due to high taxes. They put high taxes on fuel to encourage people use public transportation. Furthermore, high fuel prices will have devastating effects on the socio economic life of Nigerians.


Petrol cannot be compared to diesel. The demand for petrol is way more than that of diesel and besides, lots of our diesel is produced locally (though illegally) in the Niger delta.


Better said than done. We have been trying to fix the power sector for the last 50 years with little progress.

frowland:
Well explained thanks. Although I am one of those who was against minimum wage increase. It brings nothing but inflation. Rather, concentrate on rapid development of roads, transportation and health.

Warship:
[s]There is nothing wrong with increasing minimum wage.[/s]
[s]
The only problem is Buhari's failure to help boost local production to increase export and reduce import.
[/s]
[s]No improvement in electricity supply.

No support given to Dangote & Orient so as to speed up the establishment of their refineries.

No stoppage of Fulani terrorists destroying farm lands.


Pls take note Wirinet.[/s]