OgogoroFreak:
I mentain my stand that it is different. As long as coke, Pepsi, milo and peak milk from abroad are all different from my personal experience, I don't think the pure life would be an exception.

May I ask if you produce anything?
Or a perfect example of the Nigerian in @Ahib narration above.

Allow Pensioners to withdraw all their savings if they wish please

By

Uwaifor Oga (FB Wall)

*PENSION FUND ADMINISTRATORS ARE EXPLOITING US!!!*

*All of us will get old one day.....in few years to come it will be your turn!*

*_The current pension manipulations should be stopped by Nigerians now!_*

*I was very happy when the Senate recently made a move to amend the Pensions Act to enable Nigerians withdraw up to seventy five percent of their cumulative savings. The liberty should even extend to allowing pensioners withdraw their whole sum if he/she so wish. The law could also give pensioners the liberty to either withdraw their total sum or give the Pension Administrators the kind of investments they want with their hard earned funds*.

*_After spending sixty years or thirty five years of active service to your nation gathering all types of experiences finance, administration etc. PFAs still term you as novice; you don't know how to handle your hard earned entitlements!_*

*I will make a simple illustration here: _MR. A retires at sixty and has =N=20m as his savings. He accesses 50% of =N=20m which equals =N=10m. The balance =N=10m is to be spread over 180 months (15years) and MR. A earns =N=55,555 monthly for 15years and he stops earning anything because he is expected to die at 75. If MR. A will be allowed to have his total sum of =N=20m, ceteris paribus (all things being equal), he could invest in the Money Market or Government Treasure Bills. Currently and authoritatively =N=20m can fetch up to a maximum of 15%pa on a span of four consecutive 90 days tenor. Meaning =N=20m gives about =N=3m per annum. Divide =N=3m by 365 days and multiply by 30 days gives MR. A, a monthly earning of =N=246,575 without depleting his capital of =N=20m*

*Why have we been quiet. Nigerians should wake up from this very deep slumber. The sum given to an average pensioner is not up to the interest the Administrators make on his/her savings. This manipulation/exploitation made PFA among the most lucrative businesses in Nigeria currently.*

*Please share this widely to save ourselves at old age. The National Assembly should save the Nigerian elders now!*
*This is a call to save us all from EXPLOITATION AND CORRUPTION BY PFAs*
Please share if you care!

Bakosokoto:

May I ask if you produce anything?
Or a perfect example of the Nigerian in @Ahib narration above.

So, because I don't produce, I should say somethings that're clearly different are the same?

I sincerely hope you do not believe this guy's write up?
If you give them that 20M once, in 3 years they will be completely broke.

IyaTola:
Allow Pensioners to withdraw all their savings if they wish please

By

Uwaifor Oga (FB Wall)
!

ojesymsym:
I sincerely hope you do not believe this guy's write up?
If you give them that 20M once in 3 years they will be completely broke.

Some would be richer in 3years time.

Lol... You know this probability is very low.
Even lots of people who get lump sum in the oil and gas industry at retirement, many of them go into penury in no distant time, it is not an easy transition from monthly salary income into a one time lump sum. With no previous investment experience, many of such folks will fall into the temptation of high yield investments and lose most if not all of that money in a short time.
I tell you that the first thing some will do is to start building a house on that money, then they will have an uncompleted house on their hands and no cash flow.
Majority will go into a spending spree, finish the money and start insulting the system and government. If they will be richer, let them use the 10M lump sum to achieve that while the extra 10M serves as insurance.
If you non first sabi manage and invest money wen u de work, u can hardly learn it in retirement

Very similar to lottery winners when they get a lump sum.

OgogoroFreak:
Some would be richer in 3years time.

.

Grupo:


Yes.

OK.

Thanks.

Wiseoldman:


This your analysis does not add up. What is exchange rate, what is value.

The fact remains Nigeria is cheap and Naira can get you more things in Nigeria than USD can get you in the US. This is comparing apples for apple.

Value is the key bro. Also, the only country I've been to that is cheaper than Nigeria is Ivory Coast. And I've been around, trust me.

@ the bolded, if value is the key


Will you take $1,000 or #1,000 Regardless of where you will spend it ?


If you'd answer honestly, then that settles the matter.

ojesymsym:
Lol... You know this probability is very low.
Even lots of people who get lump sum in the oil and gas industry at retirement, many of them go into penury in no distant time, it is not an easy transition from monthly salary income into a one time lump sum. With no previous investment experience, many of such folks will fall into the temptation of high yield investments and lose most if not all of that money in a short time.
I tell you that the first thing some will do is to start building a house on that money, then they will have an uncompleted house on their hands and no cash flow.
Majority will go into a spending spree, finish the money and start insulting the system and government. If they will be richer, let them use the 10M lump sum to achieve that while the extra 10M serves as insurance.
If you non first sabi manage and invest money wen u de work, u can hardly learn it in retirement

Very similar to lottery winners when they get a lump sum.

Hit the nail directly on the head

One without financial literacy in active life
Is doomed to face palava at retirement

NL1960:


You forgot to add that on Sundays, they congregate in abandoned warehouses to start claiming miracles from God and go for special claiming of miracles on special Fridays on large expanses of land on Lagos-Ibadan expressway. Expanses of land that would easily have produced more than enough rice to feed and employ them or have large dairy farms that will produce more than enough milk for them.

Hahahahaha

Wrong value system is the bane of Nigeria

The wrong value system

Tabuse2024:


Exactly! Good that you mentioned the Japanese Yen. The average person living in Japan has no business with monitoring Dollar/Yen exchange rate even though it is as you said about 120yen to a dollar....it makes no difference to him or her.

The Yen provides a very strong purchasing power to them, they have access to top class education, healthcare, security, good food, rent....you see what I am trying to point out. I think we are reaching an agreement on this discussion. Japan produces major of what they consume up to technology.

Economic policies in Nigeria should align, recognizing all the failures of building a vibrant economy and how much this has cost us, and find ways to do better. All these kangaroo policies that CBN has been messing with lately,...I'm not sure where we are headed to.

Japan still imports a lot though


But the difference is that they have high productivity to match the high imports

This keeps the currency stable


As long as your currency is stable
You have a goid currency

ojesymsym:
I sincerely hope you do not believe this guy's write up?
If you give them that 20M once in 3 years they will be completely broke.

so, what do you suggest? Many of them have underlying illness/disease, others are out if job and can't wait for 6 months to get their money. I know of an uncle who retired and was given 75% if his savings. Today he has 5 people in his payroll and doing fine

ojesymsym:
Lol... You know this probability is very low.
Even lots of people who get lump sum in the oil and gas industry at retirement, many of them go into penury in no distant time, it is not an easy transition from monthly salary income into a one time lump sum. With no previous investment experience, many of such folks will fall into the temptation of high yield investments and lose most if not all of that money in a short time.
I tell you that the first thing some will do is to start building a house on that money, then they will have an uncompleted house on their hands and no cash flow.
Majority will go into a spending spree, finish the money and start insulting the system and government. If they will be richer, let them use the 10M lump sum to achieve that while the extra 10M serves as insurance.
If you non first sabi manage and invest money wen u de work, u can hardly learn it in retirement

Very similar to lottery winners when they get a lump sum.

we should be allowed a choice, the fact some percentage of people will end up poor after receiving such money doesn't mean everyone should be subjected to that.

no one should be forced to withdraw all the money but people that want to should be allowed to.

AngelicBeing:


Lol, Ambode was surrounded by Sharks, Tigers , Lions , Cobras and Pythons as politicians / aides and criminals called godfathers but if I were him, l would have taken my chances and slug it out with the political criminals both in and outside lagos even if I lose, l lose gallantly and not as a coward

I would have gone the route of Obaseki although both lagos and Edo were 2 different ball games politically but the spirit of godfatherism was at play in both scenarios (Oshiomole)
Tinubu)

It is been alleged now that Governor Fayemi of Ekiti State and some cabals in Aso Rock silently worked underground to ensure Obaseki wins to clip the wings of Oshiomole, and what played out in Edo State is all the political permutations towards 2023 to render Tinubu / Oshiomole irrelevant and I kind of agree with that thinking

Fayemi of Ekiti State is been tipped to pair with El- Rufai in 2023 under APC presidential ticket but only time will prove that wrong or right

''Cowards die many times before their death and the valiant never taste of death but once'' >>>>> Julius Caesar /Shakespeare

He wasn't a coward, Epe was never in their master plan, thanks to Ambode Epe is progressing, Tinubu has Lagos in his hands, Ambode has better plans but Tinubu will never allow it. What happened in Edo state is as a result of the British and America statement to our politician. Rigging and godfatherism is coming to and end.

ahiboilandgas:
Getting value....my brother was paying 400 euros for a bed space (not single room ) Per month with shared facilties that over 200k monthly while with 200k monthly in Nigeria u will have a nice deplux in lekki phase 1 or a i bedroom apartment in park view estate ikoyi .....so if all things been equal where will rather be on a bed space in Dublin or in duplex in lekki ....

Alexgeneration:


@ the bolded, if value is the key


Will you take $1,000 or #1,000 Regardless of where you will spend it ?


If you'd answer honestly, then that settles the matter.

I will take #450,000 which is the present value of $1,000 and stay in Nigeria. Stop equating $1 to N1 as the currencies are not equal.

Btw, will you take $1,000 or £1,000?.

NL1960:


I will take #450,000 which is the present value of $1,000 and stay in Nigeria. Stop equating $1 to N1 as the currencies are not equal.

Btw, will you take $1,000 or £1,000?.

Thank you for this, I stopped arguing with the guy/lady when it looked like he was soo convinced USD1,000 should be equal to NGN1,000 for Nigeria to make sense.

I'm a resident of one of the so-called first world countries, though I live and work in Naija now. So I know naija is cheaper by far and Naira can do more in naija than USD in US or EUR in France.

Ciao

Wiseoldman:


Thank you for this, I stopped arguing with the guy/lady when it looked like he was soo convinced USD1,000 should be equal to NGN1,000 for Nigeria to make sense.

I'm a resident of one of the so-called first world countries, though I live and work in Naija now. So I know naija is cheaper by far and Naira can do more in naija than USD in US or EUR in France.

Ciao

Maybe the guy was the brain behind the "i will make $1 = N1" campaign of one of the Presidential Aspirants in the 2015 Presidential election.

Wiseoldman:


Thank you for this, I stopped arguing with the guy/lady when it looked like he was soo convinced USD1,000 should be equal to NGN1,000 for Nigeria to make sense.

I'm a resident of one of the so-called first world countries, though I live and work in Naija now. So I know naija is cheaper by far and Naira can do more in naija than USD in US or EUR in France.

Ciao

he doesn't know that the manpower required to generate 1000 usd is not same as 1000.

Some people are misrepresenting the currency conversion thing and are not considering the relativity which is the bedrock of the discussion. It's like comparing apples to oranges.

The fact is that even though basic items in $/£ may be more expensive when directly converted into Naira, looking at them in real terms, you'd see they are cheaper for those living and earning in the west. That's the advantage of having a stable currency with a high standard of living

Take certain examples.
1. Someone earning about 150-200k in Nigeria should roughly earn between £2000-3000 after tax working in a similar field abroaf. Asides rent (£350-550 or 15-25% monthly), you're likely to spend a greater percentage of your income on virtually every other aspect of living and still get a lower standard for such if you were in Nigeria.

Take food for e.g. Even if you set out to be obese, as far as u cook your food, it'd be very difficult to spend over £200-300 a month on feeding. £10-£15 would make you a full pot of stew which will include a large sized chicken, 3-4pcs of large mackerel, good quality rice + fresh vegetables/salad to go along. That pot would easily last a single person 2 weeks. Now what percentage of income has been spent about 0.5%. Someone in Nigeria would spend about 7,500 asides fuel for generator to get such which will translate to about 5% of their pay.

2. The scenario above cuts across virtually every other aspect like clothing, gadgets e.t.c. The only things relatively more expensive in the West are accomodation and cost of labour (if you're paying someone to do a job).

The same ratio would apply to fueling vehicles. Even though fuel is more expensive in Nigeria, you'd spend proportionately much more of your income fueling your vehicle than if you were in the west.

Take other examples;

3. Minimum wage in the UK is currently £8.7/hr. Most people earn more. Even if you take away tax (which they'd be paying very little if at all), a person earning that would likely live a more comfortable life than someone earning 100k in Nigeria not to talk of the 30k federal minimum wage and much lower amounts even graduates earn with states or the private sector.

The least one can get a male haircut is £10 (can easily be upto £30). Much more for a female hair do. So anyone doing any regular job, should earn enough to live life to some standard.
In Western countries, it really should be called a minimum living wage and conversely a barely surviving wage in Nigeria. Some people sit at home all day and still earn stipends from the government which are enough to cater for certain things.

More examples...
4.The chap in the UK would from his 1month pay be able to sponsor himself to a regular holiday in any part of the world. The chap in Nigeria would have to save for several months just to get a flight ticket not to talk of visa fees e.t.c
There's a reason why developed countries have the most number of travelers/tourists. Most Nigerians/Africans don't travel for leisure even within Nigeria/Africa because we cannot afford it. A return ticket to nearby Ghana is well over 100k. A return ticket from between UK and France can easily be less than £50 or £100 for most parts of Europe

Same applies to phones, cars vehicles e.t.c.

Most of the used clothes, London phones and used/tokumbo (what we laughably now call brand new) cars we buy in Nigeria are items used by regular people in the West. Ask yourself why our middle class have been reduced to such if Nigeria was cheap.

What percentage of Nigerians would their total one year salary give them a recent tokumbo vehicle talk more of a new one. Someone in the west can get something similar with a few months pay and can even take a long soft loan for it.

Also, living in a developed society comes with some perks... There are always benefits to claim on certain items, you can easily get items and structure paying back over a while, most items bought new (no matter the price) are of relatively good quality because of consumer protection laws and a robust return policy, there'd always be a standard playground around where you can take kids to play for free, driving good vehicles/going on holidays/using recent gadgets all of a sudden would be regular items for you and not luxury. There's also good quality 'free' healthcare in alot of places

Like I said the only time when you may pay relatively higher is in paying for labour or accomodation. Even at that, you still get a better quality.

NL1960:


I will take #450,000 which is the present value of $1,000 and stay in Nigeria. Stop equating $1 to N1 as the currencies are not equal.

Btw, will you take $1,000 or £1,000?.

Even though his analogy was faulty, one thing we're not considering is this...

What proportion of working Nigerians have a monthly pay of 450,000 and compare to working Americans with that pay.
98% of civil servants working with a state government would not earn upto that legitimately through their carrer. Heck, even the annual salary of some graduates is less than that.
Now would any graduate working a regular 9-5 job as a graduate in the US earn 1000USD a month talk more of a year

jedisco:
Some people are misrepresenting the currency conversion thing and are not considering the relativity which is the bedrock of the discussion

The fact is that even though basic items in $/£ may be more expensive when directly converted into Naira, looking at them in real terms, you'd see they are cheaper for those living and earning in the west. That's the advantage of having a stable currency with a high standard of living

Take certain examples.
1. Someone earning about 150-200k in Nigeria should roughly earn between £2000-3000 after tax working in a similar field abroaf. Asides rent (£350-550 or 15-25% monthly), you're likely to spend a greater percentage of your income on virtually every other aspect of living and still get a lower standard for such if you were in Nigeria.

Take food for e.g. Even if you set out to be obese, as far as u cook your food, it'd be very difficult to spend over £200-300 a month on feeding. £10-£15 would make you a full pot of stew which will include a large sized chicken, 3-4pcs of large mackerel, good quality rice + fresh vegetables/salad to go along. That pot would easily last a single person 2 weeks. Now what percentage of income has been spent about 0.5%. Someone in Nigeria would spend about 7,500 asides fuel for generator to get such which will translate to about 5% of their pay.

2. The scenario above cuts across virtually every other aspect like clothing, gadgets e.t.c. The only things relatively more expensive in the West are accomodation and cost of labour (if you're paying someone to do a job).

The same ratio would apply to fueling vehicles. Even though fuel is more expensive in Nigeria, you'd spend proportionately much more of your income fueling your vehicle than if you were in the west.

Take other examples;

Minimum wage in the UK is currently £8.7/hr. Most people earn more. Even if you take away tax (which they'd be paying very little if at all), a person earning that would likely live a more comfortable life than someone earning 100k in Nigeria not to talk of the 30k federal minimum wage and much lower amounts even graduates earn with states or the private sector.

The least one can get a male haircut is £10 (can easily be upto £30). Much more for a female hair do. So anyone doing any regular job, should earn enough to live life to some standard.
In Western countries, it really should be called a minimum living wage and conversely a barely surviving wage in Nigeria. Some people sit at home all day and still earn stipends from the government which are enough to cater for certain things.

Now take other examples...
The chap in the UK would from his 1month pay be able to sponsor himself to a regular holiday in any part of the world. The chap in Nigeria would have to save for several months just to get a flight ticket not to talk of visa fees e.t.c

Same applies to phones, cars vehicles e.t.c.

Most of the used clothes, London phones and cars we buy in Nigeria are items used by regular people in the West. Ask yourself why our middle class have been reduced to such if Nigeria was cheap.

What percentage of Nigerians would their total one year salary give them a recent tokumbo vehicle talk more of a new one. Someone in the west can get something similar with a few months pay and can even take a long soft loan for it.

Also, living in a developed society comes with some perks... There are always benefits to claim on certain items, you can easily get items and structure paying back over a while, most items bought new (no matter the price) are of relatively good quality because of consumer protection laws and a robust return policy, there'd always be a standard playground around where you can take kids to play for free, driving good vehicles/going on holidays/using recent gadgets all of a sudden would be regular items for you and not luxury. There's also good quality 'free' healthcare in alot of places

Like I said the only time when you may pay relatively higher is in paying for labour or accomodation. Even at that, you still get a better quality.

Well said. Sadly, they will still argue with you on this. Nigeria is cheap for a person doing relatively well, not for the average Nigerian. The average Nigerian in this case is about 150 million of us who do not have strong purchasing power. The remaining 50million which had, has been depleted already with the massive job loss and business challenges due to covid 19 pandemic.

Comparing the average minimum wage earner in US/UK who has access to many things with his money to a Nigerian minimum wage earner who supposedly has access to "affordable" things based only on conversion rate is quite simplistic.

ahiboilandgas:
he doesn't know that the manpower required to generate 1000 usd is same as 1000.

Hmmmm... I don't see where this is applicable except in the area of minting/printing the notes

Tabuse2024:


Well said. Sadly, they will still argue with you on this. Nigeria is cheap for a person doing relatively well, not for the average Nigerian. The average Nigerian in this case is about 150 million of us who do not have strong purchasing power. The remaining 50million which had, has been depleted already with the massive job loss and business challenges due to covid 19 pandemic.

Comparing the average minimum wage earner in US/UK who has access to many things with his money to a Nigerian minimum wage earner who supposedly has access to "affordable" things based only on conversion rate is quite simplistic.

The rising poverty (which is most times collective) in Nigeria is a cause of concern.

50 million with 'good' purchasing power is an exaggeration. I'd say it's less that 2 million that can boast of that.
A while ago, CBN released data that showed that only about 5% (thereabout) of individual accounts had upto 500k. I'm sure that proportion is much reduced now.

Now what tangible long-term would 500k give in Nigeria or any part of the world. Take that sum to the market and watch it fritter away

jedisco:
Some people are misrepresenting the currency conversion thing and are not considering the relativity which is the bedrock of the discussion. It's like comparing apples to oranges.

The fact is that even though basic items in $/£ may be more expensive when directly converted into Naira, looking at them in real terms, you'd see they are cheaper for those living and earning in the west. That's the advantage of having a stable currency with a high standard of living


Like I said the only time when you may pay relatively higher is in paying for labour or accomodation. Even at that, you still get a better quality.

D poster above made very valid points. Some people look at cost of things in isolation. If you want to compare cost of goods and services also factor in median income in those countries o!

Apart from food, clothes and a very few items other things are imported in $$$. Even that food is not cheap comparative to salary earned. If you wan chop wella that 150k(I guess majority working class earn around that) go go down by month end.

Someone in UK with minimum wage will spend like 15 to 30 percent of their earnings and chop extremely well. Yes the food costs more in d UK, but ur earnings is also more.

Except u earn in $ or pounds and spend in Naira.

jedisco:


The rising poverty (which is most times collective) in Nigeria is a cause of concern.

50 million with 'good' purchasing power is an exaggeration. I'd say it's less that 2 million that can boast of that.
A while ago, CBN released data that showed that only about 5% (thereabout) of individual accounts had upto 500k. I'm sure that proportion is much reduced now.

Now what tangible long-term would 500k give in Nigeria or any part of the world. Take that sum to the market and watch it fritter away

Fact.

I was only being nice, so as not to paint a very gloomy picture so as not to sound too pessimistic about Nigeria. A country where shoprite is seen as a supermarket for the rich, whereas in SA, it is one of the supermarkets that caters mostly to working class and lower income people. And even they are divesting (Yes, i know, for many other factors asides low purchasing power)

That should paint a picture.

Tabuse2024:


Well said. Sadly, they will still argue with you on this. Nigeria is cheap for a person doing relatively well, not for the average Nigerian. The average Nigerian in this case is about 150 million of us who do not have strong purchasing power. The remaining 50million which had, has been depleted already with the massive job loss and business challenges due to covid 19 pandemic.

Comparing the average minimum wage earner in US/UK who has access to many things with his money to a Nigerian minimum wage earner who supposedly has access to "affordable" things based only on conversion rate is quite simplistic.

You were very generous with those figures.

jedisco:


The rising poverty (which is most times collective) in Nigeria is a cause of concern.

50 million with 'good' purchasing power is an exaggeration. I'd say it's less that 2 million that can boast of that.
A while ago, CBN released data that showed that only about 5% (thereabout) of individual accounts had upto 500k. I'm sure that proportion is much reduced now.

Now what tangible long-term would 500k give in Nigeria or any part of the world. Take that sum to the market and watch it fritter away

More like it.

jedisco:


Take food for e.g. Even if you set out to be obese, as far as u cook your food, it'd be very difficult to spend over £200-300 a month on feeding. £10-£15 would make you a full pot of stew which will include a large sized chicken, 3-4pcs of large mackerel, good quality rice + fresh vegetables/salad to go along. That pot would easily last a single person 2 weeks.

Haba! Na only Nigerians and some Africans will keep a pot of stew or soup for that long.

Tabuse2024:


Fact.

I was only being nice, so as not to paint a very gloomy picture so as not to sound too pessimistic about Nigeria. A country where shoprite is seen as a supermarket for the rich, whereas in SA, it is one of the supermarkets that caters mostly to working class and lower income people. And even they are divesting (Yes, i know, for many other factors asides low purchasing power)

That should paint a picture.

Hehehe..... That's the irony of things in Nigeria. It's why I used the word 'collective poverty'
People see going to ShopRite as an adventure. That's why it's usually filled up during festivities when it should be empty. ShopRite asides some of tge cinemas that cone with the outlet is just a basic mall for buying items.

Another thing is more people go there to snap and upload on Facebook or WhatsApp than they go for buying. Imagine someone in the UK dressing in their best clothes to go Tesco or Aldi just to snap pictures...

But then it's naija.... We celebrate open drainage and unmarked roads, our president commisions basic flyovers with so much fanfare.... Just annoying