Governors are evil today.. But you been dey hail wike in Feb🤭

liveLongNprospa:


Lmaooo

I thought when we screamed increment of the wage, it would be that FG will compel even private businesses.
Because I don't understand how civil servants will amount to anything.
Abi na ment?

Just dey play

monerozi5590:
This is a better time to increase the minimum wage to meet the reality on ground. The committee should speed up and conclude this thing ASAP. Most of our states governors are very corrupt but with this, their excuses of we can't pay minimum wage will be minimal at least.

The question remains...what is the realistic amount do you think would be ideal?

2)How many states would be willing to enforce such a directive?

3)would there be a reduction in d tax of private coys to enable them meet up

The brain that wanted to disburse approx 52 naira per day to a 5 membered-family will definitely not meet up with d amount you have in mind for the min wage.

Segedinho:

The question remains...what is the realistic amount do you think would be ideal?

2)How many states would be willing to enforce such a directive?

3)would there be a reduction in d tax of private coys to enable them meet up

The brain that wanted to disburse approx 52 naira per day to a 5 membered-family will definitely not meet up with d amount you have in mind for the min wage.

I did a rough calculation when GEJ increased the minimum wage against the dollar. I did that of Buhari too in relation to dollar.

So, going by the current exchange rate. I used average of 800 Naira to a dollar. Nothing less than 80/90k.

monerozi5590:



I did a rough calculation when GEJ increased the minimum wage against the dollar. I did that of Buhari too in relation to dollar.

So, going by the current exchange rate. I used average of 800 Naira to a dollar. Nothing less than 80/90k.

Question 1 answered..

How do we achieve 2 and 3....??

Let's take Lagos state the most prosperous and populous state in Nigeria as case study.

I don’t have the current data , but as at 2017 the head of service confirmed Lagos state government has around 100,443 staff under its employ. NOTE: This was at a time when people are already claiming Lagos population has exceeded 15 million o. That means less than 1% of Lagos state residents are employed by LASG and will be affected directly by the proposed minimum wage increase .

How that one wan take change anything ?

Ibime:



We need to pull racism card to protect this chic, but trust our athletics federation, they will sleep on top bicycle

She is on her own. How many suspended Nigerian athletes have you seen get support from the federation? Most of them suffer the penalties and by the time they return, the sport has moved on. Last year Blessing Okagbare suffered 10 years as a first timer which is unusual. The worst is that the federation doesn't even have a strong testing program that will help these athletes avoid situations like these.

Segedinho:

What was the cost of imported items under PDP when dollar rates was relatively OK vs now


Agba-economist

Monthly allocation has almost tripled between April and now

Has exchange rate also tripled between April and now?

Melvyn11:
From 786billion to 1.9trillion in one month. Almost 3 times normal state allocation. Don't play with Drug lord. State government the ball is now in your court.

And what did FG allocation increase by as well?

Ibime:


Tinubu has enacted all policies Seun supported, so why the wailing

Most of them no know anything beyond shouting and wailing for effects

The Same people that shouted for govt to float Naira and remove subsidy are now crying when the effect of what was clamored for hit them

Below is Oby Ezekwesili

Segedinho:

The question remains...what is the realistic amount do you think would be ideal?

2)How many states would be willing to enforce such a directive?

3)would there be a reduction in d tax of private coys to enable them meet up

The brain that wanted to disburse approx 52 naira per day to a 5 membered-family will definitely not meet up with d amount you have in mind for the min wage.

Number of states. That I don't know.

Your number 3 question. We have discussed that before, maybe you forgot. Production guys will increase prices of their goods. Same with services.

They will tax oh. How much is the price of bag of pure water in your area now?

liveLongNprospa:


Lmaooo

I thought when we screamed increment of the wage, it would be that FG will compel even private businesses.
Because I don't understand how civil servants will amount to anything.
Abi na ment?

It is.

BlueRayDick:


I think I understand u better now. I think what u should've just pointed out is that inflation rate now has made whatever FG is allocating less valuable than what his predecessors were allocating in the past ( that's is if the inflation rate has actually jumped up compared to what obtains under his predecessors)

It's the way u kept on mentioning "convert it to dollars", that made Ur point confusing at first.

Thank you very much, I don't get this undue fixation on Dollar.

What determine the purchasing power of a currency is it's ability to buy goods and service, so factor's like inflation, Money supply etc are what will determine your currency strength not dollar.

1 won = 0.6 Naira.

1 Dollar = 1,300 Won

Does that make the south Korean won weaker than the Naira, and have less purchasing power?

The only time Dollar will figure in currency strength is when you are doing a purchasing power parity (PPP).

monerozi5590:


Bro, you are one of the intelligent guys here but Segedinho is right. Dollar has everything to do with our purchasing power.

Dollar is the unit of all currencies. More like SI units.

Importation is there. Prices of things will increase thereby affecting your purchasing power in Naira.

Let's even look at services. Let say mtn and Discos. At the end of the day, those guys will always convert their profits in dollar. You know everything will reduce, if you do the conversion. If things continue like this, those guys too will increase their service charges to meet current reality.

You know those guys are already waiting for their regulatory bodies to fix new service charges.

Nope Dollar has nothing to do with your Purchasing Power.

Inflation, Money supply, interest rate determine the Purchasing power of your currency not dollar.

As long as you are not spending dollar as your local currency, the salaries of civil servant will not be paid in FX.

raumdeuter:


Most of them no know anything beyond shouting and wailing for effects

The Same people that shouted for govt to float Naira and remove subsidy are now crying when the effect of what was clamored for hit them

Below is Oby Ezekwesili

Because you are here to experience it doesn't mean those who supported it won't backtrack
Larride didn't support it initially, but he came to agreement and now he's gone back to his initial stand
You guys should consider us that are suffering it, seun must have felt it too for him to open up

raumdeuter:


Monthly allocation has almost tripled between April and now

Has exchange rate also tripled between April and now?

This isn't about Tinubu vs Tinubu..baba .
.

It is about Tinubu vs others..

If we weren't tasked to hold d gov "blokos" then...why now when the naira is more useless?

Na d simple matter bdat oo..

He believes Tinubu first 100/still counting days has been the best since Democracy landed in Naijerya...

Segedinho:

This isn't about Tinubu vs Tinubu..baba .
.

It is about Tinubu vs others..

If we weren't tasked to hold d gov "blokos" then...why now when the naira is more useless?

Na d simple matter bdat oo..

He believes Tinubu first 100/still counting days has been the best since Democracy landed in Naijerya...

Was Tinubu president in April?

Was he president in 2022?

Compare amount they got in July 2022 to July 2023 and let's see

Tinubu removed subsidy and gave more money than ever to state governors

Why are you reluctant to hold Obaseki for blokos when he don go Abuja to collect money on your behalf as constitution demands

iamoyindamola:

Because you are here to experience it doesn't mean those who supported it won't backtrack
Larride didn't support it initially, but he came to agreement and now he's gone back to his initial stand
You guys should consider us that are suffering it, seun must have felt it too for him to open up

Ask those who support subsidy removal and floating of currency who shouted about it what they really expected. Are you saying they just latched onto a fancy sounding word on the internet while not knowing the meaning.
Unfortunately govt policy making is not Xmas light that can you be switching off and on at will
This was what I expected.

No more payment of subsidy and incurring debts doing so, the money saved will be passed to the people through their governors

Shaytun:


Nope Dollar has nothing to do with your Purchasing Power.

[b]Inflation, [/b]Money supply, interest rate determine the Purchasing power of your currency not dollar.

As long as you are not spending dollar as your local currency, the salaries of civil servant will not be paid in FX.

International trade mostly is done using dollars. You were importing at ₦400+ to dollar before and now at ₦700/800+. Won't that cause inflation?

Shaytun:


Thank you very much, I don't get this undue fixation on Dollar.

What determine the purchasing power of a currency is it's ability to buy goods and service, so factor's like inflation, Money supply etc are what will determine your currency strength not dollar.

1 won = 0.6 Naira.

1 Dollar = 1,300 Won

Does that make the south Korean won weaker than the Naira, and have less purchasing power?

The only time Dollar will figure in currency strength is when you are doing a purchasing power parity (PPP).

Does d SK imports more than half of their items using dollar as a yardstick.

You forget in a very short time when you were disturbing the thread with I&E dollar rates so quick

Why does items in Nigeria skyrocket when the dollar is angry

Irrespective on how you twist in...Stupid Nigeria naira's purchasing power is tied to the mood-swing of the dollars cos we rely "wholeheartedly" on import..

You talk with both side of your mouth and it isn't funny...die hard fans in oasis and larride thinks and says the truth irrespective of their irrevocable supports for BAT but for you....we die here as if you live in Pluto....

raumdeuter:


Ask those who support subsidy removal and floating of currency who shouted about it what they really expected. Are you saying they just latched onto a fancy sounding word on the internet while not knowing the meaning.
Unfortunately govt policy making is not Xmas light that can you be switching off and on at will
This was what I expected.

No more payment of subsidy and incurring debts doing so, the money saved will be passed to the people through their governors

They expected some arrangements to serve as back up or alternative
What do we have ?
Approving 70bn for furniture repairs and maintenance
104% increments while the civilians suffer for everything

raumdeuter:


Was Tinubu president in April?

Was he president in 2022?

Compare amount they got in July 2022 to July 2023 and let's see

Tinubu removed subsidy and gave more money than ever to state governors

Why are you reluctant to hold Obaseki for blokos when he don go Abuja to collect money on your behalf as constitution demands

What was the official rate of naira vs dollar then.

Mind you,more money was expended for subsidy......more burden to be let off.....

So how do we shower encomium when even the 1.9tr purchasing power is useless

iamoyindamola:

They expected some arrangements to serve as back up or alternative
What do we have ?
Approving 70bn for furniture repairs and maintenance
104% increments while the civilians suffer for everything

Who approved the 70bn? The same APC, PDP and LP legislators you voted

I would expect the angelic LP to reject theirs

Segedinho:

What was the official rate of naira vs dollar then.

Mind you,more money was expended for subsidy......more burden to be let off.....

So how do we shower encomium when even the 1.9tr purchasing power is useless

Official rate is govt subsidizing the rate

No more official anything go and source your dollar where everyone else does

What we save from subsidy we hand over to your governors. Go and hold them

What is purchasing power?

If the cost of 20 karat gold is worth 1m when dollar rate was 400 tob 1 dolls and now 1.9 m when dollar rates rises to 840......


Do we say the purchasing power of the naira is thesame...

Better still how does dollar rise causes inflation on a naira spending country

Shaytun:


Thank you very much, I don't get this undue fixation on Dollar.

What determine the purchasing power of a currency is it's ability to buy goods and service, so factor's like inflation, Money supply etc are what will determine your currency strength not dollar.

1 won = 0.6 Naira.

1 Dollar = 1,300 Won

Does that make the south Korean won weaker than the Naira, and have less purchasing power?

The only time Dollar will figure in currency strength is when you are doing a purchasing power parity (PPP).

Everything is in relation to dollars. What's the minimum wage of South Korea to the dollar?

Our minimum wage is poor when you compare it to the dollar.

Segedinho:
What is purchasing power?

If the cost of 20 karat gold is worth 1m when dollar rate was 400 tob 1 dolls and now 1.9 m when dollar rates rises to 840......


Do we say the purchasing power of the naira is thesame...

Better still how does dollar rise causes inflation on a naira spending country

When was dollar rate genuinely 400 and not govt just padding it up for us?

monerozi5590:



International trade mostly is done using dollars. You were importing at ₦400+ to dollar before and now at ₦700/800+. Won't that cause inflation?

A very interesting Question.

What you are describing is imported inflation, which could also lead to depreciation in purchasing power.

But if you look at the Nigerian market, you will notice that the pass through effect is very low, most domestic importers in Nigeria absorbs the changes in the exchange rate rather than pass it to consumers.

Take a close look at the profit that will declared by most FMCG companies in Nigeria in this quarter or next quarter and you will notice that they will make make less profit in proportion to their sales than last year.

It’s the same reason inflation didn’t really rise much when the dollar went up under buhari till he ask emefiele to print 37 trillion Naira in overdraft.

Nigeria has never suffered from imported inflation.

raumdeuter:


When was dollar rate genuinely 400 and not govt just padding it up for us?

Exactly.

The parallel market has always been around 700.

The people that benefited most from 400 exchange rate were PTA/BTA people

monerozi5590:



Everything is in relation to dollars. What's the minimum wage of South Korea to the dollar?

Our minimum wage is poor when you compare it to the dollar.

That’s not how economics work brother, stop rushing to convert things.

A bottle of Pepsi cost around $3 in US which is around 2,250 naira.

That same Pepsi cost just 250 naira in Nigeria.

How many bottles of Pepsi can a Nigerian earning minimum wage of 30,000 buy compared to an American minimum wage?

Shaytun:


A very interesting Question.

What you are describing is imported inflation, which could also lead to depreciation in purchasing power.

But if you look at the Nigerian market, you will notice that the pass through effect is very low, most domestic importers in Nigeria absorbs the changes in the exchange rate rather than pass it to consumers.

Take a close look at the profit that will declared by most FMCG companies in Nigeria in this quarter or next quarter and you will notice that they will make make less profit in proportion to their sales than last year.

It’s the same reason inflation didn’t really rise much when the dollar went up under buhari till he ask emefiele to print 37 trillion Naira in overdraft.

Nigeria has never suffered from imported inflation.

Did you know why the Buhari's administration didn't float the currency even when World Bank asked him to? It is because of inflation.

I am not against floating because government was already spending huge amount subsiding forex already but freely floating your currency will cause inflation. One at a time. Subsidy was removed. Maybe wait for sometime before floating the Naira. Nigeria import much more than export. In fact we are an importing nation for now.

FG will intervene at some point in the forex.

raumdeuter:


Official rate is govt subsidizing the rate

No more official anything go and source your dollar where everyone else does

What we save from subsidy we hand over to your governors. Go and hold them

So why must we hold the gov "blokos"this time around when floating d naira had made our currency 100% useless