Oga we already have inflation without increase in wages, inflation can be control if the government is ready let them increase wages and control inflation simple.

tellsblinks:


We are not ready for this conversation. One thing you should know is while you're praying for increased minimum wage also consider the businesses affected by inflation.

If it's too high, the business might increase cost of goods and services and the cycle would continue

MasterTeeUSA:
That is what others are for...you can adjust things as you see fit. RENT can be N300k ...this is the lowest of the lowest...Room and Parlor... now if its a single person...cut everything in HALF

Rent will be N150k to N200k...Yes, it will only rent a ROOM self con or a face me slap you with shared kitchen and toilet...well, single person just starting off should start slow.

Your analysis, I believe is based on where currently you live. Every worker in Nigeria don't live in the same location as you to spend the same about of money monthly. I have lived and worked, in Lagos, enugu, port Harcourt and now delta state to know better. Where have you lived and worked in Nigeria?

In my location, 30k will only lead you to "soaking garri" nearly everyday until your eyes go blind .

People are spending an average of 500 naira to and fro everyday . In some places it's much more than that.

Please , if you're not working and married with children in Nigeria, keep your suggestions to yourself .

Another idiotic statement. The US Minimum wage is $7.25...$1160 per month...that is not enough to pay monthly rent in some places even a 1 bedroom apartment. When you think, at least don't speak ignorantly. Minimum wage is not based on the most expensive area. If you are not making enough to live in Lagos or Abuja, its called relocation.

Raising the minimum wage significantly will increase inflation and prices of everything will go up leading back to square one....but you don't know that because your brain is domiciled in Nigeria and you think wisdom is local.

triplechoice:


Your analysis, I believe is based on where currently you live. Every worker in Nigeria don't live in the same location as you to spend the same about of money monthly. I have lived and worked, in Lagos, enugu, port Harcourt and now delta state to know better. Where have you lived and worked in Nigeria?

In my location, 30k will only lead you to "soaking garri" nearly everyday until your eyes go blind .

People are spending an average of 500 naira to and fro everyday . In some places it's much more than that.

Please , if you're not working and married with children in Nigeria, keep your suggestions to yourself .

mokwechineme:
You are striving so much explaining to idiots with zero understanding common statistics but what can one do.

I appreciate you dear.

Thank you. So many of them here are not too well informed.

MasterTeeUSA:
Another idiotic statement. The US Minimum wage is $7.25...$1160 per month...that is not enough to pay monthly rent in some places even a 1 bedroom apartment. When you think, at least don't speak ignorantly. Minimum wage is not based on the most expensive area. If you are not making enough to live in Lagos or Abuja, its called relocation.

Raising the minimum wage significantly will increase inflation and prices of everything will go up leading back to square one....but you don't know that because your brain is domiciled in Nigeria and you think wisdom is local.

Don't insult yourself because haven't done so.

Minimum wage of either 300k or 615k, can only result in hyperinflation when a significant number of Nigerians start to earn it.

You're completely ignorant of this fact hence your alarmist claim of hyperinflation.

In America, nearly everyone receives minimum wage. But the reverse is the case in Nigeria where less than 5 percent are paid minimum wage.

In economics , we say, "all things being equal". It's seem you have forgotten that statement from your economics class in secondary school.

Economics theory and principles don't always apply in real live ,if it did ,we would have resolved every challenges faced in this country. You don't know more than the economic experts in both the federal government negotiating team and those in the world bank or IMF who haven't said anything about hyperinflation if minimum wage is increased.

You're just making noises with your very poor grasp of basic economics theory and principles and how they apply to real live situations.

In any case, your breakdown is still rubbish given the current economic climate in the county.

Modified. You think 300k or 615k is raising it significantly? You're obviously blinded by figures and can't see that that amount is 3 times less in value than what it used to be just a year ago. 615k is now about 150k in value going by the current exchange rate of the naira to dollar. You don't know this because you don't travel out of the country to do business.

MasterTeeUSA:
Another idiotic statement. The US Minimum wage is $7.25...$1160 per month...that is not enough to pay monthly rent in some places even a 1 bedroom apartment. When you think, at least don't speak ignorantly. Minimum wage is not based on the most expensive area. If you are not making enough to live in Lagos or Abuja, its called relocation.

Raising the minimum wage significantly will increase inflation and prices of everything will go up leading back to square one....but you don't know that because your brain is domiciled in Nigeria and you think wisdom is local.

So a civil servant should relocate to another place because his salary is not enough. Just like that. Do you know how the civil service operates in Nigeria or even elsewhere.?

Please focus on Nigeria and don't use another country with a different set of circumstances to argue blindly .

jmoore:
You foolishly approved half a billion for a committee of minimum wage, only to offer peanuts.

Why must they even budget a kobo for that committee that has members already collecting salaries? If you claim there is no money to pay 600k as minimum wage, then you are a thief for approving half a billion for the committee.

He approved 1billion and released #500 million. I.e "Start with #500 million first"

JohnOkolo:



Nicely said.

That’s my fear and I really wonder how Labour will come to a conclusion of 615,000 Naira.

You do not have to be an economist to know where we will head as a Nation if the government heed to their outrageous demand.

This minimum wage is suppose to be reviewed constantly but what the Labour guys do it only when there have something to gain politically- which is destabilization of the country.


#615,000 Naira how many states can afford to pay that.

And it will plunged everyone into hyperinflation that even those not earning directly from the government, states or private sector will suffer.

Those guys are dunce fools

@ the bolded, you're the one who's now trying to make it a political issue. Minimum wage review is done once every 5 years and it's law. You're ignorant of the minimum wage act hence the reason you think labour is doing it against the government.

Let the poor breathe Indeed. This is the statement that deceived fools who voted him.

Lol another one...please what is the percentage of people in civil service? Are they not surviving? Do you think you cannot make it in life if you or other civil servants don't work for the Govt? Let the locals get those jobs and yes I am fully Nigerian, and leaving the country has expanded my view beyond our entitlement mentality.

triplechoice:


So a civil servant should relocate to another place because his salary is not enough. Just like that. Do you know how the civil service operates in Nigeria or even elsewhere.?

Please focus on Nigeria and don't use another country with a different set of circumstances to argue blindly .

Wrong ...not everyone in America receives minimum wage. Again minimum wage is not even enough to pay for rent ...some states pay more but not all professions pay minimum wage. When yall want to argue position, google is your friend. USE IT.

If there is an inflation based on significant increase in minimum wage, all the prices will increase because of increased demand. You are talking to someone that had As in Economics even in college at Micro and MacroEconomics. When the prices increase due to increase demand, what will happen to those not making minimum wage, they go further into poverty so civil servants can be OK.

Anyways, your NLC and TUC are about to go on another strike...something yall look forward to every year. GOOD LUCK smart a** since I am the ignorant one LOL

triplechoice:


Don't insult yourself because haven't done so.

Minimum wage of either 300k or 615k, can only result in hyperinflation when a significant number of Nigerians start to earn it.

You're completely ignorant of this fact hence your alarmist claim of hyperinflation.

In America, nearly everyone receives minimum wage. But the reverse is the case in Nigeria where less than 5 percent are paid minimum wage.

In economics , we say, "all things being equal". It's seem you have forgotten that statement from your economics class in secondary school.

Economics theory and principles don't always apply in real live ,if it did ,we would have resolved every challenges faced in this country. You don't know more than the economic experts in both the federal government negotiating team and those in the world bank or IMF who haven't said anything about hyperinflation if minimum wage is increased.

You're just making noises with your very poor grasp of basic economics theory and principles and how they apply to real live situations.

In any case, your breakdown is still rubbish given the current economic climate in the county.

Modified. You think 300k or 615k is raising it significantly? You're obviously blinded by figures and can't see that that amount is 3 times less in value than what it used to be just a year ago. 615k is now about 150k in value going by the current exchange rate of the naira to dollar. You don't know this because you don't travel out of the country to do business.

Nolevel666:

What is your point then?
Don’t forget your politicians are carting in millions monthly

My point is who will now help the case of people who are not employed by the government? I think Fuel should be subsidized since it is the major cause of the hardship and we all use it directly or indirectly

DeOTR:

As it turns out, we are overpopulated beyond our our means. Or how do you explain the obvious fact that we can't even feed ourselves? Unemployment everywhere because our resources are overstretched.
My Dad got his first job on the day of his graduation in the 70s. That was a time our national resources are proportional to our population.
If you want to be honest with yourself, to raise for children averagely comfortably in Nigeria of today, you have to be earning nothing less half a million a month.
While I think the FG should increase the minimum wage to about a hundred thousand or above, it is very important as citizens to do our own part.
Uncontrolled explosion in population is already having its effect on us as a nation with the inherent unemployment, rising insecurity and hunger. We can't keep breeding like rats and hoping somehow money will fall from somewhere to take care of them.

What makes you think we are over populated?
Or do you rely on the population figures being thrown around over the years!!!!!!

Even in the '70s the purported population was never proportional to our resources.

The only problem in Nigeria's population is that even the working population especially those in civil service from FG, States and LGA are unproductive. The government needs to ensure they put them to proper work rather than downsizing. There are institutions, ministries, agencies, parastatals, commissions, that are for revenue generation, the government should put them in order by doing the right thing. Even the ministry of agriculture is a whole lot a plave for IGR but the government is lacking in driving realistic and achievable ideologies to ensuring the nations true economic growth.
As a developing nation, we are yet to harness the resources of the nation and putting the derivates of such to usefulness.

MasterTeeUSA:
Wrong ...not everyone in America receives minimum wage. Again minimum wage is not even enough to pay for rent ...some states pay more but not all professions pay minimum wage. When yall want to argue position, google is your friend. USE IT.

If there is an inflation based on significant increase in minimum wage, all the prices will increase because of increased demand. You are talking to someone that had As in Economics even in college at Micro and MacroEconomics. When the prices increase due to increase demand, what will happen to those not making minimum wage, they go further into poverty so civil servants can be OK.

Anyways, your NLC and TUC are about to go on another strike...something yall look forward to every year. GOOD LUCK smart a** since I am the ignorant one LOL

I didn't say everyone in America receives it. There's no where in the world where everyone receives minimum wage. I said nearly

Go back to read what I explained .

And why can't you focus on Nigeria? Are we discussing minimum wage in America or Nigeria?

Both countries are not the same and so it's very wrong for you to continue to use what's obtainable in the US to interpret what should be happening in Nigeria. You're not making any sense

Another idiotic comment. Wisdom is not LOCAL. It is important to know best practices before making decisions. I know you don't understand the difference between viewing within the box and analyzing things outside of the box. Your brain that makes sense is stuck in what is not best practice which is why we have low productivity. Learn and Listen...maybe you can add to your knowledge instead of insulting those who wishes to educate you.

I just debunked all your messages and now you go into trying to defend yourself. Look up the number of people that are not paid minimum wages and the number of people that are not paid living wages around the world...then look at minimum wages in line with inflationary trends. Of course you won't, your wisdom will remain localized

triplechoice:


I didn't say everyone in America receives it. There's no where in the world where everyone receives minimum wage. I said nearly

Go back to read what I explained .

And why can't you focus on Nigeria? Are we discussing minimum wage in America or Nigeria?

Both countries are not the same and so it's very wrong for you to continue to use what's obtainable in the US to interpret what should be happening in Nigeria. You're not making any sense

MasterTeeUSA:
Another idiotic comment. Wisdom is not LOCAL. It is important to know best practices before making decisions. I know you don't understand the difference between viewing within the box and analyzing things outside of the box. Your brain that makes sense is stuck in what is not best practice which is why we have low productivity. Learn and Listen...maybe you can add to your knowledge instead of insulting those who wishes to educate you.

I just debunked all your messages and now you go into trying to defend yourself. Look up the number of people that are not paid minimum wages and the number of people that are not paid living wages around the world...then look at minimum wages in line with inflationary trends. Of course you won't, your wisdom will remain localized

Educate yourself first before trying to educate others. And how did you " debunked" my messages? Show me one instance of that if you can.

You can't even prove your point with specific instances either in Nigeria or elsewhere where minimum wage increase for less than 5 percent of a country's population has led to hyperinflation.

Moreover you're yet to realize that the figures given by labour, 500k is for negotiations purposes

The only thing you know and very good at is using swear words and name calling. And you're not even coherent. You struggle to express yourself in simple English language.

MasterTeeUSA:
Lol another one...please what is the percentage of people in civil service? Are they not surviving? Do you think you cannot make it in life if you or other civil servants don't work for the Govt? Let the locals get those jobs and yes I am fully Nigerian, and leaving the country has expanded my view beyond our entitlement mentality.

Who tells you I'm a civil servant?

Focus on the topic and not me. You're just a typical Nigerian with the mentality of,

" if it doesn't concern me, then I won't support it"

SMH

Mr. Simple Language...you should stick to the information without making it personal. You crossed that line, and you must be open to whatever response you get. You should read about minimum wages in cities and its effect on prices. It is simple economics. An increase in the supply of money will increase the demand for produce...if supply does not keep up with demand, it will drive up prices. Study Laws of Elasticity of Demand and Supply.

Case study - New York and Washington DC....compare that with the minimum wages of Idaho
Lagos and Abuja ...compare that with the cost of items in the North...I know you will say minimum wage is all the same in Nigeria...focus on the supply of money and its effect on the prices of goods and services.

triplechoice:


Educate yourself first before trying to educate others. And how did you " debunked" my messages? Show me one instance of that if you can.

You can't even prove your point with specific instances either in Nigeria or elsewhere where minimum wage increase for less than 5 percent of a country's population has led to hyperinflation.

Moreover you're yet to realize that the figures given by labour, 500k is for negotiations purposes

The only thing you know and very good at is using swear words and name calling. And you're not even coherent. You struggle to express yourself in simple English language.

MasterTeeUSA:
Mr. Simple Language...you should stick to the information without making it personal. You crossed that line, and you must be open to whatever response you get. You should read about minimum wages in cities and its effect on prices. It is simple economics. An increase in the supply of money will increase the demand for produce...if supply does not keep up with demand, it will drive up prices. Study Laws of Elasticity of Demand and Supply.

Case study - New York and Washington DC....compare that with the minimum wages of Idaho
Lagos and Abuja ...compare that with the cost of items in the North...I know you will say minimum wage is all the same in Nigeria...focus on the supply of money and its effect on the prices of goods and services.

You have been committing what's called statistical fallacy by using data from another country, America, to assert falsely or forecast inaccurately ,that if minimum wage is increased in Nigeria it will lead to disastrous consequences for the economy that's already depressed and plagued by inflation due to the actions taken by the federal government.

In Nigeria ,the situation is completely different. In fact, it's an abnormal one,no thanks to those who came up with the minimum wage act in this country. They didn't do the proper thing. Labour and other stake holders have been crying for years for an amendment of the law to include more workers .If the right thing was done more workers would have been enjoying minimum wage in Nigeria and your fears of hyperinflation would be justified.

There's a reason why it's said that Nigeria economic challenges defies economics solutions, and I just gave you an example of why it's so. We do things abnormally in this country and that's why we not making much progress. Your president removed subsidy and floated the naira without adequate plans in place beforehand to cushion the effect ,and now, everyone is affected in one way or the other.

Unlike in America and other places in the world where' minimum wage is paid ,it's only about 5 percent here in this country that will receive the minimum wage once it's passed into law .

That's why each time it's reviewed upwards, it's just like a drop in the ocean. The impact on the economy is hardly felt. It doesn't ever result to too much money entering the economy. In South Africa ,for instance,about 60 percent receives minimum wage. . America is much more than 60 percent .Compare those figures to Nigeria ,which is about 5 percent,and ask yourself if you have been making sense.

If you want to make sense,stop using America or any country where minimum wage is enjoyed by significant number of workers to forecast hyperinflation.

You're not wrong to say minimum wage will result to much more money entering the system. But that's only in theory. In real life it's not always the case, especially in abnormal Nigeria.

Focus on Nigeria and explain, using accurate data ,how it will result to hyperinflation and not inflation. Inflation is not a bad thing. It's normal occurrence in everywhere country of the world. Prices of goods and services will continue to rise based on the forces of demand and supply and that's very normal.

Hyperinflation is the only thing we should fear, and there's nothing to suggest that will happen here in Nigeria if minimum wage is increased for less than 5 percent of the working force.

If not for the Internet ,most Nigerians are hardly ever aware when there's an increase in minimum wage due to the number of workers to receive it,or they don't bother since they know it's mostly those in the public sector that benefits the more.

If you reply with your America comparison again, then don't expect any further response from me. It will prove to me you don't take time to read what you're replying to ,but only interested in regurgitating what you read from an economics textbook which you're misapplying.

In Nigeria, you get hyperinflation just with dollars going up on commodities that have nothing to do with dollars. You started well by saying Nigeria is an odd situation. While your Stat about the percentage might be right vis a vis the number that will benefit...if you are a Nigerian, you can't tell me that the traders and artisans would keep price of services constant. If you say so, you haven't been living in Nigeria. Even the rents my Tenants pay will go up once minimum wage goes up because materials to repair things will automatically go up in a country where there ain't enforcement or checks and balances...go and listen to what the SDP candidate for President said and come back.

triplechoice:


You have been committing what's called statistical fallacy by using data from another country, America, to assert falsely or forecast inaccurately ,that if minimum wage is increased in Nigeria it will lead to disastrous consequences for the economy that's already depressed and plagued by inflation due to the actions taken by the federal government.

In Nigeria ,the situation is completely different. In fact, it's an abnormal one,no thanks to those who came up with the minimum wage act in this country. They didn't do the proper thing. Labour and other stake holders have been crying for years for an amendment of the law to include more workers .If the right thing was done more workers would have been enjoying minimum wage in Nigeria and your fears of hyperinflation would be justified.

There's a reason why it's said that Nigeria economic challenges defies economics solutions, and I just gave you an example of why it's so. We do things abnormally in this country and that's why we not making much progress. Your president removed subsidy and floated the naira without adequate plans in place beforehand to cushion the effect ,and now, everyone is affected in one way or the other.

Unlike in America and other places in the world where' minimum wage is paid ,it's only about 5 percent here in this country that will receive the minimum wage once it's passed into law .

That's why each time it's reviewed upwards, it's just like a drop in the ocean. The impact on the economy is hardly felt. It doesn't ever result to too much money entering the economy. In South Africa ,for instance,about 60 percent receives minimum wage. . America is much more than 60 percent .Compare those figures to Nigeria ,which is about 5 percent,and ask yourself if you have been making sense.

If you want to make sense,stop using America or any country where minimum wage is enjoyed by significant number of workers to forecast hyperinflation.

You're not wrong to say minimum wage will result to much more money entering the system. But that's only in theory. In real life it's not always the case, especially in abnormal Nigeria.

Focus on Nigeria and explain, using accurate data ,how it will result to hyperinflation and not inflation. Inflation is not a bad thing. It's normal occurrence in everywhere country of the world. Prices of goods and services will continue to rise based on the forces of demand and supply and that's very normal.

Hyperinflation is the only thing we should fear, and there's nothing to suggest that will happen here in Nigeria if minimum wage is increased for less than 5 percent of the working force.

If not for the Internet ,most Nigerians are hardly ever aware when there's an increase in minimum wage due to the number of workers to receive it,or they don't bother since they know it's mostly those in the public sector that benefits the more.

If you reply with your America comparison again, then don't expect any further response from me. It will prove to me you don't take time to read what you're replying to ,but only interested in regurgitating what you read from an economics textbook which you're misapplying.

MasterTeeUSA:
In Nigeria, you get hyperinflation just with dollars going up on commodities that have nothing to do with dollars. You started well by saying Nigeria is an odd situation. While your Stat about the percentage might be right vis a vis the number that will benefit...if you are a Nigerian, you can't tell me that the traders and artisans would keep price of services constant. If you say so, you haven't been living in Nigeria. Even the rents my Tenants pay will go up once minimum wage goes up because materials to repair things will automatically go up in a country where there ain't enforcement or checks and balances...go and listen to what the SDP candidate for President said and come back.

Prices of goods of services will never remain constant anywhere in the world.It will either rise or come down,and minimum wage is not the only thing responsible for that.

And besides, Nigeria situation is completely different. Only about 5 percent will benefit from it, not enough to result in too much money entering the system ,and so , if you choose to increase your house rent, especially when your tenants aren't going to benefit from minimum wage, then I'm afraid you're just being inconsiderate to them ,and acting like a typical Nigerian who derive pleasure from exploiting others around you and don't care at all.

Do you know that some traders in this country have
been arbitrarily increasing the prices of their goods in the market everyday when they don't need to just because, according to them, others are also increasing theirs?

And that's still going as I type this. Some of them have even come together to form market union to fix prices of commodities they sell far above normal with the government not doing anything about it ?

You still don't understand how this business thing works...Minimum wage goes up, traders increase price of goods...you keep rent the same but you will still need to buy the same thing from those traders...tenants damage the properties...cost of renovation used to be N40k with caution N45k...now the same damages will cost N100k..will tenants pay more caution, no...so you increase price a bit to prepare for situations...it's everywhere all over the world. They don't even announce it here

triplechoice:


Prices of goods of services will never remain constant anywhere in the world.It will either rise or come down,and minimum wage is not the only thing responsible for that.

And besides, Nigeria situation is completely different. Only about 5 percent will benefit from it, not enough to result in too much money entering the system ,and so , if you choose to increase your house rent, especially when your tenants aren't going to benefit from minimum wage, then I'm afraid you're just being inconsiderate to them ,and acting like a typical Nigerian who derive pleasure from exploiting others around you and don't care at all.

Do you know that some traders in this country have
been arbitrarily increasing the prices of their goods in the market everyday when they don't need to just because, according to them, others are also increasing theirs?

And that's still going as I type this. Some of them have even come together to form market union to fix prices of commodities they sell far above normal with the government not doing anything about it ?

MasterTeeUSA:
You still don't understand how this business thing works...Minimum wage goes up, traders increase price of goods...you keep rent the same but you will still need to buy the same thing from those traders...tenants damage the properties...cost of renovation used to be N40k with caution N45k...now the same damages will cost N100k..will tenants pay more caution, no...so you increase price a bit to prepare for situations...it's everywhere all over the world. They don't even announce it here

You're not taking your time to read my replies hence the reason you say I don't understand how minimum wage works.

I have consistently reminded you that the situation in Nigeria is completely different and because of that it's only marginal increase in some goods and services that usually occur. Only few persons receives minimum wage in Nigeria, not enough to result in too much money entering the system.

Is this the first minimum wage is going be increased in Nigeria? Haba

Prices will surely go up . It's normal,and minimum wage is not only thing responsible for that .
Or where you taught in school that minimum wage increase is the only thing responsible for inflation?

Let's forget it. Minimum wage will surely be increased in Nigeria. It's law. So just wait after the increase to see if your hyperinflation speculations will come to pass. Inflation is normal occurrence. It's hyperinflation that's abnormal.

And don't forget that will are already experiencing it.