GanagiBitrus:


Bag of Rice N350 in 1990 but now ~N100k.

Many people erroneously think the huge price difference is only as a result of inflation.

Yes, inflation is a contributing factor but the continuous increase in Minimum Wage without corresponding increase in Productivity is actually the major reason. If you check well, Min Wage in 1990 may be ~N500.

So instead of Govt to fight inflation, they keep increasing wages & each time Min Wage is increased, prices will also increase & the cycle continues.
That's the major reason we are in the current mess we are.

Goodnewsforlife:
I can bet u weren't even born in 1990 but we must just put d blame on tinubu right

Zwooks:
Fake list. People and the deep desire for attention. Forged information. How can price for grunding egusi be the same as the price for bag of garri. We were alive in the 90s and things were far more cheaper than this



Matches in the 90s 26 Naira. For real ? And people would fall for this crap

GanagiBitrus:


Bag of Rice N350 in 1990 but now ~N100k.

Many people erroneously think the huge price difference is only as a result of inflation.

Yes, inflation is a contributing factor but the continuous increase in Minimum Wage without corresponding increase in Productivity is actually the major reason. If you check well, Min Wage in 1990 may be ~N500.

So instead of Govt to fight inflation, they keep increasing wages & each time Min Wage is increased, prices will also increase & the cycle continues.
That's the major reason we are in the current mess we are.

GanagiBitrus:


Bag of Rice N350 in 1990 but now ~N100k.

Many people erroneously think the huge price difference is only as a result of inflation.

Yes, inflation is a contributing factor but the continuous increase in Minimum Wage without corresponding increase in Productivity is actually the major reason. If you check well, Min Wage in 1990 may be ~N500.

So instead of Govt to fight inflation, they keep increasing wages & each time Min Wage is increased, prices will also increase & the cycle continues.
That's the major reason we are in the current mess we are.

Zwooks:
Fake list. People and the deep desire for attention. Forged information. How can price for grunding egusi be the same as the price for bag of garri. We were alive in the 90s and things were far more cheaper than this



Matches in the 90s 26 Naira. For real ? And people would fall for this crap

Blitzking:

We actually don't need increase in minimum wage...things the masses need to survive be brought down..we don need minimum wage 70k..rather let bag of rice return to 10k..tomato to 500...Sardine to 450...panla to 200..pomo to 200. Indomie to 1900 groundnut oil 5 lit to 2500 palm oil 5lit to 1k

BALLOSKI:
Nigeria has deteriorated so much.


26 naira for matches? Is it for the carton or just one box? I want to know.

Zwooks:
Fake list. People and the deep desire for attention. Forged information. How can price for grunding egusi be the same as the price for bag of garri. We were alive in the 90s and things were far more cheaper than this



Matches in the 90s 26 Naira. For real ? And people would fall for this crap

Newlymarried:


Credit: Mr Mekzy

ImpeccableDust:
Back then you can buy

Rice #5

Beans #5

Spag #5

Big fish #5

Pure water two for #5

If you carry #30 go school then, you be yahoo boy.

GanagiBitrus:


Bag of Rice N350 in 1990 but now ~N100k.

Many people erroneously think the huge price difference is only as a result of inflation.

Yes, inflation is a contributing factor but the continuous increase in Minimum Wage without corresponding increase in Productivity is actually the major reason. If you check well, Min Wage in 1990 may be ~N500.

So instead of Govt to fight inflation, they keep increasing wages & each time Min Wage is increased, prices will also increase & the cycle continues.
That's the major reason we are in the current mess we are.

Enbes:
Did he say a bag of Rice was 350 naira ?

GanagiBitrus:


Bag of Rice N350 in 1990 but now ~N100k.

Many people erroneously think the huge price difference is only as a result of inflation.

Yes, inflation is a contributing factor but the continuous increase in Minimum Wage without corresponding increase in Productivity is actually the major reason. If you check well, Min Wage in 1990 may be ~N500.

So instead of Govt to fight inflation, they keep increasing wages & each time Min Wage is increased, prices will also increase & the cycle continues.
That's the major reason we are in the current mess we are.

Enbes:
Did he say a bag of Rice was 350 naira ?

VeeVeeMyLuv:

Bros btwn may 2023 when PBAT was sworn in and now presently august, 2024 the price of rice increased from 30k to 100k, and they have not increased or implemented minimum wage o, within this period.

So what caused this inflation? So as you can see your argument lacks merit, it is not valid.

Mr man just say terrible management of the economy by this regime.

Endemic corruption in high and low places, corruption of values, corruption of reward system. Lack of patriotism, disunity, economic sabotage, we can go on and on

If this corruption monster is tackled head on, trust me in 5 years, we will pay our national debts, and begin to lend to many nations instead of borrowing as we are currently doing now.

Newlymarried:


Credit: Mr Mekzy

Goodnewsforlife:
this is a pure lie

The list is even inflated

How can matches b 26 naira as at 1990 when I still bought for 3 naira around 99

This list is wack

Enbes:
Did he say a bag of Rice was 350 naira ?

Zwooks:
Fake list. People and the deep desire for attention. Forged information. How can price for grunding egusi be the same as the price for bag of garri. We were alive in the 90s and things were far more cheaper than this



Matches in the 90s 26 Naira. For real ? And people would fall for this crap

Omenapounds:
1999 too far, 2015 when I started my apprentice we sell a carton of 20leaves exercise books (ctn contains 24 packs, each pack contains 18pcs) for 2500 naira.

As I speak with you now 1 packet is 1700 naira
And a carton is 40,000.

That's what you get when you choose tribalism over competence..

I always tell people, an average igbo man doesn't care about your tribe if he sees you're more competent than his blood brother, he won't hesitate to make you his manager over his own brother. Na Yoruba and hausa dey carry tribe for head

JuanDeDios:

Wage increase is not the reason for inflation - it's usually a response to inflation. As of 1990, things had become very expensive and workers were complaining. I'm sure workers would have preferred stagnated wages if the government could return prices to what they were before Babangida started to implement SAP which devalued the naira and brought about inflation.

ponishah:


You people are lazy economists, you don't know what you are saying at all.
How does increase of a sector of workers increase the prices of goods and services? How? You all keep saying this and I continue laughing at you.
You said it because you heard when some unintelligent self I acclaimed financial analyst say it.

OK, since May 29th 2023 that buhari left office wages of civil servants have not changed, until a year and two months after, still not imported. Price of rice was between N40,000 and N 50,000 as at May 29 2023,, now a bag of rice is between N80000 and N100,090.
So I ask you and your fellow fake economists, which change in minimum wage caused that?

Una go just dey talk with thinking.
Most of the high costs of goods and services are man made wickedness. Government need to look into pricing.
In Nigeria, retailers make more profit per unit of goods and produces than the companies that produce the goods and the farmers that cultivated.

Even if you don't increase salaries for the next 3 years, price of rice will still increase up to N150,000.
Let me shock your Braun, all these so called Professor of economics and finance are, are classroom experts.
Just theories from normal Olevel principles of economics, that is where all their analysis end.
If, not why are we always in double digits skyrocketing inflation?

SOLUTIONS
Government need to step into price control mechanisms.
Government should only ban the importation of goods and produces we have comparative advantage on, then lift ban on importation of goods we don't have such comparative advantages on.

So much corruption in government , CBN, banks, petroleum industry, that is the biggest problem of Nigeria