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Nairaland Forum / Nairaland / General / Politics / Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 (15683 Views)
New Minimum Wage: Nigerian Workers Confirm Receiving FG Payment / NNPCL, Marketers Clash Over Subsidy, Operators Peg Petrol At N1,200/litre / New Minimum Wage: Reps Reject N27,000 Approved For Nigerian Workers (2) (3) (4)
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Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by babaRUNtinz(m): 8:50pm On Jun 17 |
Put am for 1million,it doesn't change anything.. The higher we go,the costlier it becomes. 1 Like |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by ThiefnubuBandit(f): 8:55pm On Jun 17 |
humblespirit: People like you are like a curse to the African Continent. 1 Like |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by YouAreNobody: 9:01pm On Jun 17 |
Bobloco: aswear, he wants to give just the bare minimum that'll keep Nigerians alive so by next election he'll throw af ew crumbs around and his agbado urchins will hail him to high heavens, vote for him and continue another 4 years of suffering 1 Like |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by ceejayluv(m): 9:02pm On Jun 17 |
They're using 2019 as benchmark... By 2019 Buhari had already scattered the economy. They should use the standard of living and currency strength in 2014 . I did that and arrived at ₦180k minimum wage. 1 Like 1 Share |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by Omalicious1: 9:10pm On Jun 17 |
Racoon: But what amazes me is the speed with which they use in implementing anything that would favour them. Nigerians are suffering. 1 Like |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by Exceed15: 9:12pm On Jun 17 |
New York times describe the current situation as the worst in generation. Tinubu had always aspired to be president and became the worst in the history of Nigeria. Come 2027 even APC supporters will be hiding to vote that's if they survived this present hardship. |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by Kobojunkie: 9:14pm On Jun 17 |
babaRUNtinz:So, the reason prices are higher today is because your government and politicians gave themselves fat raises to compensate for the devaluation of the Naira and inflation? 1 Like |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by Kobojunkie: 9:15pm On Jun 17 |
ceejayluv:The current minimum wage was set in place in 2019. |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by digitaldynamo00: 9:21pm On Jun 17 |
Kwaramustgoodag: Dey play |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by digitaldynamo00: 9:23pm On Jun 17 |
BigDawsNet: Na because say we too plenty |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by IbeOkehie: 9:29pm On Jun 17 |
Kobojunkie: I showed you some HISTORY of how the Minimum Wage became LAW in the USA, which is one of the richest countries in the world. Like it or not, wage regulations suppress the economic prospects of the less competitive or powerful members of the labor pool and it has done exactly that to Black Americans. Simple FACT... when the price of anything is raised, less of that thing is purchased. There is no argument you can make to get around that. The private sector can't compete against the Federal Government because the government can PRINT MONEY....Helllloooo!!!! Your attitude on Zamfara attempts to sever the link between price and demand. If States set Minimum Wage and Lagos enforces 600K and Zamfara chooses 50K, I bet you some investor may choose Zamfara over Lagos for a factory or whatever. But why does it have to be Zamfara or Lagos? Why does it have to be Minimum Wage alone, that's why I also mentioned University education...why not security, energy and everything possible? Why should Benue State be denied the ability to shape its own policies because Akwa Ibom disagrees? There's no good reason Nigeria should have so much centralization in so many areas of life. It's DANGEROUS and counterproductive. We should allow different states to try DIFFERENT approaches and learn what works. Lastly the principles of economics are universal. It's clear that Minimum Wage Laws are harmful, especially to the least competitive members of any labor pool. Exceed15: APC will still win in 2027 and 2031 and many decades after that. Nigerians are now a predominantly socialist people and socialist parties never give up power voluntarily anyway. Good Luck to Nigeria |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by Kobojunkie: 9:39pm On Jun 17 |
IbeOkehie:1. Are you trying to argue that when the minimum wage is raised, there would be fewer people desiring to enter the workforce? Or are you suggesting instead that when the minimum wage is raised, there would be fewer openings for hiring across the country in both the government and private sectors, which one? 2. Price and demand for what exactly? Poverty? Workers, no matter where they work have a right to earn a decent wage. When that is absent, then such employment amounts to slave labor. I will leave this for you to read. The UN Universal Declaration of Human Rights declared the right to "just and favorable remuneration" in 1948, and the UN General Assembly ratified it in 1966. It became international law in 1976. The International Labour Organization (ILO) also endorses living wages and recommends setting them using "robust data" and consultations with workers' and employers' organizations. Any company not able to carry its weight and not able to provide a decent wage ought to be dissolved or merged with other states able to meet up. 3. All this textbook jargon you dey spew... shows why you seem so removed from the reality of life and living for many Nigerians. |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by bixton(m): 10:19pm On Jun 17 |
DIVINEEVIDENCE: It's not NLC that caused the already existing inflation. It's not the duty of NLC to bring up economic policy. Those who is their resoinsiito ensure their policies don't undermine the economy and naira did not put into consideration the ripple effects it would cause when they chose what is causing NLC to demand for a wage that fits the current economic realities. So let the FG give that current wage that will meet the economic realities and also fix the problems they caused by their trial and error policies. Lets stop saying an increase in wages will cause inflation. This so called inflation is just an artificial thing. A sensible, President, Administrator, economist will not solve a problem by creating another problem and blaming it on another. |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by IbeOkehie: 10:54pm On Jun 17 |
Kobojunkie: The usual Nigeriana. You remind me of our President Tinubu who in 2015 recommended massive increase of money supply by printing more naira. Then Finance Minister Iweala responded with her own article stating that such a policy would spark hyperinflation, this was Tinubu's next response - GOOGLE SEARCH - https://www.google.com/search?sca_esv=75e1044184b9e47c&sca_upv=1&rlz=1C1NDCM_enUS837US837&sxsrf=ADLYWIKvgVj47fR0HntSNqDEwyoz14KWXw:1718658765861&q=tinubu+The+Chance+of+Prosperity+vs+Poverty+of+Austerity+by+Tinubu+(THISDAY,+Thursday,+January+29,+2015&spell=1&sa=X&ved=2ahUKEwjdserpxuOGAxX_5MkDHW2AAyYQBSgAegQICBAB&biw=1280&bih=613&dpr=1.5 https://dailypost.ng/2015/01/26/bola-ahmed-tinubu-chance-prosperity-versus-poverty-austerity/ The Finance Minister and other conservatives have responded to my suggestions not by a critical analysis but by flippantly concluding that ruinous hyperinflation would result. This is an old trick of the conservative elite. Their ploy is to frighten the people from the very ideas that will benefit them. They want us to recoil from what might be our very rescue. Because their conservatism is also the economics of the global corporate media, this mythology dominates the airwaves and permeates our economic thinking. People generally have heard but one side of the story. Repeatedly given only one account, they assume that the truth lies in the tale repeated. This article is an attempt to sweep away some of the myths by which the elite steer us from an understanding that befits the national economic interests instead of theirs. Well APC won the 2015 elections and Buhari as we now know proceeded to print massive amounts of naira. Tinubu himself was elected in 2023 and followed up by printing 2.7 Trillion between June 2023 and Dec 2023. Result? Hyperinflation that we're living with today. Remember the Udoji Salary awards of 1975? It also caused inflation and this new demand for higher wages will do the same if implemented. It's called Wage Push inflation and it's the worst kind of inflation that can happen to an economy. I'm sure that's all jargon to you anyway. So you're nothing if not a Typical Nigerian. Na book you go chop? Good Luck to Nigeria. |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by ufotunang: 11:05pm On Jun 17 |
Bobloco:... what did you expect from a president that the only thing he could tell nigerians during his presidential campaign that...it's my turn |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by IbeOkehie: 11:50pm On Jun 17 |
DIVINEEVIDENCE: Now this is someone who has knowledge of economic realities. But the Typical Nigerian will tell you...Oga no be book we go chop o..... Good Luck to Nigeria. 1 Like |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by Kobojunkie: 11:51pm On Jun 17 |
IbeOkehie:Nah! The typical Nigerian tactic would be resorting to posting gibberish when cornered! 🙄🙄🙄🙄🙄 1. I never said anything about printing money so why would you think to connect anything I said to that statement made by Tinubu in 2015? 2. That you think comparing the minimum wage issue of today to the Udoji awards of 1975 further reveals the level of disconnect in your argument. Udoji was not an attempt to establish a minimum wage but rather an attempt to fairly distribute the loot from oil boom. Yes, an attempt because the government only implemented parts of the report. Abuja — General Yakubu Gowon, Nigeria's Head of State between 1967 and 1975, has defended his administration's decision to increase civil servants' salaries in 1974, an event that came to be known as Udoji Award. 3. Keep telling yourself that if it makes you feel better spouting baseless jargons! 🤔 1 Like |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by IbeOkehie: 11:57pm On Jun 17 |
Kobojunkie: The only way the Government can get money to increase wages today is by printing more naira. So your calling for higher minimum wage is exactly the same as demanding for the CBN to print or maybe borrow money. Udoji Award did exactly what an increase of the minimum wage will do today and what Buhari & Tinubu have been doing since 2015 - inject more fiat money into the system without a corresponding increase in productivity, which leads to inflation. Your quotes from reports on the Udoji Awards are correct, but the salary increases did lead to inflation. You can't deny that. Jargon, sounds almost like Jagaban !!! Good Luck to Nigeria. |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by Kobojunkie: 12:15am On Jun 18 |
IbeOkehie:1. That na rubbish assertion! Go out there and tell that to the average individual on the streets of Nigeria and they would look at you like something is wrong with your brain for suggesting it is the only way. 2. Notice how you have conveniently dodged this question of mine over and over again. You refuse to answer the question when posed yet you pretend you say something new or different each time. There has been no minimum wage increase in the last 4 years yet inflation still happened at a rate of over 30%. This means that whether you increase the minimum wage or not inflation can happen. So, are you saying then that this fear of having more inflation — seeing the already high inflation numbers go up —should be reason enough to subject over 160 million Nigerians to life in abject poverty...$20 per month when the minimum wage ought to be at least 68 dollars for meaningful existence? 3. The top echelon of government have all pretty much increased their salaries to meet up with the Naira standard of today and compensate for other shortfalls. Did their salary increase not cause inflation? Why then should we raise alarms only when the people insist they too should get a raise for the same reasons as them? You keep throwing around inflation as though that should be the priority here ignoring the fact that millions more Nigerians - over 40 million of them - have seen their livelihoods reduce to almost nothing since this administration came into office back in May of last year without a clear end in sight. So, I ask again, why should they care whether inflation will take it all down or not? 1 Like |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by IbeOkehie: 12:43am On Jun 18 |
Kobojunkie: 1) Well, the Government of Nigeria is broke. Like it or not, that's FACT. Many Nigerians also thought something was wrong with me in 2012 when I told them in Jan 2012 that the country was headed for economic disaster if they forced government to retain fuel subsidy....I subsequently took the crazy decision to leave Nigeria for all the sane Nigerians. 2) Wow, I thought I was clear about the major cause of inflation - fiat MONEY PRINTING, which is exactly what the government will do AGAIN to finance a new round of wage increases. 3) What is this? We're a democracy. The people of Nigeria elected their leaders. Everything else is consequence. If the people of Nigeria want to earn more, they MUST elect a government with policies that will increase productivity. And let me add, that despite any Government Law, the REAL Minimum Wage in any economy is ZERO. Think about that. Good Luck to Nigerians. |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by Kobojunkie: 12:54am On Jun 18 |
IbeOkehie:1. Nonsense! The government is broke yet the same took the liberty to ensure that top officials got their pay packages padded this year to counter the cost of inflation and Naira devaluation!🙄🙄🙄🙄🙄 2. Oh, so the major cause of the current inflation rate — over 33% at this point— in the country is fiat money printing, right? 🙄🙄🙄🙄🙄 3. So, the people elected the government so they could pad their pay packages but not ensure the people are equally paid decent wages, abi? 🙄🙄🙄🙄🙄 2 Likes |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by IbeOkehie: 1:22am On Jun 18 |
Kobojunkie: 1) The PDP increased pay for government officials. APC also increased the pay of government officials in Buhari's first term - yet a majority of Nigerians voted for APC in 2019 and 2023. What do you want me to think? The MAJORITY of Nigerians are OK with huge pay for government officials. 2) Are you denying fiat money printing has caused inflation? 3) Yes...and if the PEOPLE are really serious about getting a better share of the National Cake, they know what to do. Why isn't NLC on strike? We remember Occupy Nigeria and END SARS, but we know Nigerians will do no such thing. Nigerians love suffering, that's why they elected APC. Good Luck to Nigerians. |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by Kobojunkie: 2:19am On Jun 18 |
IbeOkehie:1. Well, are you insinuating the majority of Nigerians are somehow only for the increase in the pay package of those in power with no desire to see that trickle down to even the lowest on the totem pole? 2. Is this fiat money printing responsible for the current high inflation rates under the current administration? 🤔 3. WOW! Do you mean the existence of a minimum wage act does not mean the Government of Nigeria was elected to ensure are paid a decent wage?😶😶😶 4. Huh? Better share of the National cake? Minimum wage? Are you for real? 5. My guess is Sallah! 6. This isn't all Nigerians agitating for better pay but rather those Nigerians who work, probably about 50 million of them, represented here by the NLC. So, you attempt to compare this to ENDSARS and the Occupy Nigeria movement no enter at all! 1 Like |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by BluntCrazeMan: 6:52am On Jun 18 |
Will Private Employers Pay Their workers based on this.?? Will Politicians also be Paid based on this.?? ... These two questions must be sorted out before we can make any meaningful progress. |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by Kobojunkie: 7:00am On Jun 18 |
BluntCrazeMan:They say necessity is the mother of invention. Private employers will find a way to survive this push. The Minimum Wage Act was enacted in 2019 and is dated 26th March 2019▶ Any amount less than $64.5 or Naira 94,893.69 is extreme poverty and should not even be considered of worth. ▶ Any amount less than $68 or Naira 102000, which is the former minimum wage adjusted for the approximate 340% depreciation of Naira since February 2023 (Note: the Naira30,000 minimum wage was worth $83 when it was enacted back in 2019), is pretty much not a raise but adjustment to match the value of the current minimum wage right about the time before the current administration took office. I suspect the recent increase of 300% for the Judiciary was such an adjustment made against the Naira depreciation level. Naira 124,000 or $83 really should be where Labor begins its negotiating for a raise from. ▶ At the federal level though, anything less than N250,000 should be rejected by federal workers. Given the padding senior workers at the federal level freely give themselves, I see no reason why some of that extra padding should not work its way down and across the board to other Federal workers. What is a poverty line?https://www.worldvision.org/sponsorship-news-stories/global-poverty-facts 1 Like |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by BigDawsNet: 7:22am On Jun 18 |
digitaldynamo00: But High population is not a barrier na.. In some countries with sense high population has its on impact on economic development 1 Like |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by Abee79(m): 7:41am On Jun 18 |
Nigeria needs to do better to save our collective fortune. We cannot continue to be a consuming nation, producing/exporting nothing and expect our economy to grow. We have the potential to even peg minimum wage at N500,000 but who will do the work? What will we produce? What will we export to earn FX? |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by ceejayluv(m): 7:54am On Jun 18 |
Kobojunkie:I I know. I meant that if they used the 18k value of $120 in 2014, among other factors, then the minimum wage now should be circa ₦180k. 2 Likes |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by bixton(m): 8:15am On Jun 18 |
Abee79: There are those who would do the work, come rain, come sun but the government at all levels have refused to bring in such people. So what you have are people in government parastals who have no business to be there been there and that's why you'll see even people who are directors even failing promotion exams straight 3 times, you'll find people who are supposed to be career civil servants who claimed to have worked for 15 years, failing in exams whose questions are based on their purported departments and careers. A lot of civil servants who are in the civil service don't even know what their job functions are and don't even know their duties. There are places you'll go you'll see an admin staff doing the work of a secretary even when the secretary is in office. I have seen several secretaries and admin staffs who can't take minutes, write memos, even type with a computer even if you give them 7 days to carry out a task which ordinarily should not be more than 24 hours. I'm not even talking about whether someone is qualified or not having requisite certificate or not. But if someone who is employed and having worked 12 months and is showing no signs of reasonable improvement or being productive significantly in the place he is as it concerns the related job then there's no need keeping such person there. 2 Likes 1 Share |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by bixton(m): 8:23am On Jun 18 |
ceejayluv: That is what it ought to be. The civil servant or NLC are not the persons who are vested with putting up economic policies to drive the economy. So as long as our economy is based on the value of dollar to naira, then wages should be same. It's pure evil for the current FG to pay a wage whose exchange rate presently in dollar is lesser than what it is in 2015. It is pure evil and evil will not prevail. There's no way concession can be given for such evil to prevail. 1 Like |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by bukatyne(f): 8:24am On Jun 18 |
From rulers who do nothing and loot billions, it is rich saying that the minimum wage should match productivity. |
Re: Market Realities Peg Ideal Minimum Pay For Nigerian Workers At N104,400 by EMIOMOADEOYE: 11:42am On Jun 18 |
It's funny sha. It takes a great deal of deliberation, back and forth, strikes and even deaths to make a decision in favour of the masses. But when it comes to personal benefits, it's always very swift 2 Likes |
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