Damn if you do, damn if you don't. The minimum wage by law must be reviewed every 5 years to meet up with the usual inflation / rise in cost of living.
The minimum wage was last revised in 2011. Since then we have had to devalue the currency, inflation rate moved btw 11% - 14%
The minimum wage was last revised in 2011. Since then we have had to devalue the currency, inflation rate moved btw 11% - 14%
The minimum wage wasn't reviewed for 8 years, of course workers were subjected to the harsh economic situation, spending power eroded especially in the middle class.
It is not the worker's fault that the FG has failed to augment the revenue profile to meet their demands.
It is not the worker's fault that the FG has failed to augment the revenue profile to meet their demands.
Even well oil sold at over $100 per barrel. We couldn't meet pay the wages. The minimum wage was due for a review in 2016 but PMB held on till 2019 because of the recession. When PMB took over in 2015, several states had become bankrupt.
Bailouts were given to them.
Bailouts were given to them.
Failure to sign a new minimum wage would have led to a justifiable strike action by the NLC. Strike action would have paralysed an economy struggling to grow at < 3%.
The problem will always be revenue. Our revenue profile is abysmal. 6% tax to GDP ratio is ridiculous.
The problem will always be revenue. Our revenue profile is abysmal. 6% tax to GDP ratio is ridiculous.
The FIRS under Fowler grew our non oil revenue a bit but as a country we are in a horrible situation without oil.
The citizens will resist tax increase. Despite the increment in VAT, it's still one of the lowest in the world. Subsidy in petrol drains revenue..
The citizens will resist tax increase. Despite the increment in VAT, it's still one of the lowest in the world. Subsidy in petrol drains revenue..
Parasites everywhere sucking the blood of the country.
Damn if you do, damn if you don't.
Damn if you do, damn if you don't.
