A Nigerian farmer has made a vow. According to him, he will start selling a crate of egg to N10K if the federal government increases minimum wage to N105K. Recall that there were reports that FG might peg the minimum wage at N105k.....Read The Full Story Here ▶
Amidst the deliberation for the N105K, a farmer took to the X platform to share the cost implication of raising his workers’ wages to N105K.
According to him, to accommodate such an increase, he would have to increase the prices of his eggs, currently at about N4K to N10K.
In his words,“Increase salary to ₦105,000, expect me to sell a crate of egg for ₦10,000. It’s that simple.”
He added in another post, “Nigerians are way too emotional to have a rational conversation with. A ton of Corn is N820,000, yet they want N30 eggs and N1,200 chickens whilst you pay your staff N105,000 , it’s insanity at this point.”
Kelz_bania penned: “The main question is, do you even pay your staff the current minimum wage? If them check you pay 10k.”
badmanzeal stated: “Increase in wage will directly translate to an increase in demand and without a corresponding increase in supply that’s a textbook recipe for inflation. The only way out of this debacle is moving from consumption to production.”
Dukecute11 wrote: “Some of you will just do anything to justify your wickedness to the poor. Increase it to 20k, it won’t affect us. But you see that minimum wage, it will be increased to that amount and it will choke you.”
bolsaid added: “Thank God it isn’t a monopolistic market, imagine if you are the only one selling so you won’t sell based on cost price but purchasing power right?”