07/03/2024
As I could not quickly find sleep, I just tried to analyze the minimum expected wages for a family in Nigeria, taking into consideration a family of 4 people (Husband, Wife, and 2 children) to the minimum standard as of March 8th 2024.
🍜 Feeding: (Assuming ₦400 per meal)
₦400 × 3meal = ₦1,200 per person
₦1,200 × 4people = ₦4,800 Daily
₦4,800daily × 30days = ₦144,000
🏠 Accommodation: (Assuming 250k rent per year)
₦250,000 ÷ 12month = ₦20,833 ≈ *₦20,000*
*Transportation* taking into consideration ₦500 per parent (transport to work) and 300 per child (school bus)
₦500 × 2parents = ₦1000daily × 30days = ₦30,000
₦300 × 2children = ₦600 ×30days = ₦18,000
₦30,000 + ₦18,000 = ₦38,000
📱Communication: (Assuming ₦500 recharge card daily per parent)
₦500 × 30days × 2parents = ₦30,000
💊 Health: assuming *₦10,000* package Health Insurance Scheme for the family.
👕 Wardrobes: assuming ₦60,000 per parent and 30,000 per child twice a year
₦60,000 ÷ 6month = ₦10,000 per parent
₦10,000 × 2 parents = ₦20,000
₦30,000 ÷ 6 months = ₦5,000 per child
₦5,000 × 2 children =₦10,000
Wardrobe Total = ₦30,000
Total Expected Expenses per month
Feeding = ₦144,000
Accommodation = ₦20,000
Transportation = ₦38,000
Communication= ₦30,000
Health = ₦10,000
Wardrobe = ₦30,000
Total = ₦272,000
Family savings is not supposed to be less than ₦50,000, therefore the minimum expected income of a family should not be less than ₦272,000 + ₦50,000 = ₦322,000
Other Expenses that were Exempted on the list are:
Educational expenses
Parental expenses
Events expenses
Repairs expenses
Sanitation expenses
Utility expenses
Religion expenses
Gifting expenses
Vacation expenses
Donation expenses
Social obligation expenses
Sporting expenses
Etc.
