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Dr. Toks 🦇 Profile picture
@fimiletoks
Oct 1, 2020 • 4 tweets • 2 min read • Read on X
Nigerians, understand these concepts

- minimum wage
- cost of living index
- purchasing power parity

Don't just assume that increase in wages will make you comfortable. Cost of living and purchasing power parity are stronger factors.

#NigeriaAt60 #NigeriaIndependence
You can earn 400k monthly in Lagos and you will be dead broke every month with no savings when compared to someone who earns N200,000 monthly in Ilorin or Oshogbo. What 200k will get you in terms of housing, food, transportation 400k won't be enough in Lagos.
That concept is called 'cost of living' and it is responsible for urban poverty and slum dwellers.
Purchasing Power Parity analyses compares different countries' currencies and the basket of goods you can get with them.
What will you get with $100 in a grocery store in NewYork
What can you get with N45,000 equivalent at the exchange rate in Lagos? These are the things that will determine the quality of life you live.
Stop comparing minimum wage in different countries, it's not a clear representation.

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More from @fimiletoks

Dr. Toks 🦇 Profile picture
Dec 30, 2022
Tinubu created the Ministry of Housing in 1999 and separated it from the Ministry of Works. A policy move to strengthen public housing and PPP

Tinubu constructed:

1059 Units of 2Bedroom bungalows of low income housing Units at Abraham Adesanya commissioned in the year 2000
160 Units of 2-bedroom bungalows at Ibeshe low-income housing scheme. ( allocated and commissioned, May 2005)
4) 114 Duplexes, high-income units at Oba Adeyinka Oyekan 11 Estate Lekki. Completed and commissioned, Sep. 2003
163 Units of 2-bedroom low-income housing at Ayangburen Phase 11, Ikorodu. Commissioned, 28th of June, 2001

20 Units of Town Houses and 32 Units 8 of 3 bedroom flats at Gbagada Medium Housing Scheme 1
Read 6 tweets
Dr. Toks 🦇 Profile picture
Nov 24, 2022
In a discussion with Asiwaju and he kept asking about the benefits associated with having the NIN ( National Identity Number ). Asiwaju believes that the number should come with some social benefits. Access to credit / loans , health insurance, income status.
He said the economic benefits of having the NIN will be emphasized to speed up enrollment. Asiwaju wants the credit system to work and he is working with a crack team on this. This is directly from the horse's mouth. He believes that Nigeria should move to a credit based economy
He believes that corruption can't be eliminated if citizens pay cash for every need. He believes he can double the GDP contributions of finance, manufacturing, and housing sector with the availability of credit. He said that our automobile industry can't grow without credit.
Read 4 tweets
Dr. Toks 🦇 Profile picture
Oct 25, 2022
During the @ABATMediaCentre space discussion with HE @OfficialGYBKogi, I reiterated the revenue challenges in Nigeria at national and sub-national levels. Only two states in Nigeria have annual budgets above N500bn. A lot of these states can't finance their budgets without debts.
I also made it known that the era of pocket money from Abuja is gradually coming to an end. The revenue-sharing formula must be changed and resource control is a catalyst for development. Kogi is sitting on oil, iron ore, coal, limestone and marble deposits.
Two major rivers, abundant potential for farming and irrigation, untapped tourism and human potentials. The FG needs to shed the huge load it has placed on itself by virtue of a warped Constitution. Nigeria will develop if subnational entities challenge the status quo.
Read 5 tweets
Dr. Toks 🦇 Profile picture
Oct 10, 2022
The expected oil receipt of the FG at N1.92 trn in 2023, benchmarked at $70. If oil prices drop to about $35 and we may not make 1.6m BPD, we will struggle to make 1.5trn. The entire FG oil revenue is not enough to finance Lagos state budget.
Lagos state's budget with 20m people is above N 1.3 trn. At this point it's better to give the oil to the Niger Delta. Let the FG and FIRS collect taxes of 50% on oil and save itself the stress and cost of running the oil agencies.
The FG is now bankrupt. It has grown its expenditures way above it's revenues. 50% of the civil servants in Abuja should return to their states and LG. Grant the states resource control and review the revenue sharing formula. Focus on the military, immigration / border control.
Read 5 tweets
Dr. Toks 🦇 Profile picture
Sep 10, 2022
A New Nigeria in few pictures
Lag - Ibadan, Lekki Deep sea port, MMIA, DangRef
NSIA LUTH, Fertilizer plants, AKK gas pipeline, NLNG train 7
Read 4 tweets
Dr. Toks 🦇 Profile picture
Sep 9, 2022
Nigeria is pushing for universal health coverage through health insurance and at the same time, trying to keep a blanket healthcare subsidy at the point of use, especially in public healthcare facilities. There is a conflict here.
The only form of subsidy should be a safety net for the poor and cross subsidization through health insurance. The public and the private healthcare institutions should adjust to market realities and allow insurers manage the risk.
Our policies are always targeted at depressing prices. This will only lead to reduced investment in the sector and total collapse. Our university system and the power sector are typical examples.
Read 8 tweets

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