Dr. Toks 🦇 Profile picture
Oct 1, 2020 5 tweets 2 min read Read on X
Nigeria is one of the cheapest places to live in the world. Only Uganda, Egypt, Algeria and Tunisia have lower cost of living in Africa. You can check the data from different website. However we have a significantly low purchasing power index. This is the challenge. ImageImageImage
Purchasing power index is associated with income and productivity of the citizenry. With our population size, we have to improve productivity. Focusing on income / wages with the NLC mindset without significant increase in productivity will yield zero results.
Productivity is dependent on a stable economy, structured markets and a skilled population. Monthly salaries doesn't encourage productivity. Per hourly wage will change the dynamics. The vulcanizer on my street makes between 3000 - 5000 Naira daily.
The guy that came to service my A/Cs charged me 10,000. Within 4 hours he was done. Civil servants don't make 1/10th of this amount per hour. A barber in Lekki charges between 1000 - 1500 for a 30mins haircut. Why will a civil servant sit in the office for 8hrs daily
For 20 days and earn a minimum wage of N30,000. If they can finish their daily activities in 3hrs, let them work for 3hrs, pay them and let them find something else to do with their time. We have to explore other sectors and acquire skills to become more productive.

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More from @fimiletoks

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
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
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
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
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
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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