@UmarFarouqKing1 @MFaarees_ 1. Since you have been in Coma from May 2023, I'll do this for you. Since his inauguration in May 2023, Tinubu has implemented a series of bold structural reforms under the "Renewed Hope" agenda. While these have led to significant short term economic strain for many Nigerians. @UmarFarouqKing1 @MFaarees_ 2. Everyone that knows about basic Economics and without rotten minds would know that these reforms, no matter the effects in the short run, are necessary to correct the long standing distortions and build a sustainable economy. The Nigeria Economy was dead before Tinubu.

My mate asked: "If FAAC shares Nigeria’s revenue between the 3 tiers of government, where do the President, Governors, and Judges get their paychecks?"

​Most people think it’s one simple pot. It’s actually a sophisticated Two-Wave System mandated by the 1999 Constitution. 🧵👇🏾 Yes, FAAC shares what's in the Federation Account but have you met the RMAFC?.

Per Section 84 & 124 of the 1999 Constitution as amended, only RMAFC determines the remuneration for political, public, and judicial officers. I mean, they set the "Price Tag" for leadership.

How much does Nigeria actually earn, and where does the money go?. Yesterday we talked about Economic Policy. Today, let’s look at the bigger picture i .e Revenue Generation and Allocation. To understand where we are going, we have to look at the "Debt Trap" we just escaped. 🧵👇🏾 Nigeria’s income comes from two main buckets.
Oil Revenue: Crude oil sales, gas royalties, and petroleum profit tax.
Non-Oil Revenue like VAT, Company Income Tax ( Federal Government doesn't collect PIT), Customs duties, and the new Development Levy (4% for mid/large firms).