Really? This is not the full picture. As a junior banker many years ago, my taxable yearly income was about N287,000. But at the end of the year, I was making close to N1 million. Check the multiple, you will understand that these men were not that “cheap”! Nbanu as they say in the Igbo Nation; yes, NEVER.
Nigeria’s #1 CEO on value creation (using my model), Michel of Dangote Cement, is not that “cheap”. Bear with me if I write that someone making N736 million is not paid well in a relatively mid-scale economy like Nigeria.
The way we report wages and salaries in Nigeria must evolve. My suit/tie allowance while in banking was more than my basic salary. In America, money is money and no classification, making it easier to get more PAYE/ personal tax extracted for the public. Nigeria needs to fix its taxation, and that begins on what is considered personal income.
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Comment on Feed
Comment 1: What would they use that tax for? The one they’ve collected what have they done with it?
My Response: Fund young medical doctors so that they can immigrant to Canada, UK, etc! With that, Nigeria can provide a solid medical doctor pipeline for these countries. Nigeria offers better support than any country in the world in subsidizing medical education. Too bad, other countries come and raid the nation. I wish the United Nations can lead on the raiding for the good of Nigeria and Africa.
Comment 1R: if they want to retain those practitioners, they must provide enabling environment for them to thrive.
My Response: I only answered your initial question. I have no answer for the follow-up question.
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