Tekedia Intelligence has looked at some data and our conclusion is that 1% of Nigerians take more than 30% of the nation’s income. And that small group controls more than 55% of the wealth. This is an estimate and we do not have hard numbers. Our estimates is based on public data from company ownerships and a small sample which we extrapolated. For instance, what Ailko Dangote takes as annual income could basically cover what many combined local governments staff take in a year. There is nothing wrong with that – he is a business man.
Also, we have also noted that some Nigerian Senators take home what some governments agencies budget in a year. Some of the agencies in the Federal Ministry Of Science and Technology do not receive as much the government budgets for one senator. That gives an indication on how the nation is structured.
In our typical way Tekedia thinks Nigeria needs to reform its tax codes. The rich people are not paying the society. There is nothing wrong in being rich. What we want is that rich has no pay the right taxes. We are not asking for redistribution of wealth, we are asking that government needs more revenue to help push many kids in Nigeria whose without government help will never make it to the next social ladder.
We are not under the illusion that free market will fix things. Why? Nigeria is not a place of equal opportunity. Your life success depends largely on your tribe, your family pedigree, among others. If the nation has been a place of equal opportunity, we will not have a problem in asking for ways to bring some equality. If the government makes the playing ground fair, no one should question the outcome. Let the good and hard working people succeed, provided anyone can have the same opportunity. The outcome could vary, that is life.
Let it be known, we support free enterprise society. Yet, Nigeria needs to get more revenue to make progress in the nation. Nigerians welcome those that became successful through the equal opportunity path – no one can question the outcome. But Nigerians are very disgusted when access to a politician or government employees could make people mogul and on top of that no one collects taxes from these new rich guys.