Abubakar Suleiman is an economics professional and the Managing Director/Chief Executive Officer of Sterling Bank.
Suleiman has revealed how to balance a broken debt in a thread published on micro-blogging site, Twitter.
How To Balance A Broken Debt
Step 1
Exit SOEs with negative ROIs and use proceeds to reduce debt.. (NNPC).
Step 2
Privatize services that are proven to be better provided by the private sector (NITEL).
Step 3
Consolidate taxes and collect ext digitally (VAT, WHT).
Step 4
All those exemptions, time to clean it up. You earn, you pay.
Step 5
Commercialize services that are only available to a few. If you can’t give everyone for free, don’t discriminate (Tertiary Education), level the playing field.
Step 6
Subsidy is a bad idea. Stop it.
Step 7
Give the businesses a bureaucratic break. Once a company pays the unified tax + levy, let them be, all these ‘visits’ from regulators are value destroying.
Step 8
Dead capital everywhere- lighten government, exit all assets that are not in use, idle is expensive.
Step 9
Any company that increases workforce and labor cost by 5% a year gets special status. Employees pay taxes, employment leads to products, to export, to growth .. to a balanced budget.
Step 10
Consequences for corruption AND living wages for civil servants..
