₦airaland Forum

Fews weeks ago, I engaged a Marina bank staff about their car loan facility and here is the highlight of the terms

1. Interest rate is 41% p.a
2. Duration of 48months ie 4yrs
3. Additional 2% management fee etc
4. Loan amount is N15million
5. They would provide the dealer I must buy from

By implication, at the end of 4yrs, borrower would have paid 164% in interest aside other charges equivalent to N39.6million principal & interest

It becomes very disheartening when we compare with other clime where one could get 13% interest rate while income could afford comfortable repayment plan.


At this rate, a N500k monthly earner cannot afford a car. Now imagine entrepreneur who genuinely require capital to fund a viable business plan

I am of the opinion that is beyond just the banking system but a widespread failure in the Nigeria system as a whole.

(Images from X user)

A professor can not have 2m as salary, this means education alone can not make you a millionaire. Too poor for a nation like Nigeria.

It's quite unfortunate this part of the world I found myself.
Person wey dey collect 500k/m cannot even afford a toks corolla 03 after a year

Remove corruption, 95% of civil servants cannot afford to buy cars currently

Except if he is not creative enough to do soooooo.

viyon02:
A professor can not have 2m as salary, this means education alone can not make you a millioner. Too poor for a nation like Nigeria.

na why you no fit spell millionaire. A professor earns more than ₦2M

Wickedness of politicians is the cause, do Dey really know what it takes to become a professor?

God knows if I'm a professor i would definitely sell the institution.

Buying a car is often a significant challenge for many Nigerian civil servants due to several factors. Firstly, their salaries are generally low compared to the rising cost of living and skyrocketing prices of vehicles, both new and fairly used. The recent devaluation of the naira and high inflation rates have further weakened purchasing power, making cars increasingly unaffordable. Secondly, civil servants frequently face delayed salary payments or deductions, disrupting financial planning and savings for major purchases like a car. Additionally, vehicle import duties and taxes in Nigeria are very high, adding substantial costs to car prices. Access to affordable credit facilities is limited, and interest rates on car loans are often prohibitive, discouraging civil servants from borrowing. Many civil servants also carry other financial responsibilities, such as supporting extended families, paying school fees, or handling medical expenses, leaving little disposable income for significant investments. Finally, poor public transportation infrastructure creates a high demand for personal vehicles, pushing prices further out of reach. Altogether, low earnings, economic instability, high vehicle costs, and financial burdens combine to make car ownership a difficult goal for Nigerian civil servants.

It is a sad situation but i will also play devil's advocate....

Why can't Nigerian Professors have inventions, patents and discoveries like their peers in developed countries?

Malaria, no cure. Electricity, no fix. Must we wait for Whites to fix all our problems?

Oh, Government doesn't fund them well..... But we have seen billions looted by Government, Institutions and Individuals through TETFUND.

What did they do with what they received? A Science Parastatal went to Senate and listed Kilishi processing as their major achievement.

The blunt reality is that, we Africans can not see running abroad as the ONLY solution to our problems.

Japan and Germany were practically annihilated after World War 2 and they stayed back to fix their countries over time.

Sad that South Africa looks VERY different from most parts of Black Africa simply because the Whites only left direct power in 1994 (3 decades ago)

Fixing Africa is a collective responsibility. Why are Blacks at the very bottom? Whites, Yellows, Browns all see us as inferior to even their pets.

A bit misleading. 164% on the loaned amount is not true.
Interest is at reducing balance. So long the repayment is on schedule, it is easier to manage.

However, only a few Nigeria workers can sincerely afford a good car based on genuine wage and Professor no join that few. Its the sad reality.

a man emptied his bullion vans to grab power.no one is asking if he has refilled

SLIDEwaxie:
na why you no fit spell millionaire. A professor earns more than ₦2M

As salary? In which country? Nigeria?

Yes, it's possible if he has honorarium, patent, royalties, etc

Must they own a car at all cost?

Abeg!

Na only car be the measure of qualitative life?

Unfortunately, this is true!
The financial compensation of Professors is very poor.
That is why many of them are easily corrupted and used by mischievous politicians to rig elections

adedayourt:
Fews weeks ago, I engaged a Marina bank staff about their car loan facility and here is the highlight of the terms

1. Interest rate is 41% p.a
2. Duration of 48months ie 4yrs
3. Additional 2% management fee etc
4. Loan amount is N15million
5. They would provide the dealer I must buy from

By implication, at the end of 4yrs, borrower would have paid 164% in interest aside other charges equivalent to N39.6million principal & interest

It becomes very disheartening when we compare with other clime where one could get 13% interest rate while income could afford comfortable repayment plan.


At this rate, a N500k monthly earner cannot afford a car. Now imagine entrepreneur who genuinely require capital to fund a viable business plan

I am of the opinion that is beyond just the banking system but a widespread failure in the Nigeria system as a whole.

(Images from X user)

What was the interest rate 10 years ago before we entered APC trap of shege pepper that was disguised as change?

How could ebilokan make Jonathan a one term president in favour of a clueless northerner? What manner of tribalism is that?

thisweekng:
The Minister of Finance and Coordinating Minister of the Economy Chief Olawale Edun has said the last time Nigeria’s economy looked stable was about a decade ago.

He made this statement during his maiden press conference as Minister of Finance where he outlined President Bola Tinubu’s vision, agenda and strategy for the economy.

He said, “I think as we all know, we are not where we should be. The economy is barely growing above the rate of population growth.

“But it was not always so, and I think in trying to look at the way forward, if we now have a situation of slow growth, double-digit inflation, weak/depreciating exchange rate, as well as security concerns that are resulting in an economy that is not growing and not taking Nigerians out of poverty.

“If we think back to the last time when the economy was stable- when it was growing, when inflation was low, and the interest rate was affordable, that period was about a decade ago. Growth was about 6% in 2013 and 2014.”
Private sector to drive the economy

https://nairametrics.com/2023/09/01/the-last-time-nigerias-economy-was-stable-was-about-a-decade-ago-wale-edun/

Bellotelli:
God knows if I'm a professor i would definitely sell the institution.

Kílagbé, kí le jù
Lol
Someone add the remaining 40 whatever to make original content

SLIDEwaxie:
na why you no fit spell millionaire. A professor earns more than ₦2M

for where? Which school are you talking about? Do profs really earn that much?

SLIDEwaxie:
na why you no fit spell millionaire. A professor earns more than ₦2M

lol. in which university?

d last payment slip i saw of a professor @d Delta State University Bursary Office was 800k+... that's a professor with few years to retire... I think he is a Professor Emeritus now.

adedayourt:
Fews weeks ago, I engaged a Marina bank staff about their car loan facility and here is the highlight of the terms

1. Interest rate is 41% p.a
2. Duration of 48months ie 4yrs
3. Additional 2% management fee etc
4. Loan amount is N15million
5. They would provide the dealer I must buy from

By implication, at the end of 4yrs, borrower would have paid 164% in interest aside other charges equivalent to N39.6million principal & interest

It becomes very disheartening when we compare with other clime where one could get 13% interest rate while income could afford comfortable repayment plan.


At this rate, a N500k monthly earner cannot afford a car. Now imagine entrepreneur who genuinely require capital to fund a viable business plan

I am of the opinion that is beyond just the banking system but a widespread failure in the Nigeria system as a whole.

(Images from X user)

Well that's a sad reality with our entire system but besides corruption,a Nigerian Professor could afford more than just a 100 grand car if they can innovate ,write books and speak in conferences instead of duplicating outdated books and regurgitating it year in year out .

Abee79:
Unfortunately, this is true!
The financial compensation of Professors is very poor.
That is why many of them are easily corrupted and used by mischievous politicians to rig elections

While we the citizens stand aside and look at the situation as if we are not concerned

Who do we expect to remedy the situation?

anonimi:
“The worst illiterate is the political illiterate, he doesn’t hear, doesn’t speak, nor participates in the political events.

He doesn’t know the cost of life, the price of the bean, of the fish, of the flour, of the rent, of the shoes and of the medicine, all depends on political decisions. The political illiterate is so stupid that he is proud and swells his chest saying that he hates politics.

The slowpoke doesn’t know that, from his political ignorance is born the prostitute, the abandoned child, and the worst thieves of all, the bad politician, corrupted and flunky of the national and multinational companies.”

― Bertolt Brecht

SLIDEwaxie:
na why you no fit spell millionaire. A professor earns more than ₦2M

At where please? I want to know.
I know a professor I was working with, he's a very senior professor, just retired recently. I managed his bank accounts when his brother was building a hotel. His brother was sending all money for the project in his account and each time his own salary drops I normally see it because I was the manager of the hotel while under construction, everything about that his salary account was with me both the ATm card and App pins. His salary was 610k the most sometimes it will come as 605k, a senior professor from a university in PH. Though there was another 115k that normally also comes just before days his salary drops, maybe allowance or so, I never asked because I don't have to.

Nigeria civil service is not it all.
Another of my brother who works With INEC and retired as a EO was earning 450k towards the end of his retirement

SLIDEwaxie:
na why you no fit spell millionaire. A professor earns more than ₦2M

This guy na comedian please enlighten us, which professor do you know in Nigeria that earns ₦2m monthly?

Misleading, professors earn over 500K. Even over a million.

Softmirror:
Except if he is not creative enough to do soooooo.

How do one gets creative beyond his salary?

Seun Seun Seun

Mabuggi88:
At where please? I want to know.
I know a professor I was working with, he's a very senior professor, just retired recently. I managed his bank accounts when his brother was building a hotel. His brother was sending all money for the project in his account and each time his own salary drops I normally see it because I was the manager of the hotel while under construction, everything about that his salary account was with me both the ATm card and App pins. His salary was 610k the most sometimes it will come as 605k, a senior professor from a university in PH. Though there was another 115k that normally also comes just before days his drops, maybe allowance or so, I never asked because I don't have to.

Nigeria civil service is not it all.
Another of my brother who works With INEC and retired as a EO was earning 450k towards the end of his retirement

This why I want to switch to finance/hr side of things. I have my teaching certification TRCN. But I don't think I will further my career in education unless I will use education to Japa. I felt I wasted my time on the educational path. Anything I will do on education is to Japa. Not to use it to work. I will concentrate on Finance/HR/Marketing/Business Development and Administration. I can't continue to live like this. My life must be better.I Will no longer pursue my PGDE and MEd anymore. Am done. Good riddance to bad rubbish.