Expert Calls for End to 9-5 Work Culture, Explains How It Will Boost Nigeria’s GDP

• Economist and Entrepreneur, Mr. Tope Fasua has called for the abolition of the 9-5 work culture in Nigeria
• Mr. Fasua, who is also Special Adviser on Economic Affairs to the Vice President, explained how this could boost Nigeria's economy
• Fasua also spoke on the proposed tax reform bills before the national assembly, and how they can speed up Nigeria's development

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

Special Adviser on Economic Affairs to the Vice President, Mr. Tope Fasua has called for an end to the traditional work culture of 9-to-5.

Fasua noted that the long working hours are part of the reason young Nigerians do not want to go into public service or take on full-time jobs.

He stated that shorter work hours, instead of the traditional 9-to-5 could attract more of the younger population into the public service and this would boost the economy.

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Speaking at a town hall meeting themed ‘Thinking of Taxes in a New Way’, Mr. Tope Fasua said that a more attractive offer for the younger generation would be a 3-hour work day.

Proposes 3-hour workday to replace 9-to-5

While explaining the idea at the event organised by the El-Maverick Centre for Educational Research and Development, Mr Fasua, also an entrepreneur and economist, stated that the younger generation is no longer interested in a job that will keep them tied down all day.

Fasua said:

“You can’t hold their attention for more than three hours. For the rest of the time, let them go. Some of them want to do skits. Some of them want to put a round light in front of them. They’re looking for followers on Instagram. That also adds to the GDP.”

He added that when they engage in other activities with the remaining hours, it adds to the economy and boosts the nation’s GDP especially as the recent GDP rebasing now captures more activities in the digital economy.

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Proposed tax reform bills

Mr. Fasua called on Nigerians to be more receptive to the proposed tax reforms, adding that several developed nations used income from taxes to grow their country, PREMIUM TIMES reports.

He noted that if citizens look at tax as a critical source of revenue to fund national development, not a burden to be avoided, the country would work better.

Speaking further on tax perception, the Dean of Law at Veritas University and the lead speaker, Ms. Josephine Agbonika, noted that Nigerians have a historical distrust in the government and this leads them to evade rather than embrace taxes.

She also noted that the government adopting simplified tax processes and structures, as well as a single-digit tax rate can reduce tax apathy in the country.

President Bola Tinubu presented four tax reform bills – the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill – to the National Assembly.

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The bill has since generated lots of reactions and controversies before the state governors unanimously endorsed it.

Nigeria lost $310bn in GDP over 10 years

In related news, Legit.ng recently reported that Nigeria is no longer a giant of Africa, after losing $310 billion in GDP during the last ten years.

This arose from several factors including reduced productivity, insecurity, foreign exchange volatility and naira depreciation.

Nigeria now ranks fourth position in terms of GDP in Africa, behind South Africa, Egypt and Algeria.

In the last few years, Nigeria has seen several multinationals close operations to exit the country, in the face of rising challenges.

Source: Legit.ng