President Bola Tinubu's aide, Otega Ogra, has revealed how a salary earner in Nigeria can afford to own a brand-new car instead of a fairly used one, commonly referred to as a Tokunbo.

This was after an X user lamented that salary earners in Nigeria, regardless of the kind of job they do, cannot afford to buy a brand new car.

According to Ogra, there are loan offers available that can help such individuals afford to own a brand-new car in the country.

He shared, "If you build your life on the gospel of perpetual negativity, don’t be surprised when those same voices quietly open amala joints and businesses in the same Nigeria they told you to hate because they say it cannot work for you (but somehow works for them), whilst your own life stagnates from listening to them.

"Truth is, if you are an entrepreneur or salaried worker, you can easily buy a new car in Nigeria. I have done it in the past and will still do it. Back in 2010, I remember I paid just about 35% more than the cost of a fairly used car to get my first new personal car, the latest Kia Cerato redesign, without even using my bank’s concessionary staff loans (I think they were giving staff loans at 3 or 5%). I used another bank at the prevailing rates simply because I didn’t want to be tied down in the event I decided to make a career move, which I later did a year after.

"One reason corruption thrives is an obsession with paying cash down for everything. The smarter play is to use credit responsibly, while building savings, investments, and assets that work for you.

"If your need is simply commuting, and not showing off, compact and fuel-efficient new cars (even EVs and hybrids) are available in Nigeria between ₦12–18m (Fact-check me). My friend’s company Nord @nordmotion, for instance, sells an EV at ₦16m. Other local and foreign brands also have entry-level/compact cars within that range.

"With a 20–40% down payment and youth/women-focused bank loans at ~17% p.a. over 60 months, you’re looking at ~₦238,600 monthly repayments. A salaried worker earning ₦650k/month can manage that comfortably. I’m fully aware that is above the minimum wage (an argument I’m sure to see) but that’s also why we need to quickly ramp up efficient public transportation systems across the country (light rail, BRTs, CNG Mass transits, etc) as President Bola Tinubu
@officialabat is currently supporting states to do (Kaduna, Kano, Ogun, and Lagos have received the greenlight for light rail projects)

"Don’t let anyone gaslight you into believing a new car is impossible, or that only luxury SUVs count. In my travels across the world, I see more compact cars on the road than luxury vehicles especially in developed countries.

"Please, buy what meets your needs, not their noise. Let them keep opening their amala joints whilst you keep living within your means.

"NOTE: your salary/income would most likely not be stagnant for the duration of the loan and some companies even offer trade-ins."

ASA