‘Black tax, social pressure trapping Nigerian workers in debt’

A financial strategist, Dr Yemisi Lucy Adepoju, has identified family obligations, social pressure and poor financial planning as major factors pushing many Nigerian workers into debt and financial hardship despite earning regular salaries.

Speaking during a live reading and reflection session on her book, Broke After Payday: The Hidden Crisis Killing Employees’ Dreams and How to Break Free, in Abuja over the weekend, Adepoju said many employees struggle financially because they are burdened by expectations to support extended family members immediately after securing employment.

“One of the major things I found out was black tax. A lot of people feel responsible for their family, extended family and all that,” she said.

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According to her, the situation has created a cycle of financial stress that limits innovation and entrepreneurship.

“In Nigeria, or in Africa, I think it’s even worse. Because they send you to school, you graduate, and as soon as you graduate, you’re expected to take care of your family. So we don’t have innovators in Nigeria because everybody’s stressed, financially stressed,” she said.

Adepoju also blamed social media and peer pressure for encouraging excessive borrowing among workers seeking to maintain lifestyles beyond their means.

“I’ve seen first-hand situations whereby people receive their alerts and they’re owing like four different loan sharks. And if you ask them, why did you take this loan? It’s all because of social pressure, peer pressure,” she said.

She noted that the book uses storytelling to mirror the realities faced by workers and provide practical solutions.

“Everybody has a different story. Everybody has a reason why they are broke. Each chapter tells a story that would resonate with somebody out there,” she said.

The author urged workers to create alternative income streams and investment plans rather than depending solely on salaries.

“There’s nothing stopping anybody from having rental income. There’s nothing stopping you from having a business. There’s nothing stopping you from being a shareholder in different companies,” she said.

Adepoju, who described herself as a financial strategist, agricultural entrepreneur and public servant, said workers should build emergency funds and embrace cooperative investments to achieve financial stability.

“A lot of us are going through financial embarrassment where our salaries are not what they should be. So this book is supposed to break it,” she said.

She added that financial freedom begins with discipline, long-term planning and a deliberate effort to break the cycle of debt and lifestyle-driven spending.

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