BlackBaron:

Lol


UAE is rich enough to afford no VAT so also Saudi. Have you checked their oil revenues against their population? Besides now, with low oil prices they are considering introducing...

Nigeria's oil revenues would never carry 170 million of you. FACT!
SO tell me Einstein, what other revenue source would be open to build up the country. Don't mention Agriculture, etc

All you are thinking is your pockets, how you'll use the rest for makeup and not pay tax on it. Do you know the kind of taxes people pay alone then VAT added. Must be the only country where citizens don't want to sweat but want roads to fall from heaven.

End of this discussion. Like I have said, when you gain a bit of exposure and knowledge! Come back.

you are a fool. a very big one at that , show me your your tax records, idiots

you dont even know that companies add all taxes to cost of production, hence it falls on consumers.
you are very silly, not to know that every item you purchase the VAT has already been added.

Did UAE become rich over night?? what did they use to develop their cities??
How do countries without oil survive??


I'll pass, you are just try to expose your stupidity

Tinubu-nomics unfolding gradually

Mitchew

EgunMogaji:
I'm a Nairalander and I'm not objecting.

What Buhari needs to ensure is that the hole where the resources goes into are plugged so that the common man with a vision can see gains in the future.

The government needs money to operate, they need money to do all these things that we are asking for, good roads, healthcare, education, etc

If they stopped corruption and makes each department heads accountable for their budgets then I'm good.

We all have a part to play in this play. Sunday Ogungbesan must make sure that he doesn't live beyond his salary, doesn't have millions in his account, and other frivolous stuff like that.

januzaj:
okOloriburuku omo ................it's your region that is zoo in Nigeria......you people are Animals............Indonesia.. Malaysia.... China... are killing you guys....buh ....you keep on pushing drugs....only Animals behave the way you do....especially goats...if a goat is punished for doing something bad....it ll still come back to do that same thing

Lol you mean like voting a Buhari more than once?

Happiness87:

Did UAE become rich over night?? what did they use to develop their cities??
How do countries without oil survive??

I am not the guy you responded to but...

1.UAE is rich because they diversifed their economy into financial services, and trade.

2.Of course....they earn a lot from oil. They produce 800000 more barrels per day than Nigeria. But as oil price is dropping...they are behaving like Nigeria....by drafting new tax laws....see here:http://english.alarabiya.net/en/business/economy/2015/07/02/UAE-to-finish-drafting-corporate-tax-VAT-laws-this-quarter.html

3.Countries without oil are roughly in two groups.

A) Those who are dependent on another resource...eg copper, gold, platinum, etc.

B) Countries that are industrialised , and have strong innovative economies.

(Norway is an example of a country that is oil producing and industrial).

Nigeria....must go for industries. Even at $140 per barrel.....our population is too high.(UAE has 8 million people. Nigeria has 170million).

Happiness87:
you are a fool. a very big one at that , show me your your tax records, idiots

you dont even know that companies add all taxes to cost of production, hence it falls on consumers.
you are very silly, not to know that every item you purchase the VAT has already been added.

Did UAE become rich over night?? what did they use to develop their cities??
How do countries without oil survive??

You are beginning to give answers to your stupidity

Now we hope that you'll continue to gain knowledge and would go on to acquire a decent education (your current education has been inadequate) of how nations work. Not just what the Kardashians did or what the latest bodycon trend is.

All d tins we dey pay 4 in dis country I no dey see d head n tail. Even light 4 my end na me no see! n na raining season we dey so, dat means dry season name die oh

This Daura D.ullard would soon begin to receive the wrath of Nigerians. Shebi Yar'Adua tried to increase VAT soon after he became president, only to rescind the decision after Nigerians showed him pepper.

Buhari the Dullard promised heaven on earth during the campaigns... The so-called change. Shebi that was why he easily deceived his fellow abokkis in the North and their oily slaves in the South West. Let us see how much longer his goodwill will last if he implements these kinds of obnoxious policies that impoverish and immiserate the daft Nigerians that voted for him.

janus05:
Tinubu-nomics unfolding gradually

No.....just what happens in a resource dependent country when the prices of the resource drop. Taxes go up.

We have been down this road before. So....unless you want us to go to the IMF to take a loan(been there, done that, hurts a lot).....better pay more taxes.

hedonistic:
This Daura D.ullard would soon begin to receive the wrath of Nigerians. Shebi Yar'Adua tried to increase VAT soon after he became president, only to rescind the decision after Nigerians showed him pepper.

Buhari the Dullard promised heaven on earth during the campaigns... The so-called change. Shebi that was why he easily deceived his fellow abokkis in the North and their oily slaves in the South West. Let us see how much longer his goodwill will last if he implements these kinds of obnoxious policies that impoverish and immiserate the daft Nigerians that voted for him.

So, you want us to pretend that oil is still above $100 per barrel.?

Besides....if the economy had been transformed by PDP as you PDP followers claimed....we won't be in this mess...and Buhari wont be in charge.


What is happening is what happens in a resource dependent society. When the price of your resource falls....you raise taxes....or go cap in hand to IMF to borrow money.

Thanks to your PDP's fiscal indiscipline of the last 16 years....we are here today.

Anyway....Buhari must get us off oil .......or he is a bad leader.

bushdoc9919:


I am not the guy you responded to but...

1.UAE is rich because they diversifed their economy into financial services, and trade.

2.Of course....they earn a lot from oil. They produce 800000 more barrels per day than Nigeria. But as oil price is dropping...they are behaving like Nigeria....by drafting new tax laws....see here:http://english.alarabiya.net/en/business/economy/2015/07/02/UAE-to-finish-drafting-corporate-tax-VAT-laws-this-quarter.html

3.Countries without oil are roughly in two groups.

A) Those who are dependent on another resource...eg copper, gold, platinum, etc.

B) Countries that are industrialised , and have strong innovative economies.

(Norway is an example of a country that is oil producing and industrial).

Nigeria....must go for industries. Even at $140 per barrel.....our population is too high.(UAE has 8 million people. Nigeria has 170million).

so Nigeria cant diversify the economy or we dont have solid minerals, Do a survey on our solid minerals and you will be surpised what Nigeria has in every state.

note the cost of exploiting these minerals are far cheaper than Oil exploration. Chinese, Lebanese and Indians are exploiting the solid minerals free, and nobody is doing anything about it.

Nothing stops Nigeria from becoming industrialize if the political will is there.

PS: am not against taxes, but increasing VAT now is wrong, Increasing VAT does not guarantee that good roads will be built or facilities will improve.
National Assembly Budget alone is more than many states.
How many people consume that kind of money and leave millions of Nigerians hungry.
VAT will continually be used to pay salaries and allowances of political office holders, it will not translate to meaningful development, while the masses will continue to suffer, thats my point.

BlackBaron:

Lol


UAE is rich enough to afford no VAT so also Saudi. Have you checked their oil revenues against their population? Besides now, with low oil prices they are considering introducing... Show me one developed country without a tangible money spinner that has even 5% VAT. I'll be waiting! I want the GDP and Per Capita too so we can start drawing up a pattern.

Nigeria's oil revenues would never carry 170 million of you. FACT!
SO tell me Einstein, what other revenue source would be open to build up the country. Don't mention Agriculture, etc

All you are thinking is your pockets, how you'll use the rest for makeup and not pay tax on it. Do you know the kind of taxes people pay alone then VAT added. Must be the only country where citizens don't want to sweat but want roads to fall from heaven.


End of this discussion. Like I have said, when you gain a bit of exposure and knowledge! Come back.

All ah see in ur post is daftness redefined.

SenseiX:
In this era of low oil prices, it's the wisest decision to shore up our depleted profile, Nigeria is prolly the most undertaxed nation on earth, we restrict our revenue sources to oil neglecting the potential to gain even more from VAT, Most Africa countries have VAT>10% so it's not a big deal

This is a knee-jerk policy IMO.

Low oil prices wouldn't have posed much challenges if the Nigerian Government at all levels isn't utterly profligate.

The country is riddled with numerous issues militating against industries and production, plus unemployment is on the high and you think its the right time to increase VAT.

Let PMB patch up the numerous holes from which the national treasury trickles away for starters, not VAT Increment

BlackBaron:
You are beginning to give answers to your stupidity

Now we hope that you'll continue to gain knowledge and would go on to acquire a decent education (your current education has been inadequate) of how nations work. Not just what the Kardashians did or what the latest bodycon trend is.

you are stupid , very stupid. It is VAT that is sustaining them abi idiot, dont quote me again to spew gibberish

Happiness87:

so Nigeria cant diversify the economy or we dont have solid minerals, Do a survey on our solid minerals and you will be surpised what Nigeria has in ever state.

Yes...I know Nigeria got solid minerals. But...we should be using them for industrial development.

Selling them is another form of resource dependency. Prices crash too. (Ask Zambia about its copper romance).

Nothing stops Nigeria from becoming industrialize if the political will is there.

You Nigerians would also have to accept there is no national cake and work for the kudi.

PS: am not against taxes, but increasing VAT now is wrong, Increasing VAT does not guarantee that good roads will be built or facilities will improve.
National Assembly Budget alone is more than many states.
How many people consume that kind of money and leave millions of Nigerians hungry.
VAT will continually be used to pay salaries and allowances of political office holders, it will not translate to meaningful development, while the masses will continue to suffer, thats my point.

Unfortunately, Nigeria does not have enough money.(That is why corruption is so painful here...they are stealing from a treasury that does not have enough to begin with).And thanks to the drop in oil prices.....the tax increase is necessary.

And we are after all dependent on oil.

I expect diversification.....but I also have prepared my mind for austerity. After all.....we were down this road before. In 1982...oil prices crashed. By 1986....we were on the SAP drug.

bushdoc9919:


Yes...I know Nigeria got solid minerals. But...we should be using them for industrial development.

Selling them is another form of resource dependency. Prices crash too. (Ask Zambia about its copper romance).

You Nigerians would also have to accept there is no national cake and work for the kudi.

Unfortunately, Nigeria does not have enough money.(That is why corruption is so painful here...they are stealing from a treasury that does not have enough to begin with).And thanks to the drop in oil prices.....the tax increase is necessary.

And we are after all dependent on oil.

I expect diversification.....but I also have prepared my mind for austerity. After all.....we were down this road before. In 1982...oil prices crashed. By 1986....we were on the SAP drug.

am not against taxes, but VAT now is no no !!!
the president can use this period to fix some sectors , VAT can be increased in 5 years time not now.

All the money we have is used to pay salaries and I promise you , that is where the VAT is going. Its will not translate to any meaningful development, only the masses will be suffering.

Get ready for Labour Union strikes

This is one of the few politics that takes effect within 24hrs of announcement but when it come to what will benefit Nigerian people it never done and even when they do Nigerians dnt benefit the elites does. As far am concern Nigeria is not changing for anything except we plan and restructure the country togather, as it stands now Nigeria have no common direction and future.

10% VAT? Hahahaaha Buhari want to kill us finally

bushdoc9919:


So, you want us to pretend that oil is still above $100 per barrel.?

Besides....if the economy had been transformed by PDP as you PDP followers claimed....we won't be in this mess...and Buhari wont be in charge.


What is happening is what happens in a resource dependent society. When the price of your resource falls....you raise taxes....or go cap in hand to IMF to borrow money.

Thanks to your PDP's fiscal indiscipline of the last 16 years....we are here today.

Anyway....Buhari must get us off oil .......or he is a bad leader.

Raising taxes across board is not a magical solution to the problem of dwindling government revenues, especially in an unproductive economy such as Nigeria with high poverty and unemployment rates and low purchasing power. For a government that knows what it is doing, there are more intelligent and creative ways to boost revenues rather than simply plucking the low hanging fruit by raising taxes - which any daft Dullard can do. How about slashing the overbloated recurrent expenditure? How about blocking the drain pipes and loop holes through which billions (if not trillions) are lost to inefficiencies and misappropriation annually? How about raising taxes on LUXURY goods and services so that the masses would not feel the effect?

JustKeen:

This is a knee-jerk policy IMO.

Low oil prices wouldn't have posed much challenges if the Nigerian Government at all levels isn't utterly profligate.

The country is riddled with numerous issues militating against industries and production, plus unemployment is on the high and you think its the right time to increase VAT.

Let PMB patch up the numerous holes from which the national treasury trickles away for starters, not VAT Increment

My p®oblem is not really the increased vAT but the fact that revenues gÉnerated from the VAT will be used to "settle" the elite while the masses bear the heat.

barcanista:

My p®oblem is not really the increased vAT but the fact that revenues gÉnerated from the VAT will be used to "settle" the elite while the masses bear the heat.

that's the point, the revenue will be used to pay allowances of political class, it will not translate into any meaningful development.

VAT will not solve our financial crisis, there are better alternatives for the time being.

E-ewa

Brightology2:
E-cow

Happiness87:
that's the point, the revenue will be used to pay allowances of political class

My Dear, this Buhari man and his Tinubunomics. Him Buharinomics/Emefielenomics don fail am. On a serious note the FG has no plan to even be productive

barcanista:
My Dear, this Buhari man and his Tinubunomics. Him Buharinomics/Emefielenomics don fail am. On a serious note the FG has no plan to even be productive

Was the FG productive a year ago?

2rutalk1:
Increasing VAT when the business environment is so hostile for manufacturing. It is evident that our leaders are only interested in raising public revenue which will be diverted to their private pulse without recourse to its negative implications on the living standard of the people. The macroeconomic environment in Nigeria is not favourable for businesses. What the government should do in the short run is to encourage enterpreurship through incentives and sound/friendly business environment. In that, businesses will thrivesn jobs will be created, the income of the people/companies will increase leading to a corresponding increase in personal income tax and business taxes.

A more preferable solution to this is to seal up all VAT leakages in the country that is capturing more firms in the informal sector and mandating them to pay taxes. With this the 5 percent rate would be more than enough to boost revenue. However the govt tried raising tax on may 24 2005 but it backfired and was reverted by june. History might as well repeaet it self

barcanista:
10% VAT? Hahahaaha Buhari want to kill us finally

Looking at other countries were the VAT system is praticed NGA remains the only country with the lowest rate of tax standing at 5 percent. However in other African countries were this is praticed att a rate well above 10 percent their economy seems to blossom. Therefore VAT increase is a nice idea but not the best idea. VAT leakages correction is the best move for the government at this point

TMILewin:


Looking at other countries were the VAT system is praticed NGA remains the only country with the lowest rate of tax standing at 5 percent. However in other African countries were this is praticed att a rate well above 10 percent their economy seems to blossom. Therefore VAT increase is a nice idea but not the best idea. VAT leakages correction is the best move for the government at this point

The problem is not about the VAT but rather where revenue generated from VAT will go to. We aren't a productive society and no sign of productivity yet.

See what our stooooooopid bad and greedy blood-thirsty past leaders have all caused to this nation.

GEJ tried to revive this country but the load was too much for him. I pray God's grace on PMB to scale thru.

E no go better for those past wicked baggazz.

This man is plotting to being down this government. We loudly say NO No No...

Happiness87:
am not against taxes, but VAT now is no no !!!
the president can use this period to fix some sectors , VAT can be increased in 5 years time not now.

All the money we have is used to pay salaries and I promise you , that is where the VAT is going. Its will not translate to any meaningful development, only the masses will be suffering.

Get ready for Labour Union strikes

During Obasanjo regime, he increased VAT I think to 7%, immediately call rate doubled, every little thing doubled. It was a nightmare. 10% VAT for 18500 minimum wage is a crime.
10% on VAT
10% on Tithe
Plus the real tax.

We have to be realistic, it's evil! Besides, I don't trust all these politicians, OBJ, GEJ and PMB are all the same.

Freemanan:

Was the FG productive a year ago?

I don't have any love for GEJ, but we need to focus on who got the job now. Whatever GEJ did, either good or bad it doesn't matter. PMB told is he can fix it, so we put him in charge. He can resign if the workload is much.

Selfish leaders! I must rule, I must rule! Now you're ruling

Brightology2:
Mitchew

Your response denotes your level of intelligence.