President Muhammadu Buhari has signed the N10.59 trillion 2020 appropriation bill into law.

The president signed the budget document into law on Tuesday in the presence of Vice President Yemi Osinbajo, Ahmad Lawan, the senate president, Femi Gbajabiamila, speaker of the house of representatives, amongst other principal officers.

The budget was increased by N260 billion from N10.33 trillion as contained in the proposal submitted by Buhari on October 8.

This is the fastest time since Nigeria returned to democracy in 1999 that the budget would submitted, passed and signed before the budget year commences.

Recurrent expenditure took the lion’s share of N4.84 trillion while capital expenditure and statutory transfers got N2.46 trillion and N560.47 billion respectively.

Nigeria’s debt — which currently stands at N25.7 trillion — will be serviced by N2.72 trillion during the year.

The sum of N1.5 billion was allocated for “federal government intervention in Zamfara, Katsina and Borno” while N20 billion was earmarked for “special intervention fund” and another N25 billion for the Nigerian navy’s “Falcon Eye” project aimed at tackling piracy and other criminal activities in waterways.

Some of the key highlights of the budget are N46 billion for presidency; N110 billion for National Judicial Council; N111.7 billion for Universal Basic Education; N128 billion for national assembly; N40 billion for the Independent National Electoral Commission (INEC); N38 billion for North East Development Commission; and N80 billion for Niger Delta Development Commission.

Also, N75 billion was allocated for the fight against Boko Haram and other operations of the armed forces; N65 billion for amnesty programme; N350 billion (recurrent) earmarked for special intervention programme; N20 billion for contributions to international organisations; and N22.7 billion for immunisation.

With the budget signing, Nigeria is now on the January-December budget cycle.

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A breath of fresh air

FTC
Issokay

He who goes aborrowing goes a sorrowing

Buhari want to impoverish the North for 1000 years

Good!


75 billion naira to the military for fighting bokoharam, this is why they don't want the insurgent to end soon.

Very good.

Now to source the revenue as well managing our resources to meet our expectations.

[s]

voltron14:
Very good.

Now to source the revenue as well managing our resources to meet our expectations.

[/s]

voltron14:
Very good.

Now to source the revenue as well managing our resources to meet our expectations.

Multiple taxation, increase in taxes and ridiculous levies on basic and essential commodities is the way to go. It's already in full swing sef

Ishilove:

Multiple taxation, increase in taxes and ridiculous levies on basic and essential commodities is the way to go. It's already in full swing sef

Nigeria is grossly under taxed

Ishilove:

Multiple taxation, increase in taxes and ridiculous levies on basic and essential commodities is the way to go. It's already in full swing sef

Explain the multiple taxation.

By the way explain how government can increase revenue without an increase in taxation.

Before you do let us break down our foreign earner - oil.

Nigeria produces 2.5 million barrels of oil daily (actually 2.1 million but I'll stick with our capacity), at 60 dollars per barrel it means we make 150 million dollars a day.

Divide that by 150 million Nigerians (conservatively) that gives 1 dollar a day per Nigerian.

In light of this, please profer a solution.

[s]

voltron14:


Explain the multiple taxation.

By the way explain how government can increase revenue without an increase in taxation.

Before you do let us break down our foreign earner - oil.

Nigeria produces 2.5 million barrels of oil daily (actually 2.1 million but I'll stick with our capacity), at 60 dollars per barrel it means we make 150 million dollars a day.

Divide that by 150 million Nigerians (conservatively) that gives 1 dollar a day per Nigerian.

In light of this, please profer a solution.

[/s]

voltron14:


Explain the multiple taxation.

By the way explain how government can increase revenue without an increase in taxation.

Before you do let us break down our foreign earner - oil.

Nigeria produces 2.5 million barrels of oil daily (actually 2.1 million but I'll stick with our capacity), at 60 dollars per barrel it means we make 150 million dollars a day.

Divide that by 150 million Nigerians (conservatively) that gives 1 dollar a day per Nigerian.

In light of this, please profer a solution.

I will speak from the POV of a layman. I don vex!!

So where does the bulk of the oil revenues go to? Let's not forget oil isn't the only revenue earner in the country, the Lagos Seaport being a huge earner, generating billions of naira daily. We want to source for funding, meanwhile all the money we make is unaccounted for, and not only that we are heavily in debt. The figures don't add up, oga Voltron. If I have to levied and taxed then i will like to see the dividends of the tax I'm paying.

Proudlyngwa:

Nigeria is grossly under taxed

How so?

Ishilove:

I will speak from the POV of a layman. I don vex!!

So where does the bulk of the oil revenues go to? Let's not forget oil isn't the only revenue earner in the country, the Lagos Seaport being a huge earner, generating billions of naira daily. We want to source for funding, meanwhile all the money we make is unaccounted for, and not only that we are heavily in debt. The figures don't add up, oga Voltron. If I have to levied and taxed then i will like to see the dividends of the tax I'm paying.

This bulk of oil revenue you are referring to is grossly inadequate.

If oil is our number 1 earner, you can bet your top dollar, all others are labouring behind.

Let us even for a second assume we are making exactly the same from Customs duties and another from Agriculture , we would still be on 3 dollars a day for each Nigerian.

The truth is, many Nigerians don't take time to do the maths.

I know times are hard but that shouldn't stop us from solid analysis.

Nigerians need to accept that they live in a poor nation with little productivity.

Productivity is what gives nations strength.

For government to meet its obligations one of it's ready means of doing so is through taxation.

Nigerians must produce.

It appears Nigerians do not understand the problems before them.

Ishilove:

How so?

Taxation is a percentage given to government after commercial activities, what is the percentage of Nigerians that pay tax.

Note daily levies, rates and fines are not taxes.

Proudlyngwa:

Nigeria is grossly under taxed

The problem with people that shout under taxation is they fail to consider how what has been generated was spent. We run one of the most inefficient governments in the world with government officials entitled to ridiculous benefits. How about we begin by cutting the cost of running government then the politician's try not looting the country blind?

There's no virtue to paying tax to the Nigerian government.

Lol

Theflint1:


The problem with people that shout under taxation is they fail to consider how what has been generated was spent. We run one of the most inefficient governments in the world with government officials entitled to ridiculous benefits. How about we begin by cutting the cost of running government then the politician's try not looting the country blind?

There's no virtue to paying tax to the Nigerian government.

Paying Tax and effective management are too different things, instead of you to fight for how paid tax can be effectively utilised, you advocate for non paying of tax bringing up a rebellious altitude which is difficult to curb.

There is no country that does not have bad government officials, how they manage them is the difference with Nigeria.

Nigerians are grossly under taxed starting from property tax, entertainment tax, jewelry tax, and a host of other things.
Watch effective taxation come in place and you will see a lot of people who have dubious wealth drop them, because it will expose them and how they got thier finances.

hisgrace090:
Good!


75 billion naira to the military for fighting bokoharam, this is why they don't want the insurgent to end soon.

My brother, you are right.

Proudlyngwa:


Paying Tax and effective management are too different things, instead of you to fight for how paid tax can be effectively utilised, you advocate for non paying of tax bringing up a rebellious altitude which is difficult to curb.

There is no country that does not have bad government officials, how they manage them is the difference with Nigeria.

Nigerians are grossly under taxed starting from property tax, entertainment tax, jewelry tax, and a host of other things.
Watch effective taxation come in place and you will see a lot of people who have dubious wealth drop them, because it will expose them and how they got thier finances.

Who do we have to pay all of those different types of tax?

Countries have taxation policies based on the means of revenue generation available to them so that country A pays certain types of tax doesn't mean country B must do so.

Nigerians are not grossly under taxed rather the country is grossly under managed. Also, to say taxation and how the tax is used are two different things is plain ridiculous. Why should hardworking Nigerians raise money for it to be stolen by a bunch of average Joe's that call themselves politicians?

Anybody paying tax to the Nigerian government is getting robbed.

Theflint1:


Who do we have to pay all of those different types of tax?

Countries have taxation policies based on the means of revenue generation available to them so that country A pays certain types of tax doesn't mean country B must do so.

Nigerians are not grossly under taxed rather the country is grossly under managed. Also, to say taxation and how the tax is used are two different things is plain ridiculous. Why should hardworking Nigerians raise money for it to be stolen by a bunch of average Joe's that call themselves politicians?

Anybody paying tax to the Nigerian government is getting robbed.

Like I said, fight those who are mismanaging the tax, not fighting to stop the tax.
Taxation is a percentage given to government after or for a business transaction.
What percentage of people in Nigeria pays it.
Nigeria is grossly under taxed, that is the plain truth.
How many landlords in Nigeria pays tax after collecting House rent.
How many drug stores pays tax after the business of the day.
How many trailer owners pay after spoiling the roads, how many gambling houses pay at the end of the month, should I go on.

Have you heard of luxury tax, property tax, radio and TV license, what is the percentage of people who pay.

Hold the people who mismanaged public funds accountable, I will support that, but the truth is Nigeria does not get up to 30 percent of the tax it should be getting.

I'm against paying tax until the battle against mismanagement is won - both are linked . A country run by thugs and thieves deserve not even #1 of the money the citizens make.

Proudlyngwa:


Like I said, fight those who are mismanaging the tax, not fighting to stop the tax.
Taxation is a percentage given to government after or for a business transaction.
What percentage of people in Nigeria pays it.
Nigeria is grossly under taxed, that is the plain truth.
How many landlords in Nigeria pays tax after collecting House rent.
How many drug stores pays tax after the business of the day.
How many trailer owners pay after spoiling the roads, how many gambling houses pay at the end of the month, should I go on.

Have you heard of luxury tax, property tax, radio and TV license, what is the percentage of people who pay.

Hold the people who mismanaged public funds accountable, I will support that, but the truth is Nigeria does not get up to 30 percent of the tax it should be getting.

Theflint1:
I'm against paying tax until the battle against mismanagement is won - both are linked . A country run by thugs and thieves deserve not even #1 of the money the citizens make.

Hate speech
Incitement towards public disobedience

Bob do your civil responsibility and protest like Sowore.

hisgrace090:
Good!


75 billion naira to the military for fighting bokoharam, this is why they don't want the insurgent to end soon.

Is it too small, have they finished spending last year's allocation, before you start wailing?, Are they the military not entitled to supplementary allocation in future?