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Nairaland Forum / Nairaland / General / Politics / Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall (6964 Views)
I Will Use Extra Oil Income To Boost Infrastructure - President Buhari Says / Nigeria’s Revenue Can’t Sustain Interest Payment On Debt – World Bank / Nigeria’s GDP Crashes To 25-year Low (2) (3) (4)
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by InvertedHammer: 8:04am On Apr 25, 2016 |
/ No pain, no gain. You guys should stop whining and take it like men. The system is trying to weed off the weakest. Once some of you go belly up, the fittest will prevail and Nigeria will be great again. There are too many "dead people walking" that need to go first. Nature is doing its job. \ 1 Like |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by ROCKHARDDK(m): 8:05am On Apr 25, 2016 |
And how is this a good news for a young man arriving @work? #Abeg park well 1 Like 1 Share |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by Nobody: 8:15am On Apr 25, 2016 |
Of course, the way forward may lead to more hardship initially as Nigeria spends more on supporting industry and less on lazy man welfare, but at the end of the day, you get jobs and the beginnings of a proper industrial society. |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by GWMI(m): 8:19am On Apr 25, 2016 |
this what you get when you have a tyran as a leader who takes rigid polies as the best.Only God will help us from the hand of the APC divisive party.Thanks. 1 Like |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by repogirl(f): 8:21am On Apr 25, 2016 |
Are we surprised? Mr. Boooooohari should keep holding his ground and keep shooting him self in the foot while at it. Na all of us go suffer am together. Both waikers and zombies. 1 Like |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by Nobody: 8:24am On Apr 25, 2016 |
nnachukz: The companies are leaving because there isn't enough forex to pay them thanks to the fall in oil price, and because so many of th em are dependent on imported raw materials In other words, vagaries of oil price falls, not. current policy. We could release dollars, but that would make things worse. |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by obailala(m): 8:29am On Apr 25, 2016 |
Only nincompoops would expect income to increase when oil price has dropped in an oil dependent nation. Or did I forget to mention that Buhari is the reason oil prices have dropped? 1 Like |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by shamecurls(m): 8:33am On Apr 25, 2016 |
nnachukz: Why won't they be drop in revenue gotten through tax when companies who pay tax are parking out of the country on daily basis due to kindergarten economic policies of dullardkpo. All of us will keep suffering for this man's cattle brain. 1 You lie too much! Which companies left yesterday or last week since you claim that "companies who pay tax are parking out of the country on daily basis" #Lie 2. You will keep suffering alone and not all. Dont generalize. In conclusion, Update yourself on the causes and effect of the present economic meltdown. |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by masterpix(m): 8:37am On Apr 25, 2016 |
Quakertellicus1:chairman did you read in btw the line. That the price fall in the middle of 2014, but the last government was able to maintain a balance economic. Wait till they come with there own counter argument on this before we know the exact time the price actually falls 1 Like 1 Share |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by deluxez12(m): 8:40am On Apr 25, 2016 |
kobonaire:waiting for u at d farm bro 1 Like |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by onatisi(m): 8:40am On Apr 25, 2016 |
" Buhari reiterated on Friday that he has yet to be convinced that a weaker naira will have any tangible benefit to most Nigerians in the import dependent country. He said in a statement that a previous devaluation after he was deposed in a 1985 coup didn’t lead to the creation of jobs or new industry" By the time ppl start dying on the streets due to hunger,maybe then he will be convinced 2 Likes 1 Share |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by Nobody: 8:43am On Apr 25, 2016 |
masterpix: Actually no. Effects of falls in oil prices take time to manifest. Example: the 1982 oil crash did not start manifesting until 1983. Even then, oil did not fall like that in a day. it took time. And by 2015, Okonjo - Iweala was warning of future hard times whoever won that election. |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by Chukzyfcb(m): 8:45am On Apr 25, 2016 |
For a budget that will be funded majorly from NON-OIL Revenue, this news means our 2016 budget is D.O.A (DEAD ON ARRIVAL) 1 Like |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by Ugosample(m): 8:47am On Apr 25, 2016 |
shamecurls: I can testify to the fact that companies are closing down. In the industrial estate near my house, that place is a shadow of itself. Companies have closed down en masse. 3 Likes 1 Share |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by shamecurls(m): 8:52am On Apr 25, 2016 |
Ugosample: Names of company`s-? Reason for closing down-? Majority of us just dont understand the root cause of our predicaments. Even company`s moved out of the USA due to unfavourable policies and high cost of labour. So will should be more concerned about the cause than just throwing blames that company`s re closing down. Even Airlines re pulling out and we dont ask "why". Is for or against our economy.We just jump into conclusion. |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by Chukzyfcb(m): 8:52am On Apr 25, 2016 |
Quakertellicus1:Why then should we be calling for foreign investments when at the end, the investors cannot repatriate their dollar to their home country. Does that make sense to you? Eg. You came to invest in ghana with 100million naira, after converting your 100million naira to cedis , Investing it and reaping profits. Now you want to convert it back to naira and Ghana apex bank says, No naira for you o. Visit our bureau de change to buy naira.....tell me, will you come back to invest again or invite your rich friends to come & invest? 2 Likes |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by Nobody: 8:55am On Apr 25, 2016 |
nnachukz:is Buhari the prob of Nigeria? If you are a student of Nigeria's historiography you'll understand the previous administration and more especially the recent past created a backlog of problems for us. I don't think you'll find any recipe to type here if GEJ was in power. |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by NavierStokes(m): 8:56am On Apr 25, 2016 |
VampireeM: This very report is the reason that budget has not been passed. Things have not worked out according to the government's projections they are now scared to sign their own budget because the deficit will rise from the 2.2 trillion to 4 trillion or more. Imagine no provision for subsidy and now they are having to pay subsidies. Imagine a projected crude daily production of 2.2 million bpd. And currently they are doing 1.6million bpd. Currency controls has stifled importation and customs was already crying out for shortfalls and also the FIRS is not meeting her targets because companies are closing, business activities are stifled plus quality jobs are being lost who will now pay taxes. The government has done a very bad job with that budget and just wishing on dumb luck that there will be a meteoric rise in oil prices. Think of an administration riding on dumb luck, think APC. 3 Likes 1 Share |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by Nobody: 8:56am On Apr 25, 2016 |
nnachukz:is Buhari the prob of Nigeria? If you are a student of Nigeria's historiography you'll understand the previous administrations and more especially the recent past created a backlog of problems for us. I don't think you'll find any respite to type here if GEJ was in power. |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by Nobody: 8:58am On Apr 25, 2016 |
onatisi: Devaluing the naira would lead to 1. Higher prices for goods. Not just the imported goods. , the local goods too...which are made with imported raw materials. 2.A weaker naira works If you are exporting things whose price you can control eg manufactured goods. It wont work for nigeria, who exports oil, something whose price we do not control. 3. Devaluation officially does not adress the lack of new forex coming in,. At the end of the day, we have a weaker naira and a depleted savings account. Imf loans beckon (bad news) 4. What the govt is doing is conserving forex to keep a brake on the decline while hoping that we stop importing unnecessary things like biscuit and toothpick, and import vitals. Not the best plan, but the alternative would be much worse. 1 Like |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by Ugosample(m): 9:15am On Apr 25, 2016 |
shamecurls: What are you talking about? Am I blaming the companies? I am just stating a fact and you typed all that story. You need to take comprehension lessons bro. 1 Like 1 Share |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by onatisi(m): 9:24am On Apr 25, 2016 |
Quakertellicus1: What buhari is doing will destroy the economy totally. The reasons for not devaluing the currency which u highlighted can only be right if the nation or country already has a semi strong manufacturing sector ,but in Nigeria the manufacturing sector only accounts for less than 10%, the best way to tackle this issue is to allow the naira find its true value by devaluing it,encourage investors to invest in the manufacturing and agric sector. No sensible company or business man will pour his money into an economy that has the kind of forex exchange that we have now. And the danger here is that ,the situation is still rectifiable now by the time it gets to a certain stage ,even naira devaluation wont save the nation economy. 1 Like 1 Share |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by onatisi(m): 9:30am On Apr 25, 2016 |
NavierStokes:Thank you. All these problems wont have gotten to this stage if buhari hasn't been playing the role of a demi god. He is waiting for the economy to crash before been convinced. The same way he waited for 7 solid months without appointing any economic team thinking he has all the answers in his head. Buhari should know that modern day economics and the management of the biggest economy in africa goes far beyond the management of 150 cows in his farm in daura . 1 Like 2 Shares |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by tartar9(m): 9:35am On Apr 25, 2016 |
five years low?
meaning it was lower during gej when oil sold at over $100 |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by tete7000(m): 9:38am On Apr 25, 2016 |
VampireeM: Which economic team? The one comprising of some political lawyers and illiterate governors. Are you sure they know better than their master? I doubt though. 2 Likes 1 Share |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by Chukzyfcb(m): 9:47am On Apr 25, 2016 |
NavierStokes:Very true my man. The budget was just a budget of mirage & false hopes. Imagine a budget where they believe we will generate about 3.6 trillion naira from NON-OIL services, whereas we were able to generate just 1.08trillion in 2014, a MASSIVE 2trillion naira increase!!! The budget is not feasible atallzzzz......riding on false hopes to hoodwink nigerians. Our GDP growth is falling every quarter, how would our revenue increase when growth is dropping The body language of this administration is offensive so much that foreign investors are fleeing. How then do we build our falling reserves if we cannot attract Investors....That 2016 budget was badly draw, now I see why they'v been playing "ten-ten" with its implementation. 1 Like 1 Share |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by sarutobie(m): 9:51am On Apr 25, 2016 |
tete7000:you mirrored my thoughts..who are the economic specialist in this administration? some of the ministerial appointments are like a round peg in a sqaure hole..I mean even the current minister of transport confessed to not being aware of the railway system rehabilitation that happened in his state (when he was the governor o) can you believe that? 1 Like 2 Shares |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by onatisi(m): 10:00am On Apr 25, 2016 |
Chukzyfcb:Thank you. Many of us raised this issues then but Nigerians love been lied to ,the only bad solution which Is already been seen as the last resort will be to print more naira notes . 2 Likes 1 Share
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Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by NavierStokes(m): 10:01am On Apr 25, 2016 |
onatisi: When the inept rules the adept, this is what will result. 2 Likes 2 Shares |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by NavierStokes(m): 10:04am On Apr 25, 2016 |
Chukzyfcb: APC supporters just want a president like "Mugabe" with an economy like Japan. You can't have it both ways. Thinking you can is a diplomatic/political kumbaya. 1 Like 1 Share |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by NavierStokes(m): 10:13am On Apr 25, 2016 |
onatisi: They will not tell you, if it is already here. When i heard about them injecting 350billion into the economy my mind went to this. Even NOW I recall APC supporters receiving that news with fanfare, till date we havent heard nothing. Any construction contractor on here to verify he has received the stimulus package. 2 Likes 1 Share |
Re: Nigeria Revenue Drops To 5-year Low As Tax, Oil Income Fall by Nobody: 10:19am On Apr 25, 2016 |
kynbasil01:besides what can we really do with Agriculture . Is there any unique crop that can be produced commercially here that other regions in west africa dont have in abundance ? 1 Like |
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