BALLOSKI:
Sai Buhari


Sai Fashola

Patriotic Nigeria you are

RoyalUc:
This whole idea/strategy sounds cool since one of the reasons for imposing tax is to finance public infrastructure and this is a direct (and maybe, more efficient) way to use taxation for its purpose provided there is fairness and accountability.

But I share MaziOmenuko's sentiments. The NASS should not be allowed to continue like this. If this continues, I foresee a time the NASS will hand-twist and blackmail the Executive into carrying out their biddings.

Nothing cool about that , it's is an invitation to financial and tax fraud + anarchy

RomeSankara:


Nothing cool about that , it's is an invitation to financial and tax fraud + anarchy

The reasons for imposing tax is to finance public infrastructure and this is a direct (and maybe, more efficient) way to use taxation for its purpose provided there is fairness and accountability.

If govt collects the amount for that project through FIRS (which incurs cost - cost of collecting tax and may be embezzled) and uses it for that purpose or 'collects' the equivalent directly (without the cost of collecting tax) in terms of the project, I think they are thesame, though I would prefer the later.

Provided there is fairness and accountability, i.e, the project will be properly valued. We've been told foreign auditing firm(s) will evaluate the cost. So, for me, if the value of the work done by Dangote is equivalent to the CIT he would have paid, there is no wahala.

My only problem is that our govt keeps making the strong stronger.

OnucheAdams:


Indeed, the fact that it was done without legislative approval again goes to prove that it's in violation of the constitution.

Which do you prefer?
To have the work done (mind you, it was budgeted for but funds not approved for it) or to let it go because NASS refused to approve it?

MaziOmenuko:
This was a nice approach but I have something against it.

Dangote's group income tax for 10yrs is a huge sum of money that will run into trillions. This is cheating and is going to rob the nation of huge sums on company income tax. I believe the executive should have squared it out with the legislators once and for all, maybe by approaching the supreme court to mandate the legislators to stop tampering with our budget. The national assembly is trying to usurp powers of the executives and this is bad for democracy.

Next year, they will remove another big project and we will approach Adenuga for another tax waiver or extend dangote's own to 20yrs. The executive should address the issue of national assembly adjusting the budget once and for all. The judiciary needs to put the national assembly in its rightful place now before they become a nuisance. The other day, they were mandating banks to release patience Jonathan funds which should normally be a function of the judiciary.

Let's curb it now rather than this approach which is not sustainable.

Is the taxes from Dangote coming to your acct?

Govt will collect the taxes snd still not do the road. Because the whole money will end up in Recurrent Expenditure.

But this method is quick and benefitial to all
NASS can look into it later and balance the lopesideness. But knowing those ppl, they'll only come to throw their weight around and hustle for bribe

RoyalUc:


The reasons for imposing tax is to finance public infrastructure and this is a direct (and maybe, more efficient) way to use taxation for its purpose provided there is fairness and accountability.

If govt collects the amount for that project through FIRS (which incurs cost - cost of collecting tax and may be embezzled) and uses it for that purpose or 'collects' the equivalent directly (without the cost of collecting tax) in terms of the project, I think they are thesame, though I would prefer the later.

Provided there is fairness and accountability, i.e, the project will be properly valued. We've been told foreign auditing firm(s) will evaluate the cost. So, for me, if the value of the work done by Dangote is equivalent to the CIT he would have paid, there is no wahala.

My only problem is that our govt keeps making the strong stronger.

This project should be the last that should be done in this illegitimate way ..right now it might sound OK but if tomorrow every company in Nigeria say they want to fix infrastructure in lieu of Tax rebates I hope you know a new Era of Tax evasion an corruption would have started ..Even those Dangote deal has created a 4 way loop hole for corrosion already at the NPA level , at the Ministry of works level, at the FIRS level then at Dangote group itself ..We need to start reasoning beyond sentiments because no matter how commendable this looks at first glance it actually an invitation to a new channel of corruption and anarchy

Achuwa1:
Making Dangote richer on tax waivers at the expense of the poor masses tht his tax would have used to build amenities....
It is God almighty that will punish Buhari & his BMC group tht publicise this nonsense here.

The one dangote has been paying all dis years what amenities av dey built with it....omo get away jare u don't belong to dis century...u are outdated jare

RomeSankara:


This project should be the last that should be done in this illegitimate way ..right now it might sound OK but if tomorrow every company in Nigeria say they want to fix infrastructure in lieu of Tax rebates I hope you know a new Era of Tax evasion an corruption would have started ..Even those Dangote deal has created a 4 way loop hole for corrosion already at the NPA level , at the Ministry of works level, at the FIRS level then at Dangote group itself ..We need to start reasoning beyond sentiments because no matter how commendable this looks at first glance it actually an invitation to a new channel of corruption and anarchy

I think you were right when you said "We need to start reasoning beyond sentiments."

No matter how hard we try, people will always look for loopholes to propagate corruption. But look at it this way.

- Is it that Dangote Group will no more have their Annual Financial Report (Prepared in accordance with FRS - IFRS) audited?
- is it that the Groups CIT ordinarily can't be properly computed/evaluated?
- is it that that value of the work done can't be fairly determined?

Now. Dangote finishes the project and claims he spent #2trillion. The groups Annual Reports and Accounts show a tax liability of #1.2trillion.
The Federal Ministry of Work hire an independent foreign auditing firm to evaluate and give a fair value and they say #1.9trillion for instance, what do you think will happen.

"If tomorrow every company in Nigeria say they want to fix infrastructure in lieu of Tax rebates," I don't think "a new Era of Tax evasion an corruption would have started." As a matter of fact, that will be better for us provided the right financial and accounting standards and followed.

Look. Tax collection involves a lot of cost and there are higher chances of misappropraition and embezzlement of funds.

The planning and execution of projects also involve a lot of cost - project design, bidding and selection processes, mobilization and 'kick-backs' etc.

To me, it's even better for coys to 'pay' their taxes directly through executing projects provided the process is fair and accountable.

RoyalUc:


I think you were right when you said "We need to start reasoning beyond sentiments."

No matter how hard we try, people will always look for loopholes to propagate corruption. But look at it this way.

- Is it that Dangote Group will no more have their Annual Financial Report (Prepared in accordance with FRS - IFRS) audited?
- is it that the Groups CIT ordinarily can't be properly computed/evaluated?
- is it that that value of the work done can't be fairly determined?

Now. Dangote finishes the project and claims he spent #2trillion. The groups Annual Reports and Accounts show a tax liability of #1.2trillion.
The Federal Ministry of Work hire an independent foreign auditing firm to evaluate and give a fair value and they say #1.9trillion for instance, what do you think will happen.

"If tomorrow every company in Nigeria say they want to fix infrastructure in lieu of Tax rebates," I don't think "a new Era of Tax evasion an corruption would have started." As a matter of fact, that will be better for us provided the right financial and accounting standards and followed.

Look. Tax collection involves a lot of cost and there are higher chances of misappropraition and embezzlement of funds.

The planning and execution of projects also involve a lot of cost - project design, bidding and selection processes, mobilization and 'kick-backs' etc.

To me, it's even better for coys to 'pay' their taxes directly through executing projects provided the process is fair and accountable.

This is all on a premise that companies and human being are 100 percent honest but in reality they are not at all ..I understand what you are saying but unfortunately it won't fly because I know the process will be thoroughly abused

sarrki:
Once Omoluabi will always be Omoluabi .


Weldone Fashola we are really proud of you

[b]Weldone Omo Akinkonju[\b]

That title is for me only. Reverse it abeg.

I have always been a fan of this govt. Nobody I say nobody can talk me otherwise.

Shame to NASS. Up Nigeria.

RomeSankara:


This is all on a premise that companies and human being are 100 percent honest but in reality they are not at all ..I understand what you are saying but unfortunately it won't fly because I know the process will be thoroughly abused

Just like the one we have now is being abused.

So you see, the wrong is not in the idea/strategy, it is in the nature of most people to always look for ways to defraud others given any slightest opportunity.

sarrki:


Patriotic Nigeria you are

so you're too.

unowa(f): 11:38am

The one dangote has been paying all dis years what amenities av dey built with it....omo get away jare u don't belong to dis century...u are outdated jare.

Nigeria copied the constitution of the US but can't practice it the same way the US practices theirs.
You tht belong to this century but supporting what is unconstitutional shows u lack basic knowledge of the law of the land u live in.
Have u seen or heard in any developed society or particularly in the US where we copied our Constitution from,go about giving companies to build roads for them & then give those companies tax waivers.
God will punish Buhari & u BMC group tht is supporting this unlawful act & madness

Achuwa1:
unowa(f): 11:38am

The one dangote has been paying all dis years what amenities av dey built with it....omo get away jare u don't belong to dis century...u are outdated jare.

Nigeria copied the constitution of the US but can't practice it the same way the US practices theirs.
You tht belong to this century but supporting what is unconstitutional shows u lack basic knowledge of the law of the land u live in.
Have u seen or heard in any developed society or particularly in the US where we copied our Constitution from,go about giving companies to build roads for them & then give those companies tax waivers.
God will punish Buhari & u BMC group tht is supporting this unlawful act & madness

Young man breathe gently

Its not good for the system

sarrki:


Baba some people don't even knows how to criticize constructively

This people are sore losers I tell you brother. They condemn even what the blind can see as beautiful..

Sincerely I support this creativity. Though concrete pavements are more expensive,the life-span is considerably longer than flexible pavements, if it meets required standard. How much of infrastructures have we seen executed by the cankerworms in government?

I would rather prefer having tax waivers for some firms to directly impàct on the society than have the government appropriate for the project after getting revenue from tax and not see the light of the day.