chukzyfcbb:

Just look at the rubbish spewing out of your mind. Its your type of stubbornness that IMF is still trying to address. Nigeria's Govt are focused on their Revenue to GDP ratio, boasting and shouting of how low it is forgetting that their Interest payment to Revenue is frigging high.

Nigeria spends 2/3 of her revenue repaying debts, does that make sense to you? And the only reasonable thing you could think of is that, they have tax at their mercy.

Despite all the increased hardship, the increased prices and skyrocketed inflation , or a full year of negative GDP (recession)_ you still support the fact that increased TAXes is the only way to increase her revenues, YOU are a disgrace!

So Nigeria can't improve in her capital expenditure? we have borrowed 12trillion in 3yrs yet the capital expenditure is hardly seen. All your lots know is tax tax tax, is it until Nigerians die of hardship that you know you have taxed them enough?

You are screaming that others commenting are illiterates whereas you are the illiterate. Nigeria Govt boasting of her GDP as if she is doing enough to engage the citizens actively to further bolster the GDP size.

For me, the GOVT should capture those high and Mighty wealthy men in their Tax Nets rather that increasing VAT and all that. spending 66% of your revenue on debt payment is pure foolishness!

This is the biggest fool on this forum! We are spending how much to offset our debt repayment which is mostly in naira? So what do we do to generate more naira to reduce pressure of Naira debt repayment? Fool like you! You just want to appear smart when you're not even making any sensible point! Saying the government should capture the high and mighty in their tax net, then pray tell, what is VAIDS all about?
Fool!!!!
Any FYI Mr idiot, Nigeria's GDP is not negative! our current GDP growth is 1.95%. Inflation has been dropping for 15 consecutive months from around 18% to 12.4% last month.
Idiots and illiterates own this forum. It's almost helpless!

SBG04:

Ignoramus spotted!
Did the IMF mention anything about Nigeria being heavily indebted? They even said our debt stock is quiet low, at less than 25% of GDP. We can actually take on more debt if we want. Please endeavour to read and comprehend before commenting. It's not by force to post a comment.

I don't engage a mentally deficient unaccredited college of education graduate like you.....too many kids on this platform.

BlackAfrican:
The IMF I know is a gang of greedy loan sharks looking for who to devour...

Nigeria doesn't need IMF loan....

IBB, OBJ and GEJ gladly took from them but Buhari won't. He didn't in 1983... He won't now cos he knows IMF is always up to no good with their useless loans

Read the post again, this time with your brain

BlackAfrican:
The IMF I know is a gang of greedy loan sharks looking for who to devour...

Nigeria doesn't need IMF loan....

IBB, OBJ and GEJ gladly took from them but Buhari won't. He didn't in 1983... He won't now cos he knows IMF is always up to no good with their useless loans

Read And Understand Pls The Report Says Our Debt As At June 2015 Is 12 Trillion Now Rise To 21 Trillion Till Date Pls He Won't Borrow Are U Saying IMF Are Lying U R Even Refer To Debt Management Office To Confirm D Fact. I Stand Wt Nigeria.

SBG04:

This is the biggest fool on this forum! We are spending how much to offset our debt repayment which is mostly in naira? So what do we do to generate more naira to reduce pressure of Naira debt repayment? Fool like you! You just want to appear smart when you're not even making any sensible point! Saying the government should capture the high and mighty in their tax net, then pray tell, what is VAIDS all about?
Fool!!!!
Any FYI Mr idiot, Nigeria's GDP is not negative! our current GDP growth is 1.95%. Inflation has been dropping for 15 consecutive months from around 18% to 12.4% last month.
Idiots and illiterates own this forum. It's almost helpless!

You are actually the fool.

Your country spends 66% of her revenue repaying debts and you are talking sh.it. If you need statistics go to google or ask and I will provide them.

Imagine spending 66% of your salary repaying your debtors, also sanusi has stated in the past that the borrowing margins are far larger than what is stipulated in the law (CBN act or so)

You must be in the govt, those seeking the heads of masses on a plate to slaughter, The write up talks about increasing VAT and in your rational state you think this is the only way to increase revenue. You are a true dumbo.

All they know is increase increase, from fuel price to exchange rate to food items to power to car imports etc, That's all they know.

Coming from a handed GDP growth of 6% to now 1%+ is what you are harping about, you foolishly didn't think a country on its growth to recovery after coming from a time of recession ; that Increasing the tax rates wouldn't be the wisest thing to do, but foolish you thinks that's the way to go.


If I may ask, what exactly can you point out that 12trillion naira has been used for? What exactly.

When Bill gates came here and told Nigeria that Investing in her people was the way to go, you didn't see sense in that huh? You want to milk the people but not make them fat enough to get enough milk?

So govt cannot improve infrastructure , improve the standard of living, create employment, reduce manufacturing cost factors before thinking of increasing taxes to raise revenue?

I repeat you must be in the GOVT! Only blood suckers in Govt think the way you do.

Our budget is running at a surplus yet borrowing is astronomically high, but you still justify it citing revenue to GDP ratio. Its truly your opaque mind that IMF was trying to address.

1nigeriamyfoot:
Hmmm, APC killing Nigeria & Nigerians very fast! Thank God that I have my international passport & visa ready.

yeah, go to congo and fucc some ebola ladened holes.

You sound like El Rufai when senators refused to approve his loan
You keep shouting raise taxes but you have not addressed the massive business closure in the past 3 years.
Lets take Trump as an example, the whole 'make America great again' mantra was about boosting manufacturing(bringing jobs back), cutting off Obama era restrictions on starting businesses AND LOWERING TAX. We can now see the results, Economy is booming, Stock market at an all time high, unemployment at an all time low, unemployment among blacks and latinos at the lowest since record collection began.
It's not rocket science, Bill Gates saw through all this administrations charade, if you don't invest in the populace we would just be moving around in circles.

https://www.vanguardngr.com/2016/10/poverty-112m-nigerians-live-poverty-line/

SBG04:

This is the biggest fool on this forum! We are spending how much to offset our debt repayment which is mostly in naira? So what do we do to generate more naira to reduce pressure of Naira debt repayment? Fool like you! You just want to appear smart when you're not even making any sensible point! Saying the government should capture the high and mighty in their tax net, then pray tell, what is VAIDS all about?
Fool!!!!
Any FYI Mr idiot, Nigeria's GDP is not negative! our current GDP growth is 1.95%. Inflation has been dropping for 15 consecutive months from around 18% to 12.4% last month.
Idiots and illiterates own this forum. It's almost helpless!

chukzyfcbb:

You are actually the fool.

Your country spends 66% of her revenue repaying debts and you are talking sh.it. If you need statistics go to google or ask and I will provide them.

Imagine spending 66% of your salary repaying your debtors, also sanusi has stated in the past that the borrowing margins are far larger than what is stipulated in the law (CBN act or so)

You must be in the govt, those seeking the heads of masses on a plate to slaughter, The write up talks about increasing VAT and in your rational state you think this is the only way to increase revenue. You are a true dumbo.

All they know is increase increase, from fuel price to exchange rate to food items to power to car imports etc, That's all they know.

Coming from a handed GDP growth of 6% to now 1%+ is what you are harping about, you foolishly didn't think a country on its growth to recovery after coming from a time of recession ; that Increasing the tax rates wouldn't be the wisest thing to do, but foolish you thinks that's the way to go.


If I may ask, what exactly can you point out that 12trillion naira has been used for? What exactly.

When Bill gates came here and told Nigeria that Investing in her people was the way to go, you didn't see sense in that huh? You want to milk the people but not make them fat enough to get enough milk?

So govt cannot improve infrastructure , improve the standard of living, create employment, reduce manufacturing cost factors before thinking of increasing taxes to raise revenue?

I repeat you must be in the GOVT! Only blood suckers in Govt think the way you do.

Our budget is running at a surplus yet borrowing is astronomically high, but you still justify it citing revenue to GDP ratio. Its truly your opaque mind that IMF was trying to address.

Your madness and illiteracy is worse than I thought!!!
Sanusi said what? When? Sanusi is now government policy? You're a certified bastard! If I had a gun I would shoot you for the fun of it. People like you should be shot dead for aggressive and violent ignorance. No matter how hard anyone tries to cure your ignorance, you're still aggressive and dogmatic about it! Ode!
Fool that thinks it was the government increased fuel price, or food prices! Bloody idiot!
Fool let me lecture you:
Our debt to gdp ratio is significantly low. At 23%, we're only mobilizing very little debt in funding our budget and vital projects. We can borrow more to build more, that's the meaning. A debt to GDP of 40% is the maximum threshold that international financial institutions advise.
Our total debt is 21trillion consisting of 73% local or naira debt and the remaining in dollars. The dollar component can be easily offset as we have enough in our dollar accounts with rising oil price and soaring reserves. That is not a concern. Infact we can take on more dollar debt seeing as we have more than enough capacity to repay. Its the local component of the debt that is of concern. Our Revenue to GDP ratio is very low at 6%. Means we're not generating enough government revenue from our production. How do we correct this? By increasing the revenue we can get from the producing segments of our production. Through taxes! Increasing the revenue drive from taxation. The FG is aggressively pursuing this with VAIDS and a revamped FIRS. With increasing tax receipts, we will be spending less and less on offsetting our local obligations. Its very simple!
Plus Mr illiterate, the government didn't increase fuel price! The government placed a cap on the price of fuel at N145. That was when all importers were allowed to bring in the product. They had a choice to still sell at that N87 cap that the criminal Jonathan government set. They didn't. When the price of oil increased in the international market, they all withdrew from importing, leaving the NNPC as the sole importer.
Please Mr idiot, try to read more and enlighten yourself. The government is not responsible for your poverty and hunger! Its you!!! Don't blame anyone if your life is miserable and sad. Its all your fault!!!

Raylight2:
Buhari increased Nigeria's debt by almost a 100% within 3 years. (12 to 21 trillion ). Na wa o and he says he's working

I may not understand how these things work but I choose to look at this from a different perspective, not just the simplistic point of view. Someone should correct me if I'm wrong, as at 2008/2009, Nigeria was virtually free of debts, and our debts rose from nothing to 12 trillion by ending 2015. And then between ending 2015 and 2017, a further 9 trillion was added.

From my vague understanding of economics, countries as a matter of urgency need to borrow to spend their way out of recession. As at late 2014/early 2015 when oil still sold for up to $70, warning shots were already being sent out by the Finance ministry that doomsday was nigh and the government's borrowing was ramped up at that time. As at end 2015/early 2016, oil price dropped to $28 and oil production dropped by over 60%; in total, Nigeria's revenue dropped by up to 70-80% in that period and throughout 2016, and there's was virtually nothing in savings to counter the revenue shortfall. Workers had to be paid, hospitals and several other services needed to be run etc and all these needed money which was non-existent.

In my opinion, I think its quite clear why Nigeria had to borrow N9trillion between 2015 and 2017; what I do not understand and can't explain however is why Nigeria had to borrow N12trillion between 2009 and 2015, a period when the country enjoyed the largest unprecedented oil income.

Ordinarily, with the nation's income now back up, and with the aggressive tax drive, I imagine the rate of borrowing will drop, and the little projects here and there which those monies were spent on over the years would start becoming visible (hopefully).

SBG04:

Only God can help cure the level of illiteracy in this Forum because God knows I've tied. With idiots like this one, it just gets harder!

Your father is an idiot, while your mother is a big f00l.

If you think you can insult anyone here, just know that you don't have the monopoly to do that nitw1t

StaffofOrayan:
You sound like El Rufai when senators refused to approve his loan
You keep shouting raise taxes but you have not addressed the massive business closure in the past 3 years.
Lets take Trump as an example, the whole 'make America great again' mantra was about boosting manufacturing(bringing jobs back), cutting off Obama era restrictions on starting businesses AND LOWERING TAX. We can now see the results, Economy is booming, Stock market at an all time high, unemployment at an all time low, unemployment among blacks and latinos at the lowest since record collection began.
It's not rocket science, Bill Gates saw through all this administrations charade, if you don't invest in the populace we would just be moving around in circles.

https://www.vanguardngr.com/2016/10/poverty-112m-nigerians-live-poverty-line/

Oga do you mean they don't pay taxes in America? We have never had an efficient tax system in Nigeria. Infact the FIRS is concentrating more on including more and more people in the tax net than altering tax rates. They are even giving waivers to bring more people into the tax net. Isn't that a tax break? Please lets try to understand issues. Its very important. You can't lower taxes in Nigeria when nobody is paying taxes in the first place! You expand the tax net first. Make people who should pay in the first place, actually pay!!! That's what the FIRS is doing! When we have an actual tax net, we can alter rates to encourage productivity and business growth!

udemzy101:


Your father is an idiot, while your mother is a big f00l.

If you think you can insult anyone here, just know that you don't have the monopoly to do that nitw1t

Ode!!! Please GTFOH!
We don't need fools posting comments here. Please go somewhere else and talk trash. If you can't contribute intellectually here, Get lost!
Idiot!

obailala:
I may not understand how these things work but I choose to look at this from a different perspective, not just the simplistic point of view. Someone should correct me if I'm wrong, as at 2008/2009, Nigeria was virtually free of debts, and our debts rose from nothing to 12 trillion by ending 2015. And then between ending 2015 and 2017, a further 9 trillion was added.

From my vague understanding of economics, countries as a matter of urgency need to borrow to spend their way out of recession. As at late 2014/early 2015 when oil still sold for up to $70, warning shots were already being sent out by the Finance ministry that doomsday was nigh and the government's borrowing was ramped up at that time. As at end 2015/early 2016, oil price dropped to $28 and oil production dropped by over 60%; in total, Nigeria's revenue dropped by up to 70-80% in that period and throughout 2016, and there's was virtually nothing in savings to counter the revenue shortfall. Workers had to be paid, hospitals and several other services needed to be run etc and all these needed money which was non-existent.

In my opinion, I think its quite clear why Nigeria had to borrow N9trillion between 2015 and 2017; what I do not understand and can't explain however is why Nigeria had to borrow N12trillion between 2009 and 2015, a period when the country enjoyed the largest unprecedented oil income.

Ordinarily, with the nation's income now back up, and with the aggressive tax drive, I imagine the rate of borrowing will drop, and the little projects here and there which those monies were spent on over the years would start becoming visible (hopefully).

Excellent observations Sir. Your arguments are spot on! Well done!

chukzyfcbb:

You are actually the fool.

Your country spends 66% of her revenue repaying debts and you are talking sh.it. If you need statistics go to google or ask and I will provide them.

Imagine spending 66% of your salary repaying your debtors, also sanusi has stated in the past that the borrowing margins are far larger than what is stipulated in the law (CBN act or so)

You must be in the govt, those seeking the heads of masses on a plate to slaughter, The write up talks about increasing VAT and in your rational state you think this is the only way to increase revenue. You are a true dumbo.

All they know is increase increase, from fuel price to exchange rate to food items to power to car imports etc, That's all they know.

Coming from a handed GDP growth of 6% to now 1%+ is what you are harping about, you foolishly didn't think a country on its growth to recovery after coming from a time of recession ; that Increasing the tax rates wouldn't be the wisest thing to do, but foolish you thinks that's the way to go.


If I may ask, what exactly can you point out that 12trillion naira has been used for? What exactly.

When Bill gates came here and told Nigeria that Investing in her people was the way to go, you didn't see sense in that huh? You want to milk the people but not make them fat enough to get enough milk?

So govt cannot improve infrastructure , improve the standard of living, create employment, reduce manufacturing cost factors before thinking of increasing taxes to raise revenue?

I repeat you must be in the GOVT! Only blood suckers in Govt think the way you do.

Our budget is running at a surplus yet borrowing is astronomically high, but you still justify it citing revenue to GDP ratio. Its truly your opaque mind that IMF was trying to address.

Just passing bye but I needed to correct something; GDP growth rate of 2% was handed over, not 6%.

The major problem with Nigeria's present economic managers is that of incompetence as a result of crammed unworkable theories being implemented. We have a bunch of people that have lived their entire lives as government or company employees. These are people that have never run successful personal enterprises devoid of government patronage. In other words,bring these same people out of their present offices and hand over businesses to them and watch them collapse in six months. Until and unless Nigeria get to using entrepreneurially minded persons in the management of the economy,the present problems will persist.

SBG04:

Ode!!! Please GTFOH!
We don't need fools posting comments here. Please go somewhere else and talk trash. If you can't contribute intellectually here, Get lost!
Idiot!

I should be the one telling you this, stop disturbing my mention, I don't mingle with idiots.

Pls stay off my mention.

SBG04:

Your madness and illiteracy is worse than I thought!!!
Sanusi said what? When? Sanusi is now government policy? You're a certified bastard! If I had a gun I would shoot you for the fun of it. People like you should be shot dead for aggressive and violent ignorance. No matter how hard anyone tries to cure your ignorance, you're still aggressive and dogmatic about it! Ode!
Fool that thinks it was the government increased fuel price, or food prices! Bloody idiot!
Fool let me lecture you:
Our debt to gdp ratio is significantly low. At 23%, we're only mobilizing very little debt in funding our budget and vital projects. We can borrow more to build more, that's the meaning. A debt to GDP of 40% is the maximum threshold that international financial institutions advise.
Our total debt is 21trillion consisting of 73% local or naira debt and the remaining in dollars. The dollar component can be easily offset as we have enough in our dollar accounts with rising oil price and soaring reserves. That is not a concern. Infact we can take on more dollar debt seeing as we have more than enough capacity to repay. Its the local component of the debt that is of concern. Our Revenue to GDP ratio is very low at 6%. Means we're not generating enough government revenue from our production. How do we correct this? By increasing the revenue we can get from the producing segments of our production. Through taxes! Increasing the revenue drive from taxation. The FG is aggressively pursuing this with VAIDS and a revamped FIRS. With increasing tax receipts, we will be spending less and less on offsetting our local obligations. Its very simple!
Plus Mr illiterate, the government didn't increase fuel price! The government placed a cap on the price of fuel at N145. That was when all importers were allowed to bring in the product. They had a choice to still sell at that N87 cap that the criminal Jonathan government set. They didn't. When the price of oil increased in the international market, they all withdrew from importing, leaving the NNPC as the sole importer.
Please Mr idiot, try to read more and enlighten yourself. The government is not responsible for your poverty and hunger! Its you!!! Don't blame anyone if your life is miserable and sad. Its all your fault!!!

I won't reply you again because its obvious you are short sighted. If you cannot see how the govt increased fuel price/food prices indirectly then you are dull.

Keep dribbling around the subject be quoting debt to GDP or Revenue to GDP, You have refused to talk about Debt : Revenue ratio. Continue dribbling oh, I won't answer you again. Keep up with your foolery

^^^^^
Finally the stupid illiterates are gone!!!
Now we can have an intellectual discuss here!

BlackAfrican:
The IMF I know is a gang of greedy loan sharks looking for who to devour...

Nigeria doesn't need IMF loan....

IBB, OBJ and GEJ gladly took from them but Buhari won't. He didn't in 1983... He won't now cos he knows IMF is always up to no good with their useless loans

It is under Buhari that debt increased from 12.12trn to 21.73trn.Abi u want to say na PDP be IMF.

Hummmm Businesses are shutting down!!!
We are hemorrhaging jobs, this gov't should be all about creating a conducive environment for people to (re)start business
1 year tax break for new biz (esp Tech start-up's since they are the future) for example not the ridiculously high 'land bill' introduced by Lagos and others or the N3000 by Rochas, increasing rates and govt squeezing people isn't going to give us real growth, in fact I expect growth to stall soon,
This is a government that doesn't know how to grow an economy and it's obvious, imagine 1billion$ going into solar power generation in the North, creating nothing less that 200,000 jobs and adding to the grid and that's in the North alone, but the gov't is searching for oil there.
Big businesses in Nigeria already pay tax, small business (Market women) pay LGA/State taxes, which is remitted or not to the FG, I know I do,

SBG04:

Oga do you mean they don't pay taxes in America? We have never had an efficient tax system in Nigeria. Infact the FIRS is concentrating more on including more and more people in the tax net than altering tax rates. They are even giving waivers to bring more people into the tax net. Isn't that a tax break? Please lets try to understand issues. Its very important. You can't lower taxes in Nigeria when nobody is paying taxes in the first place! You expand the tax net first. Make people who should pay in the first place, actually pay!!! That's what the FIRS is doing! When we have an actual tax net, we can alter rates to encourage productivity and business growth!

StaffofOrayan:
Hummmm Businesses are shutting down!!!
We are hemorrhaging jobs, this gov't should be all about creating a conducive environment for people to (re)start business
1 year tax break for new biz (esp Tech start-up's since they are the future) for example not the ridiculously high 'land bill' introduced by Lagos and others or the N3000 by Rochas, increasing rates and govt squeezing people isn't going to give us real growth, in fact I expect growth to stall soon,
This is a government that doesn't know how to grow an economy and it's obvious, imagine 1billion$ going into solar power generation in the North, creating nothing less that 200,000 jobs and adding to the grid and that's in the North alone, but the gov't is searching for oil there.
Big businesses in Nigeria already pay tax, small business (Market women) pay LGA/State taxes, which is remitted or not to the FG, I know I do,

The FG actually has no business with state level taxes. If you have issues with how the Lagos state government is taxing you, that's another topic entirely. The funny thing is there are actually large scale solar power projects ongoing in the North right now. I know about Kano and Jigawa. You can Google the rest. I understand where you're coming from though. If the government is going to increase taxes, then we must see commensurate investments in infrastructure. I can vouch for the FG in this regard. I know all the borrowing and taxing at the FG level has gone into revamping legacy projects like the second Niger bridge, Ikorudu - Sagamu, amongs others. I know the proceeds of the Sukuk bond (borrowed funds) is being used to kick start a major highway In the East. I also know that the foreign component of the borrowing is being used to kick start the Lagos - Ibadan rail project. What the states are doing with their own taxes is left for you to find out. If its not commensurate with what they're collecting from you, then its your responsibility (Not the FG's responsibility) to demand accountability.
If your state governor is using internally generated revenue (mostly tax revenue) to host super eagles vs Athletico Madrid in Uyo, or buy bags of rice to feed people in Ado-ekiti, its your responsibility to demand better.

Thanks for the APC campaign reply.
Why are companies closing down esp start-up's?
CAMPLUS, KONGA, OLX, SHOWROOM.NG etc all complained about the high cost of doing business in Nigeria
These are the future of companies in Nigeria just as online media would make newspapers obsolete, and should be given priority.
We can't all 'go into farming' like the president suggested.
The problem of taxation in Nigeria is a lack of institution like everything else infact, of course people should pay tax but it should reflect the fact that 112M people live in poverty and taxing them won't lift them out of poverty, creating a free market would.

SBG04:

The FG actually has no business with state level taxes. If you have issues with how the Lagos state government is taxing you, that's another topic entirely. The funny thing is there are actually large scale solar power projects ongoing in the North right now. I know about Kano and Jigawa. You can Google the rest. I understand where you're coming from though. If the government is going to increase taxes, then we must see commensurate investments in infrastructure. I can vouch for the FG in this regard. I know all the borrowing and taxing at the FG level has gone into revamping legacy projects like the second Niger bridge, Ikorudu - Sagamu, amongs others. I know the proceeds of the Sukuk bond (borrowed funds) is being used to kick start a major highway In the East. I also know that the foreign component of the borrowing is being used to kick start the Lagos - Ibadan rail project. What the states are doing with their own taxes is left for you to find out. If its not commensurate with what they're collecting from you, then its your responsibility (Not the FG's responsibility) to demand accountability.
If your state governor is using internally generated revenue (mostly tax revenue) to host super eagles vs Athletico Madrid in Uyo, or buy bags of rice to feed people in Ado-ekiti, its your responsibility to demand better.

SBG04:

wft is this?
Everything you have written here is a lie. Of our 21 trillion naira debt, 73% of it is in naira, in the form of tbills and bonds like the Sukuk bond. The external borrowing is Euro bond issues and world bank and IMF loans.
The currency deal with China is a massive plus for Nigeria because it will reduce the pressure on our dollar reserves. Instead of imoorters converting from naira to dollars and then to yuan, before making imports, they simply convert from naira to yuan. This reduces dollar demand. The naira will definitely appreciate against the dollar very soon as a significant chunk of dollar demand is from importers of Chinese goods. Once this demand shift to yuan, the positive effect on the naira will be remarkable.

Is it a lie that Nigeria is in currency deal with China and that currency war exists between America and China?I'm amazed that you said we owe World Bank and IMF in naira.Did we borrow in naira or dollar?Do WB and IMF speak in naira or dollar?All these explanations about deal Yuan are not foreign to me ,I have read some articles on that.Though is a good move but the fact still remains that Nigerian economy is still at the becks and calls of American currency.It is not as if debt is bad if there are means to repay but as it stands now according to the news report above our borrowing percentage is almost moving at par with our GDP.Seeing N21.73trn($73m) in naira does not mean the at all our debts are in naira.Our bail-out and total freedom lie in exporting home-grown technologies and revamping our manufacturing industries for more foreign earnings but not all in Nigeria-China currency deal.

StaffofOrayan:
Thanks for the APC campaign reply.
Why are companies closing down esp start-up's?
CAMPLUS, KONGA, OLX, SHOWROOM.NG etc all complained about the high cost of doing business in Nigeria
These are the future of companies in Nigeria just as online media would make newspapers obsolete, and should be given priority.
We can't all 'go into farming' like the president suggested.
The problem of taxation in Nigeria is a lack of institution like everything else infact, of course people should pay tax but it should reflect the fact that 112M people live in poverty and taxing them won't lift them out of poverty, creating a free market would.

Oga OLX closed down operations across Africa except South Africa. Naspers SA decided to reduce their Africa portfolio and move East towards Asia. Google it please. Konga's operational costs were ballooning more than revenues. Shagaya had to sell to save his pocket from losses.
I absolutely hate it when people sit down and say Government everything!It disgusts me! Exactly what part of FG policy killed Konga? Please specify? Nobody is discouraging you from starting a business. Start a business and manage it well. When you mismanage it, accept responsibility and learn lessons. Don't blame the government!!! Its plain irresponsible! There are several businesses thriving in Nigeria today.

israelmao:


Is it a lie that Nigeria is in currency deal with China and that currency war exists between America and China?I'm amazed that you said we owe World Bank and IMF in naira.Did we borrow in naira or dollar?Do WB and IMF speak in naira or dollar?All these explanations about deal Yuan are not foreign to me ,I have read some articles on that.Though is a good move but the fact still remains that Nigerian economy is still at the becks and calls of American currency.It is not as if debt is bad if there are means to repay but as it stands now according to the news report above our borrowing percentage is almost moving at par with our GDP.Seeing N21.73trn($73m) in naira does not mean the at all our debts are in naira.Our bail-out and total freedom lie in exporting home-grown technologies and revamping our manufacturing industries for more foreign earnings but not all in Nigeria-China currency deal.

Oga please go to the first page, reread the article, especially the part where the local and foreign components of the 21 trillion naira debt are listed. Then come back and apologize to me. Again most of what you've written is rubbish. Our borrowing is almost at par with GDP? Where? Please sir read more and enlighten yourself. Start by reading the article on the front page again, twice if necessary. Then use google when in doubt.

CodeTemplar:
deji17

Between Dec 2012 and June 2015, Jonathan racked up Nigeria debt from. $48 billion USD to $63billion USD. That is $15 billion USD within two and a half years. Between June 2015 to Dec 2017, Buhari has increased Nig total debt from $63 billion USD to $71 billion USD. That is an increase of $8 billion USD.
Jonathan borrowed 15 bilion US dollars despite high oil earnings while Buhari has borrowed 8 billion US dollars within the same 2.5 years despite low oil earnings. Buhari is doing capital projects with money borrowed. While Jonathan and his cronies stole the money for themselves. Hope you get the difference now.

http://www.dmo.gov.ng/debt-profile/total-public-debt

SBG04:

Oga please go to the first page, reread the article, especially the part where the local and foreign components of the 21 trillion naira debt are listed. Then come back and apologize to me. Again most of what you've written is rubbish. Our borrowing is almost at par with GDP? Where? Please sir read more and enlighten yourself. Start by reading the article on the front page again, twice if necessary. Then use google when in doubt.

I did not write rubbish perhaps you did.

BlackAfrican:
The IMF I know is a gang of greedy loan sharks looking for who to devour...

Nigeria doesn't need IMF loan....

IBB, OBJ and GEJ gladly took from them but Buhari won't. He didn't in 1983... He won't now cos he knows IMF is always up to no good with their useless loans

it's obvious ur not in Nigeria. Pmb that has collected loan than all the ex presidents

SBG04:

This is the biggest fool on this forum! We are spending how much to offset our debt repayment which is mostly in naira? So what do we do to generate more naira to reduce pressure of Naira debt repayment? Fool like you! You just want to appear smart when you're not even making any sensible point! Saying the government should capture the high and mighty in their tax net, then pray tell, what is VAIDS all about?
Fool!!!!
Any FYI Mr idiot, Nigeria's GDP is not negative! our current GDP growth is 1.95%. Inflation has been dropping for 15 consecutive months from around 18% to 12.4% last month.
Idiots and illiterates own this forum. It's almost helpless!

Why being so vulgar using gutter language on your fellow narialanders.Are you one of them with the way you distort facts?

Hmmm mr man companies don't pack up and leave if they are making profits.
The first hindrance is electricity (POWER) it costs more to run businesses
Costs are high (pertol) and EVERY other thing but standard of living is falling hence closure
Check out the European startup act, that's a country that understands start-up's becomes the next MTN's and jealously guards them
How much tax breaks does Dangote and the likes get? learner

https://www.premiumtimesng.com/news/more-news/243478-nigerian-government-grants-dangote-group-10-year-tax-incentive.html

SBG04:

Oga OLX closed down operations across Africa except South Africa. Naspers SA decided to reduce their Africa portfolio and move East towards Asia. Google it please. Konga's operational costs were ballooning more than revenues. Shagaya had to sell to save his pocket from losses.
I absolutely hate it when people sit down and say Government everything!It disgusts me! Exactly what part of FG policy killed Konga? Please specify? Nobody is discouraging you from starting a business. Start a business and manage it well. When you mismanage it, accept responsibility and learn lessons. Don't blame the government!!! Its plain irresponsible! There are several businesses thriving in Nigeria today.

StaffofOrayan:
Hmmm mr man companies don't pack up and leave if they are making profits.
The first hindrance is electricity (POWER) it costs more to run businesses
Costs are high (pertol) and EVERY other thing but standard of living is falling hence closure
Check out the European startup act, that's a country that understands start-up's becomes the next MTN's and jealously guards them
How much tax breaks does Dangote and the likes get? learner

https://www.premiumtimesng.com/news/more-news/243478-nigerian-government-grants-dangote-group-10-year-tax-incentive.html

Oga firstly, Europe is not a country!
Secondly, there is a tax holiday scheme in Nigeria called the pioneer status tax. Start ups are granted tax waivers spanning a couple of years after establishment. Please you seriously need to read up on things instead of coming online to call me a learner when its you that doesn't know anything. Please you haven't told me the part of FG policy that forced Shagaya to make losses on Konga and sell to Zinox.
And bros if you dare call me a learner again, i'll give you a serious online dress down.

You are just typing crap bro.
By virtue of Section 3(b) of the Regulations, the capital expenditure threshold required to enable a company apply for Pioneer Status has been increased to N 10,000,000 (Ten Million Naira Only). It is important to note that this threshold applies to both Indigenous and foreign companies.
Some of the industries on that list are: rubber plantation and processing, real estate development and utilities, manufacture of cement, pharmaceutical, iron and steel from iron ore, gas cylinders, solar energy powered equipment and gadgets and maintenance of aircrafts”.
A drawback of the Regulations with regards to the new capex threshold is that this requirement is that local small cottage industries which would desire a grant of pioneer status would be at a disadvantage due to their inability to meet the new capex requirement. Perhaps an exemption should be considered for such small industries.

Again, the new requirement of the Regulation especially in relation to the payment of the Service Charge negates the whole essence of a tax holiday. It then begs the question why the Regulations seek payment of the service charge from the estimated savings which the company would make by reason of the tax exemption? This may dissuade investors both local and foreign from making viable investments in Nigeria.

http://www.detailsolicitors.com/index.php?section=news&cmd=details&newsid=46&printview=1

PS: It costs N200,000 to get such status if you meet the N10,000,000 threshold

SBG04:

Oga firstly, Europe is not a country!
Secondly, there is a tax holiday scheme in Nigeria called the pioneer status tax. Start ups are granted tax waivers spanning a couple of years after establishment. Please you seriously need to read up on things instead of coming online to call me a learner when its you that doesn't know anything. Please you haven't told me the part of FG policy that forced Shagaya to make losses on Konga and sell to Zinox.
And bros if you dare call me a learner again, i'll give you a serious online dress down.