trillville:


How do you increase productivity without providing infrastructures and funding. This is a Hen and an Egg situation.
Without taxes you can't provide the basic factors of production.

Tax is only a means of generating revenue.

There are other revenue sources if only you can think outside of tax.

Both corruption and lack of money are just the symptoms of the major problem:

The problem is Lack of EQUAL and EFFICIENT JUSTICE. No reward and punishment system.

If you must punish your neighbor's son for a crime, be sure to do the same to your own son if he does the same. Otherwise, the entire village will naturally come to think you are witchhunting your neighbor's son.

Please do more research. Equality especially in the dispense of justice is the only way for a people to prosper. Any other thing is just running around in circles.

eph12:

Government can borrow enough to repair old roads and build new ones. Heck they can even form a partnership with some companies to construct roads and taxes are collected by the companies for a number of years. I read that it's done everywhere but the insincerity and small mindedness exhibited by our leaders won't allow us see or consider this opportunity. Private companies can construct and maintain roads and they can make their money back through toll gates, especially the major roads, while government can focus on the smaller roads.

We live in a country where contracts are awarded to companies that are either nonexistent, no previous track record of success, or belong to government officials. A part of these contracts still find a way back to the official awarding the contract as cut back, incentive, appreciation or whatever. When we look at the amount of money budgeted and the work done, we see that we should be getting much more than that for that amount. In this same country where we don't have money, websites have been created for 100+ millions, boreholes sank for 100s of millions, and recently the amount it cost the Federal Republic of Nigeria to create a logo. We don't have money but we spend much more than what other countries spend on same thing.

Yes we have one of the lowest tax to GDP ratios on the world and it's justified. Are you comparing our tax with countries that actually provide everything for you? You mean we should be taxed more than what we're taxed so government can spend millions in designing logos? The citizens of those countries are paying for what they use, what exactly are we paying for?

I don't get your last paragraph. Is the loan supposed to be interest free before?

I get your point. Why should we pay more when we currently get nothing. I mentioned in my post that the government does not even want to tax people because most of the people who should pay taxes are direct beneficiaries of the federal government. In my post, I argued for low business taxes but high estate and income taxes. Raising income taxes has a psychological effect on a population. People will start to demand for services. People will be more willing to protest corruption. When government says it wants to lay off unproductive workers, people will cheer the government.

It takes more than good roads to grow an economy. One of the biggest expenditures developed countries make is in the provision of quality primary and secondary school education to all citizens. Education in Nigeria is atrocious at best.

Nigeria has very high interest rates compared with other countries and this stifles local productivity. During periods of high oil prices, the naira is relatively stable. Our high local interest rates entice foreigners to bring in dollars to buy government treasury bills/bonds to make a quick return on capital. On the other hand, the government gets more dollars to fund it's budgets.

When oil prices are falling, foreigners will only borrow the federal government in US dollars to protect themselves from the erratic naira. If the naira falls further, Nigeria has to use more naira to pay up it's debts. Even the IMF advised the government to raise taxes rather than seek loans. Bill Gates said the same thing. I don't have all the answers. I just know things are not working and deliberate actions must be taken to move this country forward.

eph12:

Corruption is a big cancer that needs to be cut out, agreed. Are we allowed to talk about the money that has been spent and not only the ones that got away? Just maybe you will realize that incompetence is right up there with corruption

Nigeria is not corrupt we nigerians are criminals

Jamestown123:
Seems like the Op is an APC supporter. I would like to ask a question please, what is the annual budget of Ghana,Ivory coast Botswana and of course Rwanda ?

Please these countries which you are mentioning their population is under 20 million .botswana's population is only 3 million. So their budget does not need to be high. A good example is ghana ghana budget is12 billion us dollar a year for its population about 20 million people. On the other hand nigeria's budget is 22 billion us dollar for 180 million people

trillville:


I get your point. Why should we pay more when we currently get nothing. I mentioned in my post that the government does not even want to tax people because most of the people who should pay taxes are direct beneficiaries of the federal government. In my post, I argued for low business taxes but high estate and income taxes. Raising income taxes has a psychological effect on a population. People will start to demand for services. People will be more willing to protest corruption. When government says it wants to lay off unproductive workers, people will cheer the government.

It takes more than good roads to grow an economy. One of the biggest expenditures developed countries make is in the provision of quality primary and secondary school education to all citizens. Education in Nigeria is atrocious at best.

Nigeria has very high interest rates compared with other countries and this stifles local productivity. During periods of high oil prices, the naira is relatively stable. Our high local interest rates entice foreigners to bring in dollars to buy government treasury bills/bonds to make a quick return on capital. On the other hand, the government gets more dollars to fund it's budgets.

When oil prices are falling, foreigners will only borrow the federal government in US dollars to protect themselves from the erratic naira. If the naira falls further, Nigeria has to use more naira to pay up it's debts. Even the IMF advised the government to raise taxes rather than seek loans. Bill Gates said the same thing. I don't have all the answers. I just know things are not working and deliberate actions must be taken to move this country forward.

You have a lot of good points. What I have noticed with the citizens in the country whatever happens they are happy even when their industries are going to other african countries and their investors are going to build other countries they are happy that their children have no jobs. Which president can go on tv and tell the people and the companies they are free to leave the country the next thing the people are happy praising him up and down the place. In this country nigeria we are suffering because we deserve it.

sufferNsmiling:



Please these countries which you are mentioning their population is under 20 million .botswana's population is only 3 million. So their budget does not need to be high. A good example is ghana ghana budget is12 billion us dollar a year for its population about 20 million people. On the other hand nigeria's budget is 22 billion us dollar for 180 million people

Hmm interesting,i just asked a question not that I know anything about it.

trillville:


I get your point. Why should we pay more when we currently get nothing. I mentioned in my post that the government does not even want to tax people because most of the people who should pay taxes are direct beneficiaries of the federal government. In my post, I argued for low business taxes but high estate and income taxes. Raising income taxes has a psychological effect on a population. People will start to demand for services. People will be more willing to protest corruption. When government says it wants to lay off unproductive workers, people will cheer the government.

It takes more than good roads to grow an economy. One of the biggest expenditures developed countries make is in the provision of quality primary and secondary school education to all citizens. Education in Nigeria is atrocious at best.

Nigeria has very high interest rates compared with other countries and this stifles local productivity. During periods of high oil prices, the naira is relatively stable. Our high local interest rates entice foreigners to bring in dollars to buy government treasury bills/bonds to make a quick return on capital. On the other hand, the government gets more dollars to fund it's budgets.

When oil prices are falling, foreigners will only borrow the federal government in US dollars to protect themselves from the erratic naira. If the naira falls further, Nigeria has to use more naira to pay up it's debts. Even the IMF advised the government to raise taxes rather than seek loans. Bill Gates said the same thing. I don't have all the answers. I just know things are not working and deliberate actions must be taken to move this country forward.

Yeah I agree with this. I totally support more taxes but government will have to meet us half way

Nigeria government is extravagant they spend lavishly

Volksfuhrer:


The op contends that our infrastructural development was stunted by little to no revenue. He then went on to "back" his claim with current figures of income disparity between us and selected countries! Disingenuous? Yes.

For instance, Nigeria's gdp was 8 times that of Singapore in 1960; despite this headstart, corrupt leadership sent Nigeria into a tailspin while Singapore with much less ab initio built up world class infrastructure over time for its people.

Our population was probably 50 times their own in same 1960, 8 times their GDP is not an achievement

adelee777:
The problem of Nigeria is not corruption or lack of money. The problem is lack of shame.

And we also love to deceive ourselves of being some kind of giant, When Kenya, Angola, Algeria spend more money than us as expenditure, and we wonder why there's no power or roads

krendo:
Our main problem is waste

If our President Governors ministers lawmakers cut down expenses we will pay workers 100k minimum wage easy

State lawmakers should be part time

What will our wage bill be if minimum wage becomes 100,000?

Current FG wage bill is 1.8 trillion, 100k is like multiply wages by 5
New wage bill is 9 trillion = 1.8 x 5
Budget for next year 8.9 trillion less than new wage by 100Bn naira, they have not paid for paper, equipment, furniture, power, maintenance of the government offices.
Those of us not in government should expect no more repairs to roads, canals, drainage, sweeping of public roads, financing of public schools.

Above is basic calculation that Sowore did not do before promising 100k, and immediately he said that without talking of solid plans to increase revenue i concluded he was just kidding and can achieve nothing if given the opportunity

BlackBaron:
Corruption STILL remains a potent factor regardless of our earnings. Stolen sums which could have been applied towards 'base infrastructure' are stolen which further prolongs our ability to develop and earn the comparable incomes from other countries you posted.

Apparently, Lagos to Ibadan train line cost $1.8 B, however $2B plus was disbursed to individuals under guise of elections.

Diversifying our earnings would require certain aspects of infrastructures to be fixed. Away from taxes or vat which are critically low, we CAN NOT DEVELOP without infrastructures to support industrialisation. It's similar to owning a business on a small scale, if all funds were siphoned off instead of expanding your operation.

Corruption exists everywhere however developed systems make you PAY when known which their citizens know the consequences, big or small. Ours rewards stealing hence struggling to prosecute the most obvious thieves.

Excellent points. But I will posit that it is the very lack of a diversification mentality or outlook - even among the populace - that gives room for the corruption that hampers infrastructural development. If the country believed strongly it needed to diversify, it would put the infrastructure in place to do so. Do you get what I'm saying?

But if it DOESN'T have that strong passion for diversification, it, or rather, its officials, will regard infrastructural projects as 'dispensable', something to be used as an avenue for self-enrichment, etc, since there is a lack of vision. The idle mind as they say, is the playground of the devil.

So, the way we get to REDUCE the corruption itself is for us to vociferously demand DIVERSIFICATION, which will then COMPEL the govt to build the infrastructure required for it.

trillville:
Rossikki, this is the first time you have written something I wholeheartedly agree with. You have hit the nail on the head. What you may not understand however is why over revenues are so low.

You mention diversification as a way to increase revenues, but governments across the world primarily earn revenues through taxation. Are you calling for an increase in taxation?

I think it's more a question of efficient tax collection than the rates.

Nigeria's problem is steeped in our culture and this has affected our political climate. We operate an ideology known as patron client relationship. https://en.m.wikipedia.org/wiki/Clientelism

Politicians will only want to collect taxes from independent business people and not from their rich proxies. This prevents the government from raising revenues. Nigeria is a give you, you give me back country, and not a let me work for the people and God will bless me for my efforts country...

Our tribalism and religious crisis is also tied to our culture of clientelism. We only want to help people we believe we can gain from in the future.

In developed countries, the government provides quality primary and secondary school education for all of its people. It sees education as an externality, an economic good that benefits everyone in the country and not just the person getting the education. Steve Jobs, the founder of Apple, was abandoned by his Syrian father, yet he built a 1 trillion dollar( about 3 times Nigeria's gdp) company. Without quality education, would there have been a Steve Jobs?

Another funny aspect about humans in general is that we tend not to appreciate things we did not merit. This means that when a person is favoured because of his language or religion or other reasons apart from effort, such a person is much more likely to fail in carrying out his duties.

In summary, Nigeria is in deep shit, and would have to pass through a lot of hardship before its people and leaders realise that they need to change their mentality. Government must provide services for all citizens and not a selected few.

A lot of these things you've mentioned apply to many other countries that are making more money than Nigeria. India for example. What of Brazil? In these places, you might as well cross out the word ''Nigeria'' in your post, and replace it with it those countries' names, and it would fit perfectly. Yet look at their annual budgets compared to Nigeria's.

Ovamboland:


What will our wage bill be if minimum wage becomes 100,000?

Current FG wage bill is 1.8 trillion, 100k is like multiply wages by 5
New wage bill is 9 trillion = 1.8 x 5
Budget for next year 8.9 trillion less than new wage by 100Bn naira, they have not paid for paper, equipment, furniture, power, maintenance of the government offices.
Those of us not in government should expect no more repairs to roads, canals, drainage, sweeping of public roads, financing of public schools.

Above is basic calculation that Sowore did not do before promising 100k, and immediately he said that without talking of solid plans to increase revenue i concluded he was just kidding and can achieve nothing if given the opportunity

Guy, you sabi economic maths.

Nigeria needs to diversify in order to generate more revenue in order to be able to afford the required infrastructure.

Ovamboland:


Our population was probably 50 times their own in same 1960, 8 times their GDP is not an achievement

Sorry, that population excuse doesn't cut it: population is a resource that can be harnessed! Population is never a barrier to the development of infrastructure.

A country with a very large population of savvy and resourceful citizens is indeed formidable. Our population was never a problem; the deliberate intent to disempower and keep a greater number of our people under abject poverty in order to easily rule them is the problem. Our past leaders were not incompetent, their interests just didn't align with development.

EternalTruths:



Guy, you sabi economic maths.

Nigeria needs to diversify in order to generate more revenue in order to be able to afford the required infrastructure.

[b]Nigeria's problem is not diversify the problem in nigeria is the people are illiterate and stupid. Just look how we are sending the companies out of the country in the last 10 years 78% of nigeria's factories have packed up. 70% of nigerians building factories are building it in other countries.62% of nigerians building houses and building it in other countries. Just look there are more them 10 million of us in other african countries. Once in nigeria can see somebody do the job he will send him to build another country. Just look at abroad nobody wants to give a nigerian job.1 billion years nigeria will never develop a country our behaviour is terrible. If you go to benin republic, ghana and south africa nigerian just seats at the side of the road. We cannot develop a country but prefer to tell ourselves lies and we like those lines. Nigeria does not want to hear the truth its only lies they like and then they want the lights to be come true. 68% of nigerians in britain do not know why they vote is survey done by mail and guardian in uk.[/b]

Volksfuhrer:


Sorry, that population excuse doesn't cut it: population is a resource that can be harnessed! Population is never a barrier to the development of infrastructure.

A country with a very large population of savvy and resourceful citizens is indeed formidable. Our population was never a problem; the deliberate intent to disempower and keep a greater number of our people under abject poverty in order to easily rule them is the problem. Our past leaders were not incompetent, their interests just didn't align with development.

The population size was not raised to excuse our backwardness, with proper management it can be a great asset, agreed.

The response you quoted was in reply to the notion that because in 1960 we had 8 times Singapore's GDP makes us richer or more advanced than them. When you compare per capita GDP, in 1960 it shows Singapore had more productive population, more unit resources, more efficient management or all the preceding together.

Ovamboland:


What will our wage bill be if minimum wage becomes 100,000?

Current FG wage bill is 1.8 trillion, 100k is like multiply wages by 5
New wage bill is 9 trillion = 1.8 x 5
Budget for next year 8.9 trillion less than new wage by 100Bn naira, they have not paid for paper, equipment, furniture, power, maintenance of the government offices.
Those of us not in government should expect no more repairs to roads, canals, drainage, sweeping of public roads, financing of public schools.

Above is basic calculation that Sowore did not do before promising 100k, and immediately he said that without talking of solid plans to increase revenue i concluded he was just kidding and can achieve nothing if given the opportunity

Very well said. BTW, by the time the statutory transfers (INEC, NASS, JUDICIARY, etc) are deducted, as well as provision for debt (loan) repayment, the FG is probably left with just over N7t to plan for its recurrent & capital expenditures. If Sowore did say that (promise of N100k min wage), then that was a very ignorant comment.

Rossikki:


Why not? It's not an insulting term.



Our chief earner by far is oil and gas. The money we earn from oil BEFORE it gets to govt is easily knowable by looking at oil prices and number of barrels exported by Nigeria per annum. The difference between that amount and the govt's declared earnings is negligible.



You're still arguing over CRUMBS. Do you know that South Africa's automative industry exports vehicles to the tune of 12 billion USD per annum? That is roughly equal to Nigeria's total annual earnings from oil.

That is just ONE industry in SA. And you're still here talking about NNPC and Customs. What is the matter with you people?



Definitely taxation must be more effective. But then again, the people hardly earn anything, so what is there to tax? Whatever tax obligations by the likes of JAMB and FRSC which are not being met, are in real terms, negligible. I would concede however that private companies are not as diligently taxed as they ought to be, and that that is costing us a few billion USD in annual income.



The reason they remit huge amounts to their govts is PRIMARILY because those countries produce and export more oil and gas than Nigeria. This they can do because they have larger oil and gas reserves than Nigeria.

You're talking of NNPC remitting similar amounts as Saudi Aramco. That is sheer self-delusion. Saudi's oil reserves are 266 billion barrels. Nigeria's oil reserves are 37 billion barrels.

Saudi Arabia exports 8 million barrels a day. Nigeria exports 2 million barrels a day.

https://en.wikipedia.org/wiki/List_of_countries_by_oil_exports

Whether you bundle or unbundle NNPC a hundred times over, it will never remit anything close to what Saudi Aramco remits to the Saudi regime.

Until Nigerians, including yourself, de-emphasise corruption in favour of Economic Policy, specifically diversification, you'll keep running round in circles. That annual GDP we have of 22 billion USD, even if you added another 22 billion USD on top of it, being extra income from the leakages you claim, it would still be GROSSLY INSUFFICIENT for Nigeria. It would make our annual budget only roughly equal to ANGOLA's. https://en.wikipedia.org/wiki/List_of_countries_by_government_budget

We must diversify. Stop running away from that obligation. The problem is that we are addicted to BLAMING. Probably because it is much easier, and much more emotionally satisfying, than THINKING and BRAINSTORMING. That is why even when shown all the evidence to the contrary, you still cannot resist blaming 'corruption' for Nigeria's problems. Get out of the habit. We need to challenge our govt to DIVERSIFY as its prime obligation.

You are a very arrogant person who thinks his POV is the only valid one. You could not even hold yourself from still making insulting remarks. Apparently, you think you've figured the whole problem out and any other opinion is bollocks.
---
You talk about South Africa's automative industry exports being $12b as if that money is government money. Was the original subject not about govt revenue. How much profit does the industry make and how much of that do they pay as taxes? I thought your smart ass was going to tell me how much the SA govt gets as revenue from the industry.
---
You keep making so much noise about diversifying the economy. Are you not aware that our economy is well diversified? The problem is that government revenue is not diversified but oil dependent. Go and dissect the sectors that make up our GDP and you'll see a diversified economy. Oil & Gas probably is less than 25% of GDP. Unfortunately, the govt doesn't earn as much revenue from the other sectors and has to depend largely on the O&G sector for 75%+ of its revenue.
---
BTW, you said our GDP is $22Bn. Well, apparently you are not aware that our GDP is northwards of $350. In fact, was as high as $500Bn at some point.
---
You quoted my comment on Saudi Aramco vs NNPC to mean that I was suggesting that NNPC could generate and remit in ABSOLUTE terms what Aramco does. Your smart-ass would've known that I was talking about RELATIVE terms. Somehow, you cleverly dodged NY PETROBRAS example, since you are probably aware that Brazil produces about the same amount of oil as Nigeria yet PETROBRAS generates over 10x the revenue that your corrupt NNPC does.
---
Once again, focus on diversifying government revenue and stop talking about diversifying the economy. Stop the know-it-all attitude...it just shows ignorance.

Bevista:
Very well said. BTW, by the time the statutory transfers (INEC, NASS, JUDICIARY, etc) are deducted, as well as provision for debt (loan) repayment, the FG is probably left with just over N7t to plan for its recurrent & capital expenditures. If Sowore did say that (promise of N100k min wage), then that was a very ignorant comment.

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iamalfry:


Need a quick loan with less stress? Do you have a collateral(automobile or gold jewelry) worth the amount you need....

Whatsapp/Call 07062208029 or 08029583751

If the person has a collateral "worth the amount needed", wouldn't he/she simply save the trouble and sell it to raise the cash.

Ovamboland:


What will our wage bill be if minimum wage becomes 100,000?

Current FG wage bill is 1.8 trillion, 100k is like multiply wages by 5
New wage bill is 9 trillion = 1.8 x 5
Budget for next year 8.9 trillion less than new wage by 100Bn naira, they have not paid for paper, equipment, furniture, power, maintenance of the government offices.
Those of us not in government should expect no more repairs to roads, canals, drainage, sweeping of public roads, financing of public schools.

Above is basic calculation that Sowore did not do before promising 100k, and immediately he said that without talking of solid plans to increase revenue i concluded he was just kidding and can achieve nothing if given the opportunity

They need to purge ghost workers

100k naira is feasible

They need to purge civil servants not adding value
Then there will be enough money for those actually working

Anyway I hope Atiku work with Peter Obi I think they will sort out the nonsense

Governors need to come to the party as well and stop the nonsense luxury.

Bevista:
You are a very arrogant person who thinks his POV is the only valid one. You could not even hold yourself from still making insulting remarks. Apparently, you think you've figured the whole problem out and any other opinion is bollocks.
---
You talk about South Africa's automative industry exports being $12b as if that money is government money. Was the original subject not about govt revenue. How much profit does the industry make and how much of that do they pay as taxes? I thought your smart ass was going to tell me how much the SA govt gets as revenue from the industry.
---
You keep making so much noise about diversifying the economy. Are you not aware that our economy is well diversified? The problem is that government revenue is not diversified but oil dependent. Go and dissect the sectors that make up our GDP and you'll see a diversified economy. Oil & Gas probably is less than 25% of GDP. Unfortunately, the govt doesn't earn as much revenue from the other sectors and has to depend largely on the O&G sector for 75%+ of its revenue.
---
BTW, you said our GDP is $22Bn. Well, apparently you are not aware that our GDP is northwards of $350. In fact, was as high as $500Bn at some point.
---
You quoted my comment on Saudi Aramco vs NNPC to mean that I was suggesting that NNPC could generate and remit in ABSOLUTE terms what Aramco does. Your smart-ass would've known that I was talking about RELATIVE terms. Somehow, you cleverly dodged NY PETROBRAS example, since you are probably aware that Brazil produces about the same amount of oil as Nigeria yet PETROBRAS generates over 10x the revenue that your corrupt NNPC does.
---
Once again, focus on diversifying government revenue and stop talking about diversifying the economy. Stop the know-it-all attitude...it just shows ignorance.

Our economy is not diversified as you portray it to be.


Example:

Manufacturing sector is very low key and that is why all our engineering/technological products are all imported.

Agriculture sector is still subsistence and that is why we import rice despite having the capacity to export rice and other other products.





When we say diversify the economy, it means developing other sources of generating dollars outside Oil & Gas.


Nigeria should be at the stage of exporting Non Oil & Gas products in order to generate more dollars and that is what Rossikki means by diversifying the economy.

EternalTruths:



Our economy is not diversified as you portray it to be.


Example:

Manufacturing sector is very low key and that is why all our engineering/technological products are all imported.

Agriculture sector is still subsistence and that is why we import rice despite having the capacity to export rice and other other products.





When we say diversify the economy, it means developing other sources of generating dollars outside Oil & Gas.


Nigeria should be at the stage of exporting Non Oil & Gas products in order to generate more dollars and that is what Rossikki means by diversifying the economy.

I agree with you that other selectors (particularly MANUFACTURING) are not well developed. My point was that the overall economy (wrt GDP) is not as dependent on O&G as much as the way government revenue is dependent. The services (banking, advertising, etc) sector is doing fairly ok. Agriculture is picking up, the Telecoms sector is growing, etc.
----
Yes, something should be done quickly about manufacturing as that holds the key to reducing unemployment and increasing export. But even if this sector grows and there's still corruption, then the govt might still not get optimal revenue from it. The reason why the govt gets so much from O&G is because of the unique nature of the JV arrangement. If the government were just depending on taxes....

Rossikki:


Excellent points. But I will posit that it is the very lack of a diversification mentality or outlook - even among the populace - that gives room for the corruption that hampers infrastructural development. If the country believed strongly it needed to diversify, it would put the infrastructure in place to do so. Do you get what I'm saying?

But if it DOESN'T have that strong passion for diversification, it, or rather, its officials, will regard infrastructural projects as 'dispensable', something to be used as an avenue for self-enrichment, etc, since there is a lack of vision. The idle mind as they say, is the playground of the devil.

So, the way we get to REDUCE the corruption itself is for us to vociferously demand DIVERSIFICATION, which will then COMPEL the govt to build the infrastructure required for it.

Diversification is a way, yes! However it still needs robust investment from the Government to make it happen. A good example is Konga Nigeria struggling as one of the foremost potential online retailer in Nigeria. Their problem included but not limited lack of courier infrastructures which lead to unsustainable cash burning. Clients also struggled in accessing greater variety of products due to high data costs which lead to unconverted sales. In other words, lack of government investment in infrastructure has seen the business resize and even effectively downsize their workforce.

If money for 'base infrastructures' are stolen, we can only go as far. The Miracle on the Han River (South Korea) is an example of a blueprint to follow. They aggressively started 'Five year plans' which they followed while surppessing theft. Ours is unfortunately a scattergun approach to development. One clueless government after another with no comprehensive policy.
Energy, agricultural productivity, technological advancement should have been in place since 1999, by now we should be focused on heavy industries and tech intensive industries if we had a roadmap set.

Rossikki:


Excellent points. But I will posit that it is the very lack of a diversification mentality or outlook - even among the populace - that gives room for the corruption that hampers infrastructural development. If the country believed strongly it needed to diversify, it would put the infrastructure in place to do so. Do you get what I'm saying?

But if it DOESN'T have that strong passion for diversification, it, or rather, its officials, will regard infrastructural projects as 'dispensable', something to be used as an avenue for self-enrichment, etc, since there is a lack of vision. The idle mind as they say, is the playground of the devil.

So, the way we get to REDUCE the corruption itself is for us to vociferously demand DIVERSIFICATION, which will then COMPEL the govt to build the infrastructure required for it.

Bro, this your thesis makes little sense. Diversification does not appear from thin air. It cost a lot of money to diversify. If the money that should be used to spur diversification is being wacked, how will we diversify? Corruption is Nigeria's biggest problem. I'm a firm believer in the maxim, if you are not faithful with little, you won't be faithful with much. A country that will transform completely when it has relatively high revenue, will already be showing unmistakable signs of progress with low revenue. Many of the countries below Nigeria on the revenue list you provided are far better than Nigeria, why?

sufferNsmiling:



Please these countries which you are mentioning their population is under 20 million. Botswana's population is only 3 million. So their budget does not need to be high. A good example is Ghana. Ghana's budget is 12 billion us dollars a year for its population of about 20 million people. On the other hand Nigeria's budget is 22 billion us dollar for 180 million people.

Excellent observations. These countries are all richer than Nigeria when you assess their budget amounts proportionate to population.

Genius100:


Bro, this your thesis makes little sense. Diversification does not appear from thin air. It cost a lot of money to diversify. If the money that should be used to spur diversification is being wacked, how will we diversify?

Diversification is not about ''having/needing a lot of money to diversify''. It is about putting the right policies in place to spur production across multiple sectors. Instruments like tax breaks and low interest rates for selected industries, such as tourism, or the film industry, or car manufacturers. Or ensuring greater access to credit for certain industries like agribusiness or mining. Or building infrastructure with Publlc/Private Partnership financing. Here the govt collaborates with private firms to build infrastructure, and provides them with revenue subsidies like tax breaks or guaranteed annual revenues for a fixed time period.

The government can actually launch a diversification strategy that does not require it to spend a single extra penny. So it's not really about money. It's about having a willing, clued-up leader, with the right economic team in place.

As stated earlier, Nigeria IS on a path towards greater diversification. For instance, there are some very important rail projects coming on stream, such as the Ajaokuta-Itakpe line that will significantly boost steel production. There are other miscellanous developments, such as the recently commissioned 350 million dollar Sunti Golden Sugar Estate (SGSE) in Niger State, that will employ 10,000 people and make Nigeria a major centre for sugar production and exports. So we are not standing still. We are moving, though it could be more robust.

Many of the countries below Nigeria on the revenue list you provided are far better than Nigeria, why?

They have ''far lower populations than Nigeria'', and therefore far less demands on their budgets. A house of three people that earns N100,000 a month is richer than a house of ten people that earns 200,000 a month.

What a very crazy thread. Rossiki is that your stage name. So you went to see what excuse you can make for a failure of a place... Do you know why the world powers have continued to support corrupt leaders in the Nigger Area, because they are able to siphon the ENORMOUS wealth daily as you are there talking about no money....

Excuses when the obvious thing to do is to the divide the useless.....

Bevista:
I agree with you that other selectors (particularly MANUFACTURING) are not well developed. My point was that the overall economy (wrt GDP) is not as dependent on O&G as much as the way government revenue is dependent. The services (banking, advertising, etc) sector is doing fairly ok. Agriculture is picking up, the Telecoms sector is growing, etc.
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Yes, something should be done quickly about manufacturing as that holds the key to reducing unemployment and increasing export. But even if this sector grows and there's still corruption, then the govt might still not get optimal revenue from it. The reason why the govt gets so much from O&G is because of the unique nature of the JV arrangement. If the government were just depending on taxes....

There is something you guys from the West don't understand about revenue which makes you guys keep over emphasizing on tax.


The real revenue of every nation is the amount of foreign currencies it has and do you know why.?


It is because no nation has all it takes to survive and therefore must import if her citizens want to live a modernized life Eg Biafran pounds was useless because it could not be used outside the shores of Biafra.

When you collect tax, the tax is denominated in naira which is useless outside the shores of Nigeria. Since the naira is useless outside the shores of Nigeria and Nigerians need a lot of imported stuffs, the demand for dollars and other foreign currencies escalate and that is why, anytime our dollar inflow falls, you notice how the economy nosedive due to inflation caused by a drowning naira.

Take Note:

If Oil & Gas loses value, the economy will crash because we won't have dollars to import things needed to sustain our modernized life.




You and Rossikki Should Not Forget This Lesson Below:


A nation's real revenue is not in her local currency but in foreign currencies due to the fact that no nation has all the materials needed to sustain a modern civilization and has to import those things she does not have within her borders.





In Summary

Nigeria must develop other sectors that can help increase inflow of foreign currencies if the Government wants to be able to achieve a lot of things that will benefit the citizens.

EternalTruths:



There is something you guys from the West don't understand about revenue which makes you guys keep over emphasizing on tax.


The real revenue of every nation is the amount of foreign currencies it has and do you know why.?


It is because no nation has all it takes to survive and therefore must import if her citizens want to live a modernized life Eg Biafran pounds was useless because it could not be used outside the shores of Biafra.

When you collect tax, the tax is denominated in naira which is useless outside the shores of Nigeria. Since the naira is useless outside the shores of Nigeria and Nigerians need a lot of imported stuffs, the demand for dollars and other foreign currencies escalate and that is why, anytime our dollar inflow falls, you notice how the economy nosedive due to inflation caused by a drowning naira.

Take Note:

If Oil & Gas loses value, the economy will crash because we won't have dollars to import things needed to sustain our modernized life.




You and Rossikki Should Not Forget This Lesson Below:


A nation's real revenue is not in her local currency but in foreign currencies due to the fact that no nation has all the materials needed to sustain a modern civilization and has to import those things she does not have within her borders.





In Summary

Nigeria must develop other sectors that can help increase inflow of foreign currencies if the Government wants to be able to achieve a lot of things that will benefit the citizens.

Your point is correct about exports and the ability to facilitate international trade. However, the original subject of the thread wasn't reviewing the entire economy but government revenue. Of course, the more goods/services an economy exports, the more money the businesses and citizens make which means more taxable revenue for government.