...and our Legislooters are not ready to sacrifice part of their humongous allowances to reduce government spending..




Meanwhile Zombies will avoid this thread like Ebola

Racoon:
Hope the Economic Advisory Team are really advising this man well and hope he is also listening to them?

What do you expect from a president that knows nothing but just to mortgage Nigeria into chronic financial indebtedness.According to OBJ- "Buhari does not know economics".

Will he listen?
They so much believed that oil money will continue to flow in.

Tell me what is working in Nigeria?

King44:
they insist on going ahead to impose VAT well tough time awaits Nigs

We understand the fear but which other way will Nigeria get the money to fund the proposed Bill

Buhari will blame GEJ

SLAP44:
I have a question. How are herdsmen taxed?

they are moving about taxi free

happney65:
The International Monetary Fund has said that Nigeria’s “over-Optimistic” revenue assumptions has made the government dependent on expensive borrowing from the Central Bank of Nigeria.

The IMF stated that plans to increase Value Added Tax and minimum wage would also halt the current deceleration of the country’s inflation rate.

A statement by the IMF said, “Over-optimistic revenue projections have led to higher financing needs than initially envisaged, resulting in over-reliance on the expensive borrowing from the central bank to finance the deficit.

“Inflation will likely pick up in 2020 following rising minimum wages and a higher VAT rate, despite a tight monetary policy.”

In the spending plan for 2020 released by President Muhammadu Buhari, the government intends to increase the present value added tax rate by 50 per cent from its present five per cent.

This will force Nigerians to pay more for goods and services, leading to an increase in the rate at which prices will rise in the coming year.

While noting that Nigeria’s economy was recovering slowly after a 2016 recession, the IMF stated that bigger deficits make monetary policy complex owing to the government’s reliance on the CBN for funding.

http://saharareporters.com/2019/10/10/nigerian-government-dependent-expensive-borrowing-%E2%80%93imf?fbclid=IwAR2XWKauu2Obnnb_mSZvjXxpeShqZiFkJcKsbV38uvhqNng89yMWtakoOdM

UNTIL NORTHERN NIGERIA LEARN TO INVEST IN MASSIVE AGRICULTURE AND FORGET THE OVER RELIANCE ON NIGER DELTA CRUDE OIL NIGERIA WILL CONTINUE TO MAKE NO HEADWAY.

They have the biggest lands for massive agriculture but they are not making any serious move from the Presidency down to state governors especially in the north to get the average northerners or the generality of Nigerians to face agriculture.

TAKE IT OR LEAVE IT, THE FUTURE OF NIGERIA LIES WITH AGRICULTURE WHICH THE NORTH IS PARTICULARLY SHYING FROM.

They keep borrowing money from China leaving massive debts for their successor in office.

Such is the terrible fate of Nigeria.

We should not be surprised if IMF comes out with their indicting report about Nigeria government.

Northern Nigeria likes big money they want to have the lion share of all budgetary allocations but they lazy about working for the money and generating national wealth.

NORTHERN NIGERIA LEARN TO GENERATE NATIONAL WEALTH.

YOU HAVE ENJOY SO MUCH FROM THE SOUTHERN PART OF NIGERIA.

Fear no let fuel subsidy removal come up. Lol

Nothing IMF will not do to make Nigerian government remove oil subsidy, even if it is to borrow Nigerian government any amount they want even with zero interest they will give Nigerian government

God answer my prayers with Scholarship let me leave this country for good.

Beautyaddy:



We understand the fear but which other way will Nigeria get the money to fund the proposed Bill

no one is saying they shouldnt tax but let it be reasonable, credible and transparent nobody will complain, one if the was is at the moment people in the east are complaining of had roads and non access to roads etc reconstruct the roads, construct new ones, makes roads that would link the east to many parts SW, North and as you do don't forget to put your to gates per kilometers covered wtf, also I listened to a news on the TV where a man was suggesting a way to raise money without over taxing or unnecessarily increase tax on the already suffering people and what he suggested was the gvt should embark on planting millions of commercial trees and in five years they would make profits in billions it may sound stupid to the gvt because they want quick money and ready to get it by all means but it is the fact he was right he even stated the some countries that just did it

moreover, if they are straight with this their tax of a thing they should introduce property tax thus if you have more than one car,hause and you have certain amount of money you are subjected to such tax but no because that one would hit all of us equally so they won't propose such it is also a way of raising money

1. Borrowing from the CBN is just inflation. Ponzi Scheme of the highest order. If inflation doesn't stop the hike in minimum wage will be useless.
2. Start pressuring states to be fiscally responsible i.e make EFCC work. States are the drain of the Nigerian Revenue.
3. For Fork sake stop restricting trade and enabling crony capitalist, those that cannot produce or do business without government interventions.
4. Why am I wasting my time. The experts know the right thing better than I do and will never implement it. Woe to whoever gave control of our economy to politicians.

Nigeria are not saying anything about the increments of 5% to 50%, the person on top of the affairs of this country,is not ready to help it citizens, except the heads men I mean he only has plans for � cow's only but not we the human being

sassysure:


And Nigeria will finally collapse. One day, the masses will turn against them.

it is just a matter of time they should go ahead with their plans

NwaAmaikpe:




When there is nowhere else to borrow from to foot their unnecessarily outrageous spendings they fall back on the citizens

And tax their lives out.

From stamp duty charges to higher VATs down to cable and internet taxes.
They've speedily reintroded the suspended cashless policy and they'd also soon start charging cash lodgements.

This is apart from the intended deployment of new toll gates.
This is simply a Next Level of hopelessness for citizens.
Because they have nothing to offer them.

Blame the electorate that always wants free thing from the government. Nothing is ever free. It is in their name and consent that all this spending and trade restrictions are allowed. The electorates were cheering the restriction on FOREX and closing the border.

The government has never worked on the electorates benefits. It has a life of it's own. It fight for it's own survival.

Food for thought for PMB and the APC led Govt and Nairaland BMC Urchins..

Economist's come and deliver Bubu.. Una know yourself ooo.. This is becoming ooo!!

okeyumez:
Nigeria is a consumer nation. We only produce hoodlums who parade themselves as leaders. The followers are even potential criminals
No electricity for production
No good roads for transportation of goods especially in useless Abia state
We have to borrow more money to sustain these legisLOOTERS in National assembly for doing nothing whereas the military and policemen that protects this country earns poor salaries and live in slum.
SCRAP Bicameral legislature and adopt unicameral.
I weep the the ant of Africa

How can we produce anything? Our business men are crony capitalist. They enact government regulations on enterprises and bribe their way through it. They set tarriffs on imports and bribe to bypass it. They enact license for importation of certain goods and bribe to get those. They set up monopolies protected by the government.

Nafdac, Ndlea, Customs, SON, CPC, e.t.c. all these regulatory agencies just look at business as there cows. They milk them for all they can. We have created a welfare state that is strongly against free trade. We have create a protectionist economy that protect the interest of the few.

I lament and lament.

cc: quickberry2

1shortblackboy:
They'll say it's wailers and PDP who can't see a way to loot that have made this statement

this APC self

I have a rule of thumb when it comes to IMF and world bank. If they say it is white, then I accept it to be really black and vice versa.

I will never forget how they talked us into SAP that made us the consumer nation we have become now.

NairaLand Zombies will totally avoid this thread especially their Idiotic leader mannabbq.

Even the blind can see Nigeria is broke, expect more tax's policies, poor masses will hear it under dullard

khalids:


Oga you have asked a very brilliant question....Considering how the federal republic treats them like the golden calves and are even ready to spend money to ensure they are comfortable.........I hope the FIRS is collecting their full money, they cannot be eating Nigerian grass and not remitting to the Nigeria purse

Bros God bless you for this question

God bless you too.

sassysure:


And Nigeria will finally collapse. One day, the masses will turn against them.

Expected and how I wished!
Unfortunately, the masses are not even united