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Nigerian Oil Money And Taxes - Politics - Nairaland

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Nigerian Oil Money And Taxes by lawani: 12:58pm On Oct 11, 2020
In Osun State for example, there are over one million people with income who can pay tax, there are also definitely around one million real estates that can pay tenement rate but the state depends on federal allocations. If you hand over Osun State to a developed nation like Germany or Britain to manage, the first task will be to bring into the tax net all these workers and properties, they will not depend on federal oil money. This is the story of all Nigerian states save Lagos. How can such potential revenue sources be left to waste?. It is totally against common sense. If we want to be developed, we must organise our nation like it obtains in developed nations. The number one asset of a nation are the income earners that can pay income tax, number two is the real estate under use, followed by other sources. Nigeria's oil money should be a bonus and not the main thing as is obtainable presently.

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Re: Nigerian Oil Money And Taxes by Nobody: 6:50am On Jan 21, 2021
lawani:
In Osun State for example, there are over one million people with income who can pay tax, there are also definitely around one million real estates that can pay tenement rate but the state depends on federal allocations. If you hand over Osun State to a developed nation like Germany or Britain to manage, the first task will be to bring into the tax net all these workers and properties, they will not depend on federal oil money. This is the story of all Nigerian states save Lagos. How can such potential revenue sources be left to waste?. It is totally against common sense. If we want to be developed, we must organise our nation like it obtains in developed nations. The number one asset of a nation are the income earners that can pay income tax, number two is the real estate under use, followed by other sources. Nigeria's oil money should be a bonus and not the main thing as is obtainable presently.

Lagos is practically robbing the tax money, what they do with it cannot account for 20% of what is collected as tax

The money is mainly embezzled and converted to private capital by the politicians. Improve on the efficiency of the existing tax base before attempting to widen it, else you just enslave and further impoverish the poor.

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