mrvitalis:

Nigerian earns in dollars, sale at official rate to Cbn

If subsidy has been removed and official rate has increased by over 3.5 times

Should revenue not also increase by same factor?

Or u lack basic maths skills?

You are full of incoherence, and don't even know what your point is anymore,

You were saying, the New Increase Allocation given to state is insignificant/unfavorable because of xchange rate .. that was your arguement

Revenue increase that why FG can afford the new allocation, thats common sense or howelse could they have done it

predictor1:
What resources? Oil and gas again? What about states that do not have any commercial resources? I agree with you that the allocation from the center can not help much.

Look, let the states develop their human resources. Let them improve the lots of their people. Then people will build more businesses and the government makes money from taxation. Even as it is now, a serious government can make money from taxes and duties. Look at Oyo state for example. If a proper government agency is in charge of collecting dues from okada riders and taxi driver the government will make good money then tax shop owners and small businesses. But they've grown lazy because of the money from Abuja.

State governments can also build farms and get revenue from sale of agriculture products.

State government can create and build companies they can earn revenue from.

Not everything is about to taxes.

codemaniacs:


State governments can also build farms and get revenue from sale of agriculture products.

State government can create and build companies they can earn revenue from.

Not everything is about to taxes.

No, serious governments across the world get their revenue from taxation and duties. When governments build companies and farms it usually ends up mismanaging it. Civil servants are very wicked.

mrvitalis:

Nigerian earns in dollars, sale at official rate to Cbn

If subsidy has been removed and official rate has increased by over 3.5 times

Should revenue not also increase by same factor?

Or u lack basic maths skills?

It doesn't work that way.

Money has to go to other projects too. And some is saved in the foreign currency reserve.

predictor1:
It doesn't work that way.

Money has to go to other projects too. And some is saved in the foreign currency reserve.

Lmaooo bro where are u from

Totally agree with u!

mrvitalis:

Lol after subsidy removal? Lmaooo APC propaganda

We are paying more subsidy now than we have ever paid... And we are also paying more for petrol now than we have ever paid

Divide those allocation by the exchange rate the u know states are getting far less

For the unfortunate people quoting me to talk rubbish here it is

Nigeria sells crude and earns in dollars that the bulk of revenue

This dollar was sold at official rate to Cbn thats 450 per dollar

Now naira has devalued official rate is 1500 which is over 3 times the previous rate.. Plus we supposedly stopped playing over 1 trillion per month in subsidy

So the revenue should be 3 to 4 times the figures before may 29ths if we actually removed subsidy

It's not rocket science

mrvitalis:


Yes absolutely most expenses are in dollars

I disagree, almost all their recurrent expenditures are salaries and are in Naira, most of their capital projects too are Roads and other form of constructions which should be at least 60% Naira. The USD component of their expenditures will be procurements (that cannot be sourced locally), foreign loan debt servicing and maybe estacodes.

mrvitalis:

Lol after subsidy removal? Lmaooo APC propaganda

We are paying more subsidy now than we have ever paid... And we are also paying more for petrol now than we have ever paid

Divide those allocation by the exchange rate the u know states are getting far less

For the unfortunate people quoting me to talk rubbish here it is

Nigeria sells crude and earns in dollars that the bulk of revenue

This dollar was sold at official rate to Cbn thats 450 per dollar

Now naira has devalued official rate is 1500 which is over 3 times the previous rate.. Plus we supposedly stopped playing over 1 trillion per month in subsidy

So the revenue should be 3 to 4 times the figures before may 29ths if we actually removed subsidy

It's not rocket science

Are you not aware that they have been borrowing to pay for fuel subsidies. The only savings from subsidy removal is that they stopped borrowing and owing NNPC. There is no money being saved anywhere from subsidy removal.