Joey4321:



So we borrow money so that we can collect more taxes from the people?

You can easily identify APC propagandists, once you have intelligence.
Their trick is to use big, big grammar to deceive simple Nigerians.


How can you borrow money, so that you can collect more taxes from improverished Nigerians, and there is NO BASIC AMENITIES;water, roads, electricity, basic security, eh?

BlackAdam65:
and if they refuse to give us loan people like you will be the first to cry racism

So, why is Burkina Faso refusing to take world bank loan, offered to him by the Satanist globalists?

Wait, do you not know that the world bank ( world slavery bank) , was PURPOSELY set up to tie the destiny of Black nations in perpetual poverty and debt?

Recommended book: Diary of an Economic hitman

caye:


You can easily identify APC propagandists, once you have intelligence.
Their trick is to use big, big grammar to deceive simple Nigerians.


How can you borrow money, so that you can collect more taxes from improverished Nigerians, and there is NO BASIC AMENITIES;water, roads, electricity, basic security, eh?

Those guys are lost souls

omohayek:

...Cash needs to be phased out as the primary vehicle for carrying out transactions, and this requires that digital payments be as quick and low-cost as possible, so that even roadside hawkers won't hesitate to take electric payments on their phones for the smallest purchases. The beneficial side-effect of this would be to make VAT collection almost automatic (and definitely unavoidable), and in a manner much less amenable to petty corruption (since such transactions would be fully automated).

APC and world bank propagandists, I see what you did there!

After stylishly using your big , big grammar; you stylishly introduced digital currency as the sole means of transactions: a typical attribute of the globalists pushing for a one- world government in the long run.

Pray, tell me, when money becomes only digital, what happens to my rights as an individual, if government sees me as an enemy If I refuse to submit to dictatorial policies?

They can simply decide to make me poor by blocking me from doing any financial transactions, block my ATM cards, destroy even my close relatives...a complete dystopia.

You guys are subtly pushing the agenda of these globalists ( one world government).
You will not succeed.
Black ppls will be free from your claws,Amin.

IbeOkehie:



I like VAT or sales tax because it discourages consumption and promotes savings.

None of this will work, none of YOUR ideas will work until the naira is COMPLETELY FLOATED or bitcoin is adopted as national currency. You talk of fuel subsidy, well it's officially abolished but being done via forex subsidy. Getting monetary policy right is key to all these things, without it NOTHING WORKS, nothing at all. In fact I will take a complete free float backed by Constitutional Amendment in place of EVERYTHING else, let everything continue as it is right now if we can get a free currency float.

Thanks, you're always a good one to read. FYI, Argentina just announced their first budget surplus, I think on a monthly basis.

Good Luck to Nigeria.

7

Within the past few days, I have come across quite a number of brilliant Nigerians who attained high scores during their secondary school and university days. The majority work and reside in the US and have excelled financially and career-wise. I read the conversation you had with Grandstar, and it begs the question, why can't these policies be implemented so that the general populace becomes prosperous? Why is our own so different?

Like, there exists a class of brilliant people who can be appointed to run the wheel of national economic development, yet the country dey as e dey. I also concede that not all are actually intelligent as most of them who were active on Nairaland supported Buhari in 2015 like Alore, who later fled leaving his 700K salary. There have been MBA, and PhD Nairaland members who argued that subsidy does not exist and gave
Buhari an unflinching support.

The black man has some issues. It does not look normal to me.

grandstar:


Your 9% VAT I repeat is radical. My worry is whether it would yield enough revenue for government to run. I would suggest 15%.

That's the point. Starve the government. The less revenue for government, the better for producers and the people who work and consume.

PrincessDiana:
I had to log in to like your comment. I agree with most of your suggestions except the last (bolded) part. GEJ was absolutely fiscally irresponsible. The only thing that administration had going for it was the oil price. GEJ was such a lucky man (no pun intended), oil price started rising immediately upon his swearing in until he was about to exit the position in 2015. At a point it rose to $140PB. No other administration has ever had it so good but apart from putting cash directly and indirectly into the pockets of a number of Nigerians, he and his team did very little to develop the economy with a long term sustainable plan. They were wasteful and saved nothing. Look at how much he squandered on the 2015 election alone. Yet he left owing civil servants up to 5 months salary.
We Nigerians are very emotional rather than rational.
PMB is the best president this country has ever had. He paid off all the back salaries owed to civil servants by GEJ and even gave the state governments the Paris money to use to pay the back salaries. Between 2016- 2022, global oil price never reached $100PB. In fact in 2020 Nigeria practically earned zero dollars from oil. Oil prices dipped as low as $20PB and they weren't even buying. The PMB administration was so proactive that during the pandemic lockdown, we were one of the first developing countries to borrow money, by the time other countries tried to borrow money to keep their economy going, IMF and WB said they had none to give anymore. The PMB government was Nigerians centric and that's why I am happy that Bola Ahmed Tinubu is showing them shege.
PMB is a real statesman and posterity will judge him right and Nigerians are paying the price of his vilification.

We're talking policy, now you have to get into personalities. Well, since we're there, let's do it. President Buhari had TWO chances to prove his mettle and he FAILED completely. Neither Buhari's failures nor the successes of Obasanjo & Jonathan had anything to do with crude oil prices. It was all down to POLICY, simple.

Yes, crude oil prices were low at some point under Buhari. That was actually a good thing. That was the time he could have simply ABOLISHED fuel subsidy and deregulated prices and pump prices would have stayed low for Nigerians for a while. Then as it rose, they would understand it was due to normal market fluctuations. Meanwhile, because of the removal of subsidies and deregulation of prices, there would have been plenty of private investors coming into the market with refineries and distribution expertise and they would have made good profits and created jobs as happened with banks and telecoms.

Many economists pointed out the things I wrote above AT THE TIME, they screamed and shouted this was the time to remove fuel subsidy.

What did your Buhari do instead? His government still insisted on price regulation. He and his APC and their feudalist PDP allies CONTINUED to stymie the PIB that would have made petrol into a reasonably free market commodity. It was under Buhari that Exxon Mobil exited the petrol market in Nigeria. That was all one needed to see to understand that Buhari was a complete FAILURE. Many Nigerians weren't even aware it happened, the company just quietly closed out and sold their investment to Nigerians with the proper FEUDAL and corrupt connections to navigate the market. It was horrible!!!

Now let's examine a non crude oil matter to illustrate that POLICY matters more than government revenue or any commodity price. When policy is right, EVERYTHING takes care of itself, better outcomes NATURALLY ensue. Let's look at cement.

Anyone old enough can remember when Nigeria had exactly the kinds of subsidy scandals that we've had in the petrol market. There were two notable cement scandals in Nigeria, one under Gowon and then Shagari. Where government was subsidizing and paying for cement imports. Same as with fuel subsidy, people were submitting FAKE bill of lading and getting paid for importing ZERO cement. Nigeria experienced intermittent cement scarcity, as a boy I remember grown men running helter skelter from Calabar to Sokoto searching for cement. Yet there's no cement scarcity in Nigeria today, cement industry has created jobs, those who own shares in the cement companies are reaping profits, there's little problem with anything. The one thing left to do is bring down import barriers.

None of this had anything to do with government revenue, crude oil prices or anything else. It was a matter of policy, it was between free market capitalism and feudal socialism, that was the choice. Just in case it's not clear, let me give out one fun fact - the ONLY legacy cement company not producing in Nigeria is Nkalagu Cement Factory. Why? The Ebonyi State government has refused to hand it over to Ibeto Cement that bought and paid for it. Little known fact but true.

I hope anyone reading can understand. There's a Facebook Post written by Kemi Adeosun when she was Finance Minister. I tried to find it but can't but I'll keep trying. For now just take my word. She wrote this when she was in office, I'll paraphrase -

"Yes, these free market or neoliberal policies will make a positive difference but they are precluded or prohibited by APC ideology."

She actually wrote that. She also gave an interview explaining something I've tried to impress upon Nigerians - CORRUPTION IS NOT THE PROBLEM in Nigeria, yes Ms Kemi Adeosun had that opinion and she's correct.

Dear Sir, it's policy. As far back as 2013, President Bola Tinubu wrote at least TWO long policy articles demanding that the PDP government should implement mass money printing and distribute it to Nigerians as a "counter cyclical intervention" because as he said, the dollar peg is nonsensical and "a government can't go broke in it's own currency". I've quoted and linked to the articles, my comment history is open. Ms Okonjo-Iweala as Finance Minister engaged him in a public argument in the press over those prescriptions. Well, the APC won the 2015 elections and implemented their preferred policy of monetary expansion. And we're living the results right now.

The APC is a feudal-socialist party. One thing that's clear though is that they won the 2015 elections fair and square and that they will likely continue to win for many decades to come because of misguided opinions like yours. You remind me of Feyi Fawehinmi. Go look him up.

In fact I'm done with this discussion and with Nairaland.

Gerrard59:
7

Within the past few days, I have come across quite a number of brilliant Nigerians who attained high scores during their secondary school and university days. The majority work and reside in the US and have excelled financially and career-wise. I read the conversation you had with Grandstar, and it begs the question, why can't these policies be implemented so that the general populace becomes prosperous? Why is our own so different?

Like, there exists a class of brilliant people who can be appointed to run the wheel of national economic development, yet the country dey as e dey. I also concede that not all are actually intelligent as most of them who were active on Nairaland supported Buhari in 2015 like Alore, who later fled leaving his 700K salary. There have been MBA, and PhD Nairaland members who argued that subsidy does not exist and gave
Buhari an unflinching support.

The black man has some issues. It does not look normal to me.

PDP recruited many such Nigerians. Most prominent was Ngozi Iweala and she was all about getting the MACRO ECONOMIC STRUCTURE on a sustainable path. That's why she engineered the debt payoff under President Obasanjo and championed the removal of fuel subsidies under President Jonathan. But Nigerians HATED Ms Iweala.

Anyway, whatever. Nigerians have what they want. Let them enjoy their country.

Good Luck to Nigeria.

IbeOkehie:


That's the point. Starve the government. The less revenue for government, the better for producers and the people who work and consume.



We're talking policy, now you have to get into personalities. Well, since we're there, let's do it. President Buhari had TWO chances to prove his mettle and he FAILED completely. Neither Buhari's failures nor the successes of Obasanjo & Jonathan had anything to do with crude oil prices. It was all down to POLICY, simple.

Yes, crude oil prices were low at some point under Buhari. That was actually a good thing. That was the time he could have simply ABOLISHED fuel subsidy and deregulated prices and pump prices would have stayed low for Nigerians for a while. Then as it rose, they would understand it was due to normal market fluctuations. Meanwhile, because of the removal of subsidies and deregulation of prices, there would have been plenty of private investors coming into the market with refineries and distribution expertise and they would have made good profits and created jobs as happened with banks and telecoms.

Many economists pointed out the things I wrote above AT THE TIME, they screamed and shouted this was the time to remove fuel subsidy.

What did your Buhari do instead? His government still insisted on price regulation. He and his APC and their feudalist PDP allies CONTINUED to stymie the PIB that would have made petrol into a reasonably free market commodity. It was under Buhari that Exxon Mobil exited the petrol market in Nigeria. That was all one needed to see to understand that Buhari was a complete FAILURE. Many Nigerians weren't even aware it happened, the company just quietly closed out and sold their investment to Nigerians with the proper FEUDAL and corrupt connections to navigate the market. It was horrible!!!

Now let's examine a non crude oil matter to illustrate that POLICY matters more than government revenue or any commodity price. When policy is right, EVERYTHING takes care of itself, better outcomes NATURALLY ensue. Let's look at cement.

Anyone old enough can remember when Nigeria had exactly the kinds of subsidy scandals that we've had in the petrol market. There were two notable cement scandals in Nigeria, one under Gowon and then Shagari. Where government was subsidizing and paying for cement imports. Same as with fuel subsidy, people were submitting FAKE bill of lading and getting paid for importing ZERO cement. Nigeria experienced intermittent cement scarcity, as a boy I remember grown men running helter skelter from Calabar to Sokoto searching for cement. Yet there's no cement scarcity in Nigeria today, cement industry has created jobs, those who own shares in the cement companies are reaping profits, there's little problem with anything. The one thing left to do is bring down import barriers.

None of this had anything to do with government revenue, crude oil prices or anything else. It was a matter of policy, it was between free market capitalism and feudal socialism, that was the choice. Just in case it's not clear, let me give out one fun fact - the ONLY legacy cement company not producing in Nigeria is Nkalagu Cement Factory. Why? The Ebonyi State government has refused to hand it over to Ibeto Cement that bought and paid for it. Little known fact but true.

I hope anyone reading can understand. There's a Facebook Post written by Kemi Adeosun when she was Finance Minister. I tried to find it but can't but I'll keep trying. For now just take my word. She wrote this when she was in office, I'll paraphrase -

"Yes, these free market or neoliberal policies will make a positive difference but they are precluded or prohibited by APC ideology."

She actually wrote that. She also gave an interview explaining something I've tried to impress upon Nigerians - CORRUPTION IS NOT THE PROBLEM in Nigeria, yes Ms Kemi Adeosun had that opinion and she's correct.

Dear Sir, it's policy. As far back as 2013, President Bola Tinubu wrote at least TWO long policy articles demanding that the PDP government should implement mass money printing and distribute it to Nigerians as a "counter cyclical intervention" because as he said, the dollar peg is nonsensical and "a government can't go broke in it's own currency". I've quoted and linked to the articles, my comment history is open. Ms Okonjo-Iweala as Finance Minister engaged him in a public argument in the press over those prescriptions. Well, the APC won the 2015 elections and implemented their preferred policy of monetary expansion. And we're living the results right now.

The APC is a feudal-socialist party. One thing that's clear though is that they won the 2015 elections fair and square and that they will likely continue to win for many decades to come because of misguided opinions like yours. You remind me of Feyi Fawehinmi. Go look him up.

In fact I'm done with this discussion and with Nairaland.



PDP recruited many such Nigerians. Most prominent was Ngozi Iweala and she was all about getting the MACRO ECONOMIC STRUCTURE on a sustainable path. That's why she engineered the debt payoff under President Obasanjo and championed the removal of fuel subsidies under President Jonathan. But Nigerians HATED Ms Iweala.

Anyway, whatever. Nigerians have what they want. Let them enjoy their country.

Good Luck to Nigeria.

You're point on where you said it all boiled down to policy. I have highlighted it in your comment.

Had Buhari captained the economy when Jonathan did, I am sure it would have crashed in 2014 when the price of crude oil began to slump.

Had Buhari assumed power in 1999, the country's external debt today would be over $100bn today.

Once Buhari pegged the price of forex official at around $1-199, I knew the economy was doomed. By August 2015, barely 3 months into his government, Nigerian Letter of Credits were no longer honoured overseas. The severe forex scarcity his fixed exchange rate policy brought with it had just began..

It was obvious that he felt that it was wicked economists who determined the exchange rate. It is the market that ultimately determines the rate. Economist are also at the mercy of the market. Economist do their best to manage the exchange rate in a way that respects the market.

Buhari in January 2016 had the golden opportunity to deregulate the price of petrol but refused. When the government 'removed subsidy' and fixed it at 147/litre from 87/litre, there was barely a murmur from the citizens as the fuel scarcity then was probably the worst I had ever experienced. The government was heavily subsidizing both forex and petrol and the strain was simply too much for the government to carry

NLC urged a strike but the masses ignored them. They were just relieved to have petrol. Had Buhari grabbed the opportunity then to deregulate, we won't have been in this level of a mess today.

He also had the opportunity during the COVID Epidemic as well, but also blew it. I can just imagine the look on his face when urged to deregulate the petrol price. He would simply brush it off with a stern headmasterly face. You're being principled over something you have absolute no experience with.

I am not support your view that APC is a feudal socialist party, simply based on the views or statements of both Buhari and Tinubu. Both aren't economists. If APC was a feudal socialist party, Lagos would not have entered into public private partnerships for the building of roads for example.

Tinubu on his part isn't an economist and everyday seems to make that quite clear. Despite this, he 'removed; the subsidy on petrol.

Tinubu's problem are 2 fold. His fondness for half measure such as not deregulating the prices of petrol and electricity are examples. Another is that he still places politics over everything else. At this juncture of the nation's economy, it needs nothing less a team similar to Charles Soludo and Okonji Iweala, people who not only know their onions, but can think outside the box. Wale Edun's nor Wale Cardoso don't give off that vibe. Their present policies are pedestrian.

His economics policies aren't radical enough. There needs to be a complete overhaul of the Nigerian economy.

Your 9% VAT proposal prompted me to be a bit radical:

1. Slash corporate corporate tax to 12.5%
2. Privatize all airports and seaports
3. End the policy of import substitution and replace it with an "export or perish mantra"
4. Remove all import bans and high tariffs on goods. (Since Nigeria is part of ECOWAS trade agreement, our tariffs must rhyme with it.)
5. Privatize at least 50% of NNPC.
6. Flush out all bandits wherever they be found within 2 years. (They are bad for business and the economy)
7. Repair all major government roads-(Proceeds from privatisation can be harnessed to achieve this)
8. Increase VAT to at least 12.5% and improve collection rates. If they need to contract it to a consultant to achieve maximum results, they should.
9. Liberalize the price of petrol and electricity.
10. Ensure that all electricity consumers have meters within 2 years, rather than the present 5 year goal.
11. Increase tax collection by 5% of GDP within 4 years.
12. Ensure the country achieves the top 50 rank in the Ease of Doing Business rankings.
13. Carry the people along. If the government is serious about achieving this goal, I won't be surprised if many Nigerians come back home.

I strongly believe that just slashing corporate tax to 12.5% and deregulating the price of petrol are enough to achieve dazzling economic growth rates.

caye:


So, why is Burkina Faso refusing to take world bank loan, offered to him by the Satanist globalists?

Wait, do you not know that the world bank ( world slavery bank) , was PURPOSELY set up to tie the destiny of Black nations in perpetual poverty and debt?

Recommended book: Diary of an Economic hitman

you listen to too many conspiracy theorist that call themselves pan Africans you claim the world bank was set up to tie down black nation how can you prove it