bigtt76:
Question is ...does the cybersecurity act cover only financial transactions? Isn't cybersecurity an issue that transcends all spheres of the society? Government (FG, State and Local) al manage some form of security votes, why don't they take from that monthly? When threat actors hit, its not only financial transactions they are after, they attack every aspect of the society to bring it to a halt.

0.5% of their monthly security votes and monthly allocations... Lol, I'll love to see how the governors will react to that... E go too funny... Lol

Exactly ...that security votes is where they pack full, funds they intend looting cos it can't be audited.

Yampotatocarrot:


0.5% of their monthly security votes and monthly allocations... Lol, I'll love to see how the governors will react to that... E go too funny... Lol

I marvel at people calling him all these nonsense. In the first place, his first class has been debunked. Secondly he claimed he had a CPA. Its also debunked. I know what it takes to be a CPA, this guy dies not think like one. Thirdly, what is strategic in a man that devalued the currency of his country without understanding its implications all in the bid to claim bold reforms? He has set his country back 20 year by that already.

Factfinder1:
Idiot tax master with zero economic sense... Na this old fool una been dey call first class accountant and master strategist.....Una stupid for this country sha.

Eniitankorede:




What tribal affiliations? What exactly do you want? When Buhari killed you with Emefiele policies and refused to listen to your begging, what did you do to Buhari? Tell me how many of such policies were reversed and if reversal was not beneficial. Are they not human beings? How many times have you reverses your decisions in your life? A government has to be flexible and listen to people. If stakeholders have to be called all the time, nothing can be done on time to alleviate suffering. A government has been elected to represent people and take decisions on their behalf. They don’t have to call stakeholders meetings all the time and stakeholders nowadays are even compromised by selfish interests.

When Buhari was killing you and your family, didn't Tinubu support him?

Where was Tinubu when Fulani herdsmen was killing your kinsmen and raping your women under Buhari? Didn't Tinubu famously ask "where is the Cow" after the daughter of Afenifere leader (funke) was killed by Fulani herdsmen?.

Was it not you and your kind that protested against GEJ govt in Lagos when he attempted to remove fuel subsidy? Why are you cowards not out protesting today? How much was 1 dollar to naira under GEJ when you clowns were wailing then? Why are people quite today?

This same Buhari that has created so many problems for successive governments was supported by majority of the yorubas. When other people complained about Buhari then, it was dimwits like you that will call them "Wailers". Now, some of you clowns are trying to blame Buhari govt for the problem the Tinubu's govt is facing today. Na today una eyes open?

I have never voted for APC and I will never! We were the few vocal people from the SS that were against Buhari while you people in the SW licked his ass while he supervised the killing of your people and the raping of your mothers and sisters. What made Sunday igboho arise and later fled to Benin republic? Was it not because of how Fulani herdsmen were killing you people?

The idiot is talking about the president listening to the people. Your fermented brain didn't tell you that too much policy reversal is a sign the government is clueless and doesn't know what they are doing? How much of such policy reversal are you seeing in developed countries? Which foreign company would want to come into a market were there is uncertainty? When the govt announces one thing today and reverses itself the next day?

See wetin Fulani herdsmens do you cowards and betrayals!

Correction. Nigeria has a dunce for a President. All events have shown Buhari to be a better manager of the economy than this fraud.

I never imagined that I will accept that an illiterate like Buhari will understand the negative implications of devaluing the naira against the IMF/World Bank advice better than the "first class accountant with CPA and master strategist".

I never believed I would accept that in a lifetime

Morphinne:
At least Nigeria now has a listening President unlike bubu.
If it’s Buhari that made the policy, no amount of gnashing and screaming would make him rescind the decision and that’s what makes him a terrible leader. Good leaders listen.

....how do you commend thoughlessness and stupidity?

Babangidapikin:

And your big brain can ...if someone reverse himself after listening to the people's lamentations shouldn't we commend him ...you remind me of the donkey, the man and his child.

How do you people think? . Other NSAs since then did not see it to implement, abi? ..only the daft one could do it. They are now trying to push the blame of this thoughtlessness on Jonathan..imagine?

Eniitankorede:



No!!! Ribadu did not make that law. It was made by NA and signed by Jonathan. Stop misleading people.

Dapromzy333:


https://platinumtimes.ng/breaking-tinubu-gives-fresh-directive-on-cybersecurity-levy/

Please who came up with this inhuman levy at first? Do they discuss before bursting out to make policy statements? Must they tax citizens to death when they are not doing anything for them? Caution, caution, caution! Allow the people to breathe!!!

Yampotatocarrot:


0.5% of their monthly security votes and monthly allocations... Lol, I'll love to see how the governors will react to that... E go too funny... Lol

Please who came up with this inhuman levy at first? Do they discuss before bursting out to make policy statements? Must they tax citizens to death when they are not doing anything for them? Caution, caution, caution! Allow the people to breathe!!!

Blazetrailer:
How do you people think? . Other NSAs since then did not see it to implement, abi? ..only the daft one could do it. They are now trying to push the blame of this thoughtlessness on Jonathan..imagine?

Only stupid person say what you just wrote. What’s the purpose of making a law? Was Jonathan drinking whisky when he signed it?

Eniitankorede:




Only stupid person say what you just wrote. What’s the purpose of making a law? Was Jonathan drinking whisky when he signed it?

Don't fall for the propaganda of the Emilokans, president Jonathan did not sign any law that says we should all donate 0.05% of all our transactions to the National Security adviser. These are now addictions to the 2015 act signed by Jonathan.
In the 2015 act only certain businesses which were listed in schedule 2, were required to pay the cybersecurity levy and not the general public and it was not paid to the national security adviser.

See this lecture of 5 years ago by senator Alan Alda on how high taxes are killing African countries.

https://www.youtube.com/watch?v=lLwfTIwWKXg?si=dG3_BDiV4aLaZe-p

Poor African countries pay some of the highest taxes on the planet, it just that most of the taxes don't get to the government.

Blazetrailer:
....how do you commend thoughlessness and stupidity?

Oga face front with your toxic mouth...

wirinet:

Don't fall for the propaganda of the Emilokans, president Jonathan did not sign any law that says we should all donate 0.05% of all our transactions to the National Security adviser. These are now addictions to the 2015 act signed by Jonathan.
In the 2015 act only certain businesses which were listed in schedule 2, were required to pay the cybersecurity levy and not the general public and it was not paid to the national security adviser.

See this lecture of 5 years ago by senator Alan Alda on how high taxes are killing African countries.

https://www.youtube.com/watch?v=lLwfTIwWKXg?si=dG3_BDiV4aLaZe-p

Poor African countries pay some of the highest taxes on the planet, it just that most of the taxes don't get to the government.

Nobody can lecture me on high taxes. The west changes more taxes than Africans. They never amended the law. It is still as Jonathan signed it. Yes individuals are not included and CBN was wrong in doing so. But Jonathan signed the law.

smileyoo:
lol. why are you praising him for giving Nigerians unnecessary harassment, through needless excessive taxations.
emilokan 's praise singers can see why it is necessary to speak out against any evil government policies, because if we keep quiet, docile or outrightly supporting the government ignorantly, that needless burden will be placed upon the citizens, without any atom of mercy from the government of the day.
personally, i have not seen anything that the ordinary citizens of Nigeria , had benefited from this emilokan government, one year after subsidy is gone proclamation, instead it has been from one shege to another pro-shege banza.
APC is a curse to Nigeria and Nigerians.

I am praising him for rescinding on the decision, you might not like it perhaps because nothing to lament about....

patrickcollins:
If we had protested when he shouted subsidy is gone on his day of inauguration we wouldn't have it this bad but his supporters were dancing praising him how is a good policy and rejoicing that he has hit the ground running, how it will favour them and their family. But thank God they are partaking in the misery the fake first class graduate Accoutant and a wack Economic guru has continuously reeled out

The man and his ministers has nothing to offer..they run their Govt on propaganda..worst of them all are their supporters very irritating set of people

Babangidapikin:

I am praising him for rescinding on the decision, you might not like it perhaps because nothing to lament about....

i prefer to praise achievements rather than confusion and cluelessness.

smileyoo:
i prefer to praise achievements rather than confusion and cluelessness.

Hmmm this is law passed, I don't think it is cluelessness rather it shows our National Assembly members need to work on their maths skill set ...

Iragbiji townhall is a clown 🤡 and confused mandate stander 😂

patrickcollins:
I was never a supporter of president Buhari but he is better than the man doing the Job now and is good Buhari has seen how he failed but when in Office his party members never told him the truth

I’m not even supporting either of them really and I started supporting Tinubu the moment people were hyping Peter Obi who was heavily criticized in 2012 (we were all here on this forum and on Twitter and everywhere)
And back to what I said earlier, Buhari was a stubborn leader who listened to nobody not even his wife while he was in power. Tinubu fked up big time for even approving such an inhumane policy at this time but at least, he finally bowed to pressure from the masses. If it was during Buhari’s time, presidency wouldn’t talk anybody until after several months later. Leadership should be about listening.

Blazetrailer:
Correction. Nigeria has a dunce for a President. All events have shown Buhari to be a better manager of the economy than this fraud.

I never imagined that I will accept that an illiterate like Buhari will understand the negative implications of devaluing the naira against the IMF/World Bank advice better than the "first class accountant with CPA and master strategist".

I never believed I would accept that in a lifetime

My friend, you are actually the illiterate here. What you are seeing today is actually the actual value of the Naira and what it should be since the time of Jonathan. This is not me crediting him but devaluing the naira isn’t the root cause of the problem but the troubling discrepancy in the importation to exportation ratio is.
Nigeria has always had a higher demand for the US dollars and foreigners aren’t seeking to buy our naira because they just don’t need it because we aren’t PRODUCING AND SELLING tangible things to them. Your currency becomes valueless if nobody wants it. Nigeria’s economy is import-dependent. We buy virtually everything we need from abroad using the scarce US dollars. It’s that simple and it’s no rocket science.
I would have thought you were economically exposed if you had said Tinubu isn’t encouraging aggressive exportation practice just like his failed predecessors but praising Buhari (another failed illiterate) is the height of it all. Buhari as how?
In fact, all of them are failures including Peter Obi and Mikano, the two notorious importers.

Babangidapikin:

Hmmm this is law passed, I don't think it is cluelessness rather it shows our National Assembly members need to work on their maths skill set ...

Ok, you have a point there, about our lawmakers.
but are the lawmakers still autonomous, as they ought to be, to the extent of checkmating the executive arm of government ?

This money will be removed secretly without being noticed from your account. Some banks are very clever. They will call it another bogus name.

CaptainStephen:
This why you do not have civilians as NSA, the business of the ONSA is not revenue generation.

This Ribadu man is a terrible choice.

Did you read the part below?

“If you look at it, the law predates the Tinubu administration. It was enacted in 2015 and signed by Goodluck Jonathan. It is only being implemented now.

Ribadu is a civilian? Someone who rose to the rank of an AIG in police and headed EFCC as a policeman? Haaa...you don't know what you're saying.

smileyoo:
Ok, you have a point there, about our lawmakers.
but are the lawmakers still autonomous, as they ought to be, to the extent of checkmating the executive arm of government ?

You know the answer na ...

Eniitankorede:



Nobody can lecture me on high taxes. The west changes more taxes than Africans. They never amended the law. It is still as Jonathan signed it. Yes individuals are not included and CBN was wrong in doing so. But Jonathan signed the law.

I am a business man that have running my own businesses for over 20 years. Furthermore, I lived in the UK for a short period, so I can compare the taxes between both countries. Yes, official taxes in the west are higher than that of Nigeria and poor African countries in general, but that's very deceptive. If you take account hidden, unofficial, illegal and unofficial taxes, Nigerians pay way more taxes than the west.

First and foremost, as an import dependent country, import duties are way higher than those of the west. Import duties on essential food such is rice is 60%, that on flour is 70%. Then there are other duties and levies just to clear your container from the ports.

To set up businesses is another ball game entirely, you are expected to deal with so many government parastatals, both federal and state with each collecting one fee or the other. I run a logistics business, I have to pay for road Worthiness certificate every 6 months for every vehicle. That's apart from numerous other particulars I have to renew yearly, ie CMR, Hackney permit, and even proof of ownership is to be renewed yearly now. If you are running a commercial transportation business, you will pay over 30% of your daily earnings on various types of taxes both legal and illegal. Then there is the ubiquitous 7.5% VAT
All these are apart from SMS charges, stamp duty charges, etc on electronic bank transfers.

wirinet:


I am a business man that have running my own businesses for over 20 years. Furthermore, I lived in the UK for a short period, so I can compare the taxes between both countries. Yes, official taxes in the west are higher than that of Nigeria and poor African countries in general, but that's very deceptive. If you take account hidden, unofficial, illegal and unofficial taxes, Nigerians pay way more taxes than the west.

First and foremost, as an import dependent country, import duties are way higher than those of the west. Import duties on essential food such is rice is 60%, that on flour is 70%. Then there are other duties and levies just to clear your container from the ports.

To set up businesses is another ball game entirely, you are expected to deal with so many government parastatals, both federal and state with each collecting one fee or the other. I run a logistics business, I have to pay for road Worthiness certificate every 6 months for every vehicle. That's apart from numerous other particulars I have to renew yearly, ie CMR, Hackney permit, and even proof of ownership is to be renewed yearly now. If you are running a commercial transportation business, you will pay over 30% of your daily earnings on various types of taxes both legal and illegal. Then there is the ubiquitous 7.5% VAT
All these are apart from SMS charges, stamp duty charges, etc on electronic bank transfers.

Okay here is my perspective: I have worked for many years in both Nigeria and UK and I have been a company director in UK. I also imported items into BNigeria and into UK from China. I also imported into Nigeria from UK. I can confidently tell you that the import charges are lower in Nigeria when you compare using exchange rates. Company taxes are lower in UK when compared to Nigetia but PAYE tax and VAT is higher in UK, far far higher, than Nigeria.

Eniitankorede:




Okay here is my perspective: I have worked for many years in both Nigeria and UK and I have been a company director in UK. I also imported items into BNigeria and into UK from China. I also imported into Nigeria from UK. I can confidently tell you that the import charges are lower in Nigeria when you compare using exchange rates. Company taxes are lower in UK when compared to Nigetia but PAYE tax and VAT is higher in UK, far far higher, than Nigeria.

Import duties in Nigeria depends on the items you are importing. Duties on items like vehicles, rice, flour are higher in Nigeria than in the UK. Maybe the items you are importing into Nigeria command lower duty/taxes. Remember duties are calculated based on the cost price of the item, so exchange rate will not necessarily matter.

As I reiterated, official taxes are way higher in the UK, but if you now add unofficial and illegal taxes collected by the various governments - local, State and federal, you will see thar we pay much higher taxes.
For example, Local Government officials came to my wife's shop (a small eatery) just last week, They brought a bill of N25k for health inspection and some other fees. My wife's business has been poor this year given the high cost of flour, sugar, butter/margarine, etc. From a staff of three, she only have one girl working in the shop. This is apart from other taxes from state and federal government she is expected to pay yearly.

If you have imported items into Nigeria, then tell me how much you paid in getting your container from the ports to your warehouse. Now, if your warehouse is in Lagos or Ogun State, then maybe the cost of transportation to your warehouse would be lower than that of the UK, but if you are transportating to Aba, Kano or Abuja, the amount of illegal taxes/fees right from the port gate to each police check point, custom/quarantine check point, etc., in addition to the transportation would be far higher than that you will pay to get your warehouse in the UK.

wirinet:


I am a business man that have running my own businesses for over 20 years. Furthermore, I lived in the UK for a short period, so I can compare the taxes between both countries. Yes, official taxes in the west are higher than that of Nigeria and poor African countries in general, but that's very deceptive. If you take account hidden, unofficial, illegal and unofficial taxes, Nigerians pay way more taxes than the west.

First and foremost, as an import dependent country, import duties are way higher than those of the west. Import duties on essential food such is rice is 60%, that on flour is 70%. Then there are other duties and levies just to clear your container from the ports.

To set up businesses is another ball game entirely, you are expected to deal with so many government parastatals, both federal and state with each collecting one fee or the other. I run a logistics business, I have to pay for road Worthiness certificate every 6 months for every vehicle. That's apart from numerous other particulars I have to renew yearly, ie CMR, Hackney permit, and even proof of ownership is to be renewed yearly now. If you are running a commercial transportation business, you will pay over 30% of your daily earnings on various types of taxes both legal and illegal. Then there is the ubiquitous 7.5% VAT
All these are apart from SMS charges, stamp duty charges, etc on electronic bank transfers.

Emphasis on the bolded...

Everyone wants a piece.. NPF, FRSC, VIO, even LASTMA. not to mention council thugs and NURTW thugs...

There's even some nameless ones that focuses on only loaded vehicles. Even if there's nothing in the drums (my goods are always in drums), the eediots will still vawulently and forcefully take money for carrying something in the truck...

How else will business people get back all these expenses if not from the same goods they're selling? Price of things go hard to come down abeg .

This is the most stupid response I have ever received on currency and international economics.

To start with, this fellow assumed that the Naira(a currency that is not traded internationally) was allowed to float and to find its natural course. At the that point, I understood he is just like other gullible Nigerians that have been fooled to think that what happened in June 2023 was the government allowing the naira to float to find its value rather than devaluation. Even when all other international financial bodies like World Bank/IMF/AfDB,) and world's rating agencies(Moodys/Standards and Poor, etc.), and Financial magazines with experts all around the world (Financial times; Bloomberg; Economist, etc) have clearly called it out as devaluation. The government is still behind, determining supply. The Nigerian government devalued the currency for obvious reasons, to attract investors, increase its revenue to fund the budget and other pecuniary reasons as it may be known to them.

https://www.ft.com/content/1729aa7c-3f92-4ff7-9310-c79b5e5cdb84
https://www.reuters.com/world/africa/nigerias-latest-devaluation-may-be-turning-point-currency-reform-drive-2024-02-05/
https://www.bloomberg.com/news/articles/2023-06-12/devaluation-in-nigeria-s-naira-in-focus-after-emefiele-ousted?embedded-checkout=true

Again, the dunce has posited that it is only because Nigeria produces very little that the naira became unattractive. World bank statistics have shown that to be completely incorrect. There are countries with very little production (e.g Jordan, with 86% of GDP imported, and GDP of $46.3bn-2021, currency is 4th strongest in the world at $1.00= D0.71 Jordanian dinar), Brunei, Bulgaria, etc,(to limit it to countries within the same bracket as Nigeria) with far lower GDP in terms of productivity and also highly import dependent but with stronger economies and currencies.

Again, stating that that Nigeria's currency is taking a hit because we are import dependent is not only dim-witted, also shows people with lack of depth in reasoning. No wonder the government keeps trying the same thing and expecting different results when the citizenry is as dumb as this. For context, there are countries that are far more import dependent compared to their exports and GDP than Nigeria and they are doing much better now compared to Nigeria. For instance, (1)Singapore. their Imports as % of GDP, 2022 150.3% (World Bank Statistics) regarded as the 3rd highest in the world.(2) Ireland Imports as % of GDP, 2022: 144.32%(World bank), regarded as the 7th highest in the world(again, selecting countries within Nigeria's range). Yet these counties have not had it as terrible as Nigeria has and going to have soon.

Nigeria's problems are corruption and dearth of ideas. One wonders when an illiterate could keep the economy as the 1st in Africa, and projected to grow exponentially by forecasts for many years but the so called "literates" came and plundered it to the 4th and contracting less than a year.

There is a reason London remains a strong financial centre for investments over and over again despite dwindling economy and declining production of the British economy. Go figure it out. Ode!

I thought he had a different perspective to what is already in the public domain, I did not know he will keep repeating the lazy beer parlour rubbish that have been mooted over and over again.

Morphinne:

My friend, you are actually the illiterate here. What you are seeing today is actually the actual value of the Naira and what it should be since the time of Jonathan. This is not me crediting him but devaluing the naira isn’t the root cause of the problem but the troubling discrepancy in the importation to exportation ratio is.
Nigeria has always had a higher demand for the US dollars and foreigners aren’t seeking to buy our naira because they just don’t need it because we aren’t PRODUCING AND SELLING tangible things to them. Your currency becomes valueless if nobody wants it. Nigeria’s economy is import-dependent. We buy virtually everything we need from abroad using the scarce US dollars. It’s that simple and it’s no rocket science.
I would have thought you were economically exposed if you had said Tinubu isn’t encouraging aggressive exportation practice just like his failed predecessors but praising Buhari (another failed illiterate) is the height of it all. Buhari as how?
In fact, all of them are failures including Peter Obi and Mikano, the two notorious importers.

lol...

Babangidapikin:

Oga face front with your toxic mouth...

...why do you think other previous NSAs quietly dodged the bullet and only the foolish one deemed it necessary to implement?

If you cant see that you are the stupid one here, then, I hope you do not father any children, because you will create more problems for that society, with more imbeciles like you from your loins.

Eniitankorede:




Only stupid person say what you just wrote. What’s the purpose of making a law? Was Jonathan drinking whisky when he signed it?

wirinet:


Import duties in Nigeria depends on the items you are importing. Duties on items like vehicles, rice, flour are higher in Nigeria than in the UK. Maybe the items you are importing into Nigeria command lower duty/taxes. Remember duties are calculated based on the cost price of the item, so exchange rate will not necessarily matter.

As I reiterated, official taxes are way higher in the UK, but if you now add unofficial and illegal taxes collected by the various governments - local, State and federal, you will see thar we pay much higher taxes.
For example, Local Government officials came to my wife's shop (a small eatery) just last week, They brought a bill of N25k for health inspection and some other fees. My wife's business has been poor this year given the high cost of flour, sugar, butter/margarine, etc. From a staff of three, she only have one girl working in the shop. This is apart from other taxes from state and federal government she is expected to pay yearly.

If you have imported items into Nigeria, then tell me how much you paid in getting your container from the ports to your warehouse. Now, if your warehouse is in Lagos or Ogun State, then maybe the cost of transportation to your warehouse would be lower than that of the UK, but if you are transportating to Aba, Kano or Abuja, the amount of illegal taxes/fees right from the port gate to each police check point, custom/quarantine check point, etc., in addition to the transportation would be far higher than that you will pay to get your warehouse in the UK.

Illegal taxes are what your group of importers must fight to stop. That’s why an association is needed to fight such illegal taxes. I agree with you that the local government disturbs businesses a lot. I opened a pure water factory for people and the local government keeps disturbing them. But the association is fighting back because most of these levies are illegal. You guys should form an association, get a lawyer to fight the illegalities.