SamReinvented:


I’ve not seen anyone in Nigeria who pays up to 50% of their income as tax. Yes... like half of your income. Sounds ridiculous? Well, that’s how much some people pay on just their income in developed countries. You’d rarely find anyone whose TOTAL tax makes up to 10% of what they earn in Nigeria.

Sorry, but Nigerians are heavily undertaxed. And it shows in our balance sheets, even when we compare our total revenues to other African countries, despite oil still shoring it up significantly. Without oil receipts, Nigeria would not even be able to survive. There’s basically no tax revenue. First, there’s the low tax base, and the very few people captured in the tax net pay very low percentages.

Nigerians are definitely undertaxed, but the social contract between the government and the people fell apart long ago, and increased taxation will definitely be met with resistance as long as people perceive their money as going toward funding Aisha Buhari's Neck Pain Adventures to Dubai or buying 2020 Camrys for a bunch of idlers. In other words, the only feasible way the government can seriously raise revenue apart is by putting more people into the tax net with new indirect taxes.

Lazyyouth4u:

My brother, health insurance contribution isn’t a government tax. Please go and read how health insurance works and you will understand where I’m coming from. You clearly do not know how it works.

Define “Tax”. Please don’t abuse me o. I just want to learn as a humble student.

SamReinvented:


I’ve not seen anyone in Nigeria who pays up to 50% of their income as tax. Yes... like half of your income. Sounds ridiculous? Well, that’s how much some people pay on just their income in developed countries. You’d rarely find anyone whose TOTAL tax makes up to 10% of what they earn in Nigeria.

Sorry, but Nigerians are heavily undertaxed. And it shows in our balance sheets, even when we compare our total revenues to other African countries, despite oil still shoring it up significantly. Without oil receipts, Nigeria would not even be able to survive. There’s basically no tax revenue. First, there’s the low tax base, and the very few people captured in the tax net pay very low percentages.

Say what!!! 10%?
If you work in a corporate environment you can't pay less than 20% of your gross earnings.
I pay 22% with virtually non existent infrastructure

Cyberknight:


Nigerians are definitely undertaxed, but the social contract between the government and the people fell apart long ago, and increased taxation will definitely be met with resistance as long as people perceive their money as going toward funding Aisha Buhari's Neck Pain Adventures to Dubai or buying 2020 Camrys for a bunch of idlers. In other words, the only feasible way the government can seriously raise revenue apart is by putting more people into the tax net with new indirect taxes.

This is also true... sadly

What a character, lazyyouth4you alias TransAthlanticEx are now the biggest abusers in nairaland, and same person is trying to proffer solutions to our problems in Nigeria with their questionable characters.

SamReinvented:


Define “Tax”. Please don’t abuse me o. I just want to learn as a humble student.

SamReinvented:

These kinds of outrageously expensive schools already exist in cities across the country. They are a thriving business in cities like Ilorin, Abeokuta, Kano, Kaduna, etc. You’d find lots of them in those cities. Yes, there’s a market but have you actually been to those schools? Those schools are a totally different world.

The facility is much better than the average school abroad in fact. The teachers they use are paid very high salary. Their recreational centres are total luxury. The classes are fully air conditioned. Their labs (both science and arts) are fully equipped (In every sense of the word). etc...

You’d need really deep pockets to be able to compete against these established options. If you have that deep pocket, then this is indeed a lucrative business. If not, there’s no way to make it work... cos rich people paying that high won’t accept “patch patch”... “help us manage”.

Something is still not right, money bags or even middle class spent so much on tuition fees for their children, but same money bags politicians won't create industries. They prefer to buy mansions in UAE, US, UK etc.
After graduating, just a micro % of these children have entrepreneur skills, they still end up in the labour market competing for scarce and poorly paid jobs. While some depend on the parents for stipend long after graduating.
While it is good to have quality education, conducive environment and opportunities is equally needed else the only advantage for all these posh schools will be spoken English which does the nation no good

Compulsory payments used to fund national public healthcare systems and social security contributions are all taxes.

...

RayRay06677:
Yankee is not heaven

Lol... Watch how they will gather and start giving silly explanations about how those people in the picture are living better lives than Dangote in Nigeria

SamReinvented:


I’ve not seen anyone in Nigeria who pays up to 50% of their income as tax. Yes... like half of your income. Sounds ridiculous? Well, that’s how much some people pay on just their income in developed countries. You’d rarely find anyone whose TOTAL tax makes up to 10% of what they earn in Nigeria.

Sorry, but Nigerians are heavily undertaxed. And it shows in our balance sheets, even when we compare our total revenues to other African countries, despite oil still shoring it up significantly. Without oil receipts, Nigeria would not even be able to survive. There’s basically no tax revenue. First, there’s the low tax base, and the very few people captured in the tax net pay very low percentages.

I would be a fool to doubt the theories of taxation and economics but things dont really look the same from the ivory tower as on the field, one reason African researchers are taken for granted is that the never go to the fields, citing figures that come to Buhari and Emefelie table does not give the true picture of the situation on ground

The average tax collector knows how to collect his tax even down to the worker that has no BVN........ They have developed their methods though un-conventional............

If only you can phanthom the humongous amount that should enter state coffers going into individual pockets........


Anyway I give up and would just reason along with you guys but I know reality is otherwise

ultron12345:


Which ASUU?
ASUU that I will break up in the first week if I am president.
How can employees be dictating to their employers? If they don't like their employers policies, then they can resign. Do they try this rubbish at private universities?

Give a live broadcast
Tell all ASUU members to report back to work the next Monday.
Give all ASUU executives at the national, state, and university levels 48hrs to publicly resign from their ASUU positions and denounce the union.
Tell them that those that fail to report back to work (without good reason) and executives that fail to resign will be sacked and sanctioned in the following ways. Passports seized or rendered invalid. Their bank accounts will be frozen. They will be forever blacklisted from working at any government owned institution in Nigeria, be it federal or state. Any state that goes against this and employs any blacklisted staff will be made to forfeit their monthly allocation. The blacklist will also extend to the private sector. Any private entity that employs them will be sanctioned. If you as a bank employment then, then get ready to say goodbye to all government accounts and funds in your bank. If you as a construction company or auditing firm hire them, get then say goodbye to government contracts. Not only will government business be taken away from such private firms, government business will also be taken away from other private firms that patronize these sanctioned private firms. The DSS can even get involved to make ASUU top executives start "disappearing" and getting "kidnapped by unknown gunmen"

I knew it... From the very day I read your school business idea and even daring to make secular to the extent of teaching the CCP policies so that Chinese children can attend... I also knew that if you were president of Nigeria,you wouldn't mind being worst than buhari or Abacha or IBB

Please iam not trying to cause fight oh... It's just another opinion from an unknown somebody.

SamReinvented:


Define “Tax”. Please don’t abuse me o. I just want to learn as a humble student.

Tax is a compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions. Government can use this tax to do whatever it wants to including providing healthcare for its citizens through government owned hospitals.

Under the NHIS, contributions of public and private sector employees are deducted from their salaries and this enables them to access health care services in hospitals registered with the NHIS. Essentially (and in its simplest form), the healthcare costs of contributors are paid from the common pool of funds contributed by the participants of the Scheme. You have to be enrolled to participate.

So to summarize, tax is mandatory by the government while health insurance contributions are basically your premiums that are deducted by your employer and paid to the NHIS on your behalf.

The NHIS is currently working to include the poor and informal sector workers in this scheme. They are working with the Telcos like MTN, Airtel and Glo on this initiative but it is not mandatory. It’s almost like financial inclusion for the rural guys. You educate the rural guys on the the benefits of health insurance and then they can enrol by making their premiums using their phones and dialing a number. The premiums are as low as 1k per month for some plans (not sure if they have lower premiums) and this enables them to access healthcare in registered hospitals.

Lol... Some people here are really doubting this fact that nigerians pay little to no tax.

Funny how they always jump when oyinbo says 90% of Nigerians are living in poverty, but when they say our taxation rate is one of the lowest in the world, they start doubting. People will only believe what they want to hear sha.

Anyone honest person who has lived abroad will tell you Nigerians don't pay tax. Whatever tax you think you're paying here is nothing compared to other countries, even our African neighbours. I have done trading in Nigeria and in some of our neighboring ecowas countries, and I can tell you that what you'll pay as tax plus union fees in Nigeria is just about one-third of what you'll pay as only tax in other countries, before you'll start adding union fees. Among the ecowas countries I've done business in, Chad seems to be the charge the least taxes yet it's still more expensive than what Nigeria charges. Ghana is the most expensive. No wonder they have tax to GDP at over 20%.

Even the tax sef, let's take the tiny percentage of Nigerians that pay it. What is the tax rare? Is it not about 6 abi 7% for a start. By the time you deduct all the allowances and rest deductibles, the effective rate will be 1 or 2%. Abi is it not in this country where I've seen civil servant payslips where tax will be N300.

Same thing reflects in our VAT. From 5%, it went up to 7.5%. Nigerians were complaining even when it's still among the least in the world and even amongst our neighbors. Cameroon is 19.25%. Niger is 19%. Benin, Chad, Togo are 18%.

Someone was even up there saying almost everyone both in the formal and informal sector currently contributes to NHIS. Seems many people on this thread don't actually live in Nigeria.

Well sha, saying something is expensive is relative. Based on our experience, we feel fuel of N160 is expensive, even when it is about N400 in countries like Niger and Ghana, both with lower minimum wages than Nigeria.

ultron12345:
Lol... Some people here are really doubting this fact that nigerians pay little to no tax.

Funny how they always jump when oyinbo says 90% of Nigerians are living in poverty, but when they say our taxation rate is one of the lowest in the world, they start doubting. People will only believe what they want to hear sha.

Anyone honest person who has lived abroad will tell you Nigerians don't pay tax. Whatever tax you think you're paying here is nothing compared to other countries, even our African neighbours. I have done trading in Nigeria and in some of our neighboring ecowas countries, and I can tell you that what you'll pay as tax plus union fees in Nigeria is just about one-third of what you'll pay as only tax in other countries, before you'll start adding union fees. Among the ecowas countries I've done business in, Chad seems to be the charge the least taxes yet it's still more expensive than what Nigeria charges. Ghana is the most expensive. No wonder they have tax to GDP at over 20%.

Even the tax sef, let's take the tiny percentage of Nigerians that pay it. What is the tax rare? Is it not about 6 abi 7% for a start. By the time you deduct all the allowances and rest deductibles, the effective rate will be 1 or 2%. Abi is it not in this country where I've seen civil servant payslips where tax will be N300.

Same thing reflects in our VAT. From 5%, it went up to 7.5%. Nigerians were complaining even when it's still among the least in the world and even amongst our neighbors. Cameroon is 19.25%. Niger is 19%. Benin, Chad, Togo are 18%.

Someone was even up there saying almost everyone both in the formal and informal sector currently contributes to NHIS. Seems many people on this thread don't actually live in Nigeria.

Well sha, saying something is expensive is relative. Based on our experience, we feel fuel of N160 is expensive, even when it is about N400 in countries like Niger and Ghana, both with lower minimum wages than Nigeria.

They never travel na,most times they talk out of sheer ignorance.
Nigeria tax and cost of living is one of the lowest in Sub-saharan Africa.
This is the reason why Nigeria goods flood these neighbouring countries and kill their local industries,because it's too cheap since proper taxing like the rest of them is absent in Nigeria.
Ignorant people everywhere.

Aquilapriscilla:


I knew it... From the very day I read your school business idea and even daring to make secular to the extent of teaching the CCP policies so that Chinese children can attend... I also knew that if you were president of Nigeria,you wouldn't mind being worst than buhari or Abacha or IBB

Please iam not trying to cause fight oh... It's just another opinion from an unknown somebody.

What exactly is wrong with a secular school? A secular school is a school that does not identify with any religion, unlike Islamic schools or catholic schools that clearly identify with different religions. There are many secular schools in Nigeria already. What's bad there?

What's bad in teaching Chinese curriculum to kids of Chinese expatriates in Nigeria. Just as American, French, British kids have access to their home country curricula in Nigeria, why can't Chinese kids have same?

If I am president, there will be rapid development, but I will also be a no-nonsense abacha-like president in terms of discipline. Plenty of Nigerians will run away from the country not because of lack of development but because they'll be severely and thoroughly dealt with if they try that their lawless attitude that they're used to. You think I will build road as president then you will go and litter it and go scot free. Or after putting barriers between road and building pedestrian bridges, you will abandon the bridges and destroy the barriers to you can cross the road "quickly". I will deal with such people ruthlessly.

Nigerians will become wealthy and enjoy development and good social amenities but anyone who wants show that their "Nigeria character" will be beaten back into line.

Go and hang wire to tap light or bypass meter under my presidency and see what will happen. You will regret the day you were born.

E be like say some people don switch lanes .


Just arguing for arguments sake.

Are Nigerian's actually passionate about putting things in order.

Na wa oh

ultron12345:


What exactly is wrong with a secular school? A secular school is a school that does not identify with any religion, unlike Islamic schools or catholic schools that clearly identify with different religions. There are many secular schools in Nigeria already. What's bad there?

What's bad in teaching Chinese curriculum to kids of Chinese expatriates in Nigeria. Just as American, French, British kids have access to their home country curricula in Nigeria, why can't Chinese kids have same?

If I am president, there will be rapid development, but I will also be a no-nonsense abacha-like president in terms of discipline. Plenty of Nigerians will run away from the country not because of lack of development but because they'll be severely and thoroughly dealt with if they try that their lawless attitude that they're used to. You think I will build road as president then you will go and litter it and go scot free. Or after putting barriers between road and building pedestrian bridges, you will abandon the bridges and destroy the barriers to you can cross the road "quickly". I will deal with such people ruthlessly.

Nigerians will become wealthy and enjoy development and good social amenities but anyone who wants show that their "Nigeria character" will be beaten back into line.

Go and hang wire to tap light or bypass meter under my presidency and see what will happen. You will regret the day you were born .

the bolded is same with me.

ultron12345:
Lol... Some people here are really doubting this fact that nigerians pay little to no tax.

Funny how they always jump when oyinbo says 90% of Nigerians are living in poverty, but when they say our taxation rate is one of the lowest in the world, they start doubting. People will only believe what they want to hear sha.

Anyone honest person who has lived abroad will tell you Nigerians don't pay tax. Whatever tax you think you're paying here is nothing compared to other countries, even our African neighbours. I have done trading in Nigeria and in some of our neighboring ecowas countries, [/b]and I can tell you that what you'll pay as tax plus union fees in Nigeria is just about one-third of what you'll pay as only tax in other countries[b], before you'll start adding union fees. Among the ecowas countries I've done business in, Chad seems to be the charge the least taxes yet it's still more expensive than what Nigeria charges. Ghana is the most expensive. No wonder they have tax to GDP at over 20%.

Even the tax sef, let's take the tiny percentage of Nigerians that pay it. What is the tax rare? Is it not about 6 abi 7% for a start. By the time you deduct all the allowances and rest deductibles, the effective rate will be 1 or 2%. Abi is it not in this country where I've seen civil servant payslips where tax will be N300.

Same thing reflects in our VAT. From 5%, it went up to 7.5%. Nigerians were complaining even when it's still among the least in the world and even amongst our neighbors. Cameroon is 19.25%. Niger is 19%. Benin, Chad, Togo are 18%.

Someone was even up there saying almost everyone both in the formal and informal sector currently contributes to NHIS. Seems many people on this thread don't actually live in Nigeria.

Well sha, saying something is expensive is relative. Based on our experience, we feel fuel of N160 is expensive, even when it is about N400 in countries like Niger and Ghana, both with lower minimum wages than Nigeria.

You simply trying hard to change the narrative, no body has argued that Nigerian pays the highest tax in the world or Africa. The figures you put up there are blatant lies.
If you earn salary, you pay max 24% of the gross income. If your own company do less ,then they are liable and fraudulent. What people argue against is to ensure accountability and block leakages.
Most of the tax from the informal sectors are huge but go into private pockets (politicians, touts, local chief)etc
I can bet that you don't pay half of what an average dando drivers pay in one month, per trip he pays N700, multiply that by min of 5 trips per day. In Lagos even those hawking pure water collects ticket, not to talk of okada riders, even the Chadian that pack waste do pay daily tax. All these monies goes into private pockets.
Govt should be sincere, block leakage and seen to be honest before talking of increasing tax rates.

By the way, income tax rate across Africa is readily available on the net, so I don't know where derive your fact from.

DigitalMallam:

You simply trying hard to change the narrative, no body has argued that Nigerian pays the highest tax in the world or Africa. The figures you put up there are blatant lies.
If you earn salary, you pay max 24% of the gross income. If your own company do less ,then they are liable and fraudulent. What people argue against is to ensure accountability and block leakages.
Most of the tax from the informal sectors are huge but go into private pockets (politicians, touts, local chief)etc
I can bet that you don't pay half of what an average dando drivers pay in one month, per trip he pays N700, multiply that by min of 5 trips per day. In Lagos even those hawking pure water collects ticket, not to talk of okada riders, even the Chadian that pack waste do pay daily tax. All these monies goes into private pockets.
Govt should be sincere, block leakage and seen to be honest before talking of increasing tax rates.

By the way, income tax rate across Africa is readily available on the net, so I don't know where derive your fact from.

Add VAT to these and you'll know you don't pay tax here.
You pay 24% tax + recently added 7.5% VAT.
others pay an average of 40% tax + an avg of 20% VAT.
So,how do you even begin to compare these numbers?
That is why in countries like Ivory coast and the rest,the purchasing power for some things asides basic stuff is very low.
That is why an average ivorian cant even afford a 2008 C300,if you drive such there you are a boss,while this same car is super old to an average Nigerian.
Coupled with high fuel price.
Bros,don't ever compare Nigeria tax system with any sub saharan country's tax system,Nigeria could pass for the lowest in Africa,plus lots of subsidies here and there to help.
They all drive 90s and early 2000s cars in these country's (especially CIV),despite their beautiful cities.
Na city you go chop?

ultron12345:
Lol... Some people here are really doubting this fact that nigerians pay little to no tax.

Funny how they always jump when oyinbo says 90% of Nigerians are living in poverty, but when they say our taxation rate is one of the lowest in the world, they start doubting. People will only believe what they want to hear sha.

Anyone honest person who has lived abroad will tell you Nigerians don't pay tax. Whatever tax you think you're paying here is nothing compared to other countries, even our African neighbours. I have done trading in Nigeria and in some of our neighboring ecowas countries, and I can tell you that what you'll pay as tax plus union fees in Nigeria is just about one-third of what you'll pay as only tax in other countries, before you'll start adding union fees. Among the ecowas countries I've done business in, Chad seems to be the charge the least taxes yet it's still more expensive than what Nigeria charges. Ghana is the most expensive. No wonder they have tax to GDP at over 20%.

Even the tax sef, let's take the tiny percentage of Nigerians that pay it. What is the tax rare? Is it not about 6 abi 7% for a start. By the time you deduct all the allowances and rest deductibles, the effective rate will be 1 or 2%. Abi is it not in this country where I've seen civil servant payslips where tax will be N300.

Same thing reflects in our VAT. From 5%, it went up to 7.5%. Nigerians were complaining even when it's still among the least in the world and even amongst our neighbors. Cameroon is 19.25%. Niger is 19%. Benin, Chad, Togo are 18%.

Someone was even up there saying almost everyone both in the formal and informal sector currently contributes to NHIS. Seems many people on this thread don't actually live in Nigeria.

Well sha, saying something is expensive is relative. Based on our experience, we feel fuel of N160 is expensive, even when it is about N400 in countries like Niger and Ghana, both with lower minimum wages than Nigeria.

My definition of tax is when an authority(the Government) takes away part of my income for the well-being of the collective(society)................. I definitely would be a fool if I doubt your statistics............................................

There is a practice currently going on in nigerian cities................... People are made to give up as much as 6-8 months salary................. The fact that nobody is saying it does not mean it is not happening especially people from low income bracket.........



Imagine such money genuinely entering Government quarters

TransAtlanticEx:
Add VAT to these and you'll know you don't pay tax here.
You pay 24% tax + recently added 7.5% VAT.
others pay an average of 40% tax + an avg of 20% VAT.
So,how do you even begin to compare these numbers?
That is why in countries like Ivory coast and the rest,the purchasing power for some things asides basic stuff is very low.
That is why an average ivorian cant even afford a 2008 C300,if you drive such there you are a boss,while this same car is super old to an average Nigerian.
Coupled with high fuel price.
Bros,don't ever compare Nigeria tax system with any sub saharan country's tax system,Nigeria could pass for the lowest in Africa,plus lots of subsidies here and there to help.
They all drive 90s and early 2000s cars in these country's (especially CIV),despite their beautiful cities.
Na city you go chop?

I just tire for am oo

No matter how one wants to look at it, taxes charged in Nigeria are one of the least in the world. Taxes eventually paid are much less, plus a lot of subsidies on top like you said. The maximum 24% he's even talking about is still among the least on that list he put up there.

That is why Ghana with 30M people and a $60B economy easily funds a $14B annual budget (that is $466 per citizen, almost 5x more than Nigeria's figure as we'll see next) while Nigeria with 200M people and an economy of almost $500B has to struggle and enter neck-deep into debt to fund a measly $25B budget ($125 per citizen, out of which we will still pay numerous subsidies wihich Ghana doesn't pay with its $466 per citizen).

In this rural community where i stay, An ultra modern farm wants to expand and lay coal-tar on the access road leading to the main road, a distance of about 1km............................... The owner had to pay the local Baale(chief) #8million cash............


If such money had been tagged development fees and genuinely paid into Government coffers................. Do you know how long It would go to alleviate the problems of the masses

If All the Owo Foundation, Owo roofing collected yearly is truely accounted for and enters into Government coffers, why should the central government be crying about poor tax

If the Money generated at Lekki Toll gate is truelly spent on the development of Lekki,,,Flooding would be a thing of the past there and Lekki should be competing with Dubai now

maishai:
If All the Owo Foundation, Owo roofing collected yearly is truely accounted for and enters into Government coffers, why should the central government be crying about poor tax

You are even going too far with these. MC Olomo collects a lot of money from NURTW which is not remitted to government coffers. He uses the money to keep his wives in US and educates his kids in US schools.

maishai:
If the Money generated at Lekki Toll gate is truelly spent on the development of Lekki,,,Flooding would be a thing of the past there and Lekki should be competing with Dubai now

really....how much is the toll gate generating? ....13m daily that around 40k dollars daily x30 1.2m dollars per month x12 =14.4m dollars per anum ....so 14m dollars can covert lekki to dubai? Only the metro is in billions of dollars

ultron12345:


What exactly is wrong with a secular school? A secular school is a school that does not identify with any religion, unlike Islamic schools or catholic schools that clearly identify with different religions. There are many secular schools in Nigeria already. What's bad there?

What's bad in teaching Chinese curriculum to kids of Chinese expatriates in Nigeria. Just as American, French, British kids have access to their home country curricula in Nigeria, why can't Chinese kids have same?

If I am president, there will be rapid development, but I will also be a no-nonsense abacha-like president in terms of discipline. Plenty of Nigerians will run away from the country not because of lack of development but because they'll be severely and thoroughly dealt with if they try that their lawless attitude that they're used to. You think I will build road as president then you will go and litter it and go scot free. Or after putting barriers between road and building pedestrian bridges, you will abandon the bridges and destroy the barriers to you can cross the road "quickly". I will deal with such people ruthlessly.

Nigerians will become wealthy and enjoy development and good social amenities but anyone who wants show that their "Nigeria character" will be beaten back into line.

Go and hang wire to tap light or bypass meter under my presidency and see what will happen. You will regret the day you were born.

But on a serious note,I need this type of leader. Who knows I might change my ways...

ultron12345:


What exactly is wrong with a secular school? A secular school is a school that does not identify with any religion, unlike Islamic schools or catholic schools that clearly identify with different religions. There are many secular schools in Nigeria already. What's bad there?

What's bad in teaching Chinese curriculum to kids of Chinese expatriates in Nigeria. Just as American, French, British kids have access to their home country curricula in Nigeria, why can't Chinese kids have same?

If I am president, there will be rapid development, but I will also be a no-nonsense abacha-like president in terms of discipline. Plenty of Nigerians will run away from the country not because of lack of development but because they'll be severely and thoroughly dealt with if they try that their lawless attitude that they're used to. You think I will build road as president then you will go and litter it and go scot free. Or after putting barriers between road and building pedestrian bridges, you will abandon the bridges and destroy the barriers to you can cross the road "quickly". I will deal with such people ruthlessly.

Nigerians will become wealthy and enjoy development and good social amenities but anyone who wants show that their "Nigeria character" will be beaten back into line.

Go and hang wire to tap light or bypass meter under my presidency and see what will happen. You will regret the day you were born.

one can't achieve this in a democratic society.. it's only in a military regime you can do this without questions..

You think if this is military regime, ASUU will be playing ping pong with fg and Buhari?

ahiboilandgas:
really....how much is the toll gate generating? ....13m daily that around 40k dollars daily x30 1.2m dollars per month x12 =14.4m dollars per anum ....so 14m dollars can covert lekki to dubai? Only the metro is in billions of dollars

ok o

maishai:
If the Money generated at Lekki Toll gate is truelly spent on the development of Lekki,,,Flooding would be a thing of the past there and Lekki should be competing with Dubai now

Most of the revenue generated from that toll road is used to service LCC’s huge loan obligations to local and international lenders that financed the project.

awesomeJ:
tnota,
you may check cscs 2018 annual report. Things are so clearly spelt out there.

CSCS makes money from charges on our trades on the NSE, but almost half of their revenue is from T-bills and bond interest.

They had PBT of about 6bn in 2018, and while their tax should have been 1.8bn at 30% rate, it was just under 600m.
They clearly stated that 3.8bn of their income was not taxable. That 3.8bn was the portion of their interest that came from T-bills and bonds.

see notes 10 and 13. note 13 is on page 107.

However they paid about 1.2bn eventually due to excess dividend tax.

I deduce the rule guiding the excess dividend tax is that. even though they were not liable to pay CIT on t-bills and bonds earnings, if they diststribute dividends to their owners, the dividends must be such that 30% of it equals or less that the CIT they already paid.

so if you don't distribute dividends, you can avoid CIT altogether.

Happy new month everyone.

it's a new day, a new week, and a new month.

Go to church.

Thank you so much. While I was going through the financial statements of companies quoted on the NSE, I observed that a good number of major shareholders (shareholders holding 5% and above of issued shares) prefer to hold their shares through legal entities, not in their personal names.

MrMcJay, thank you too, for educating us on the importance of holding real estate via a legal entity.

Happy New Month to all the good people of Nigeria.