₦airaland Forum

DeejaywonDJ1:
Nigerians will surely abuse the system if it's put in place. That's why they only give loans to people with good financial credit rating like business owners and salary earners. Nigerian will collect loan for business and use it for wedding, burial and different types of frivolous things and in the end they will not be able to pay it back.

Nigerians already did (before many of us here were born)...
There used to be Nigerian students loans in the 1970s, and the present generation is paying for their near-UNIVERSAL defaults!
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Nigeria used to have Students' Loans during our parents' era in the 1970s (and maybe 1980s)...
But virtually NOBODY ever paid back their loans, and the FG agency probably didn't bother either.

During our parents' time, apart from university being mostly tuition-free (only boarding was paid for)....
Nigerian students got loans, bursaries, foreign and local scholarships and subsidized/free education (medical school was about N84).

They really "enjoyed" the benefits of oil boom...
And many of them (like my parents) used that education to leave Nigeria!
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Oxb90:
System that's working. Who wouldn't wish he came from a place like USA

The US criminal justice system is despicably biased against the poor and people of color (often the same)...
And with the proliferation of for-profit private prisons these days, the warehousing of poor minorities is off the charts!
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24kmagic:
Inside every 100 Nigerians, 97 are criminals or have criminal tendencies.

And out of those 97, 90 are from the southern part of the country, cos in that part of the country, they believe money must be made at all cost.

Their girls sell their bodies to make money, while their guys sell their conscience.

Spits

luckshine007:
You sound very stupid

He does sound stupid...
But he's probably speaking from the personal experience of himself and his family, so take it for whatever.
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Buyer's remorse...
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itsme01:
when they dont wana respect us ... Average Nigerians would raise atleast 10k USD on their own to travel something punk ass Americans cant raise without loan(they borrow for Phone{contracts} borrow for car and house{mortgage}), Nigerians would learn a trade, and still go for professional certication and if need be further thier studies through sweat and blood yet some scumbarg Trump thinks we are unproductive or leeches

if you see how UAE respects naija people, fish/ meat market in sharjah park they speak little nigerian major language to attract customers same as Cab drivers, and Gold solk Dubai, even radio stations jam Naija songs and they have African Music fest for Naija...

UK felt like Gods and started chasin people with student Visa out after studies.. but now with brexit in sight they are offering better visa package

last last money for US visa can be invested in a small shops anywhere and make good returns retailing simple products..

If the "average" Nigerian can raise at least 10K USD (ie, N3.5 million)....
Why not start a small trade or business here in Nigeria rather than go wipe asses in America?
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TRUMP'S MESSAGE: FIX YOUR SHI*THOLE!!
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BeerParIour:
Rubbish

Nigerian soldiers are mere bodyguards

We take soldiers out of Sambisa Forest to chaperone a Naira Marley concert...
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Urahara22:
I'm curious . Was rice consumption in the 60s low because Nigerians were damn too poor to afford rice or was it low because Nigerians didn't really fancy rice then ?

Likely both...
Before my time obviously, but TASTES have changed and rice (and bread) has become staple food.

In our parents' younger days...
Rice was apparently reserved for Sundays and occasions (Christmas, weddings, etc), and local rice was crap!
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Openbusiness:
Starting to look like a personal vendetta, not social justice. But it's not my business. My own is that God should open my file in 2020 and bless me abundantly, the way Adbulrasaq has opened Saraki file and pursuing him bumper to bumper.

Nigerian version of the Hartfields and the McCoys...
Their parents (Abdurazak’s father was first Northern SAN) politically competed against each other most of their lives.

It’s apparently now shifted to the younger generation...
Sadly now utilizing public authority and state resources for their personal beef.
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BleedTears:
E tire me oh. Even MJ with all the love and fame plus money, Celine Dion them no of them got Record Labels but 9ja just make one noise record label

BleedTears:
LOL do you know Michael Jackson or Celine Dion because they never had their own record label and am sure they made it far without owning 1

Michael Jackson certainly had his own record label, MJJ Music...

https://d1yjjnpx0p53s8.cloudfront.net/styles/logo-original-577x577/s3/112012/mjj_productions-converted.png?itok=Jn8InjV6
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Kingosytex:
People like Drake, Rihanna, CB, Nicki, Cardi B and many of the biggest names in world music industry are still under their labels. But here in Naija every body wants to be his own boss.

I wish him the best !!!!!

Not necessarily true...
Eg, Drake has OVO Sound label (though signed w/ Universal), Beyonce owns Packwood (signed w/ CBS), etc.

For a long time, most US hip-hop and some RnB artistes started record labels to OWN and retain the rights to their own music and songs, while using major labels solely for distribution purposes - unlike the African-American artistes from our parents’ and grandparents’ era who lost the rights to all of their music and songs to major labels or white middlemen. One supposes that the situation is not dissimilar in the infant and fledging NIGERIAN music industry, and most (if not all) Nigerian musicians have to basically be protective of their own IP and financial interests.
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Rossikk:
Which of your government houses are ''not standing''? NAME THEM.

Idiot slaves lining up to type rubbish in worship of their colonial oppressors that looted and shared their resources for 100 years while leaving you an undeveloped BUSH country that you still need to develop up till today.

Apart from Lugard's house or hall, or whatever you slaves call it, WHAT ELSE did he build? Power plants: 0 Universities: 0. Expressways: 0. Public Hospitals: 0. Industries: 0. Your grandparents and great-grandparents suffered in mass illiteracy, peasantry, and subjugation.

It was only after independence that a middle class emerged.

The thousands of modern facilities built by your own succeeding black govts, including the schools that educated you, you disparage and demean, while praising those who built ''long lasting, durable'' houses for themselves while looting all your resources. But they are white people, so anything they do is wonderful, even if they rape your mothers.

Stupid slaves suffering colonial mentality.

BLESS YOU!

You shouldn’t be surprised though by...
Even slavery could not have existed/survived without the help of many black people.
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Truthbites:
You sound very strange. Do u know if the whites had remained in Nigeria till 2015, Nigeria would have been Like Europe. South Africa is an example...so don't come talk 'sheet' here

South Africa may be “like Europe” physically...
But most of its indigenous (black) people live like “sheet” (to borrow your term).

Development is not about buildings, but about PEOPLE!
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LiftedMan:
So I just called the Nigerian Embassy in Qatar, And guess what? It's was Indian Guy that spoke to me, imagine that. Someone informed me that it's not strange to find foreigners working in Nigerian embassies.

Same reason that foreign embassies in Nigeria employ Nigerians.....
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Kwamecron:
We are not the same.

Thank the Lord too...
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SUPERSTITIOUS ZOO!
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Agboriotejoye:
I get you. He's saving us from ourselves and therefore deserves worship. But don't you think having benefited from the forex window, giving the refinery a tax holiday would amount to doubling the "blessings"? Let's not forget it's a private business still and according to the company, products will be sold at "international market price" whatever that means. So if we give him forex windows from our reserves and then tax breaks when it comes on, does it not look too steep a price to pay? Why can't we use the same forex to get our refineries working for example?
You also did not respond to the cost of 2bn per km. I'll like to know your thinking on dat

See the second line of my INITIAL comment...
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Agboriotejoye:
I get you. He's saving us from ourselves and therefore deserves worship. But don't you think having benefited from the forex window, giving the refinery a tax holiday would amount to doubling the "blessings"? Let's not forget it's a private business still and according to the company, products will be sold at "international market price" whatever that means. So if we give him forex windows from our reserves and then tax breaks when it comes on, does it not look too steep a price to pay? Why can't we use the same forex to get our refineries working for example?
You also did not respond to the cost of 2bn per km. I'll like to know your thinking on dat

Childish Strawman's Argument...
Dude, you can "worship" whomever you want - after all many of you are worshipping pastors and cattle rearers.

Meanwhile, on the substantive matter at hand, you are obviously not ashamed that more than 60 years after crude oil was first pumped in Nigeria your governments have spent more in the past few years importing refined products than it would cost to build more than TWO Dangote Refineries (the world's largest single-train refinery) and probably about TEN of the current refineries, in the process effectively 'subsidizing' foreign refining and logistics businesses, while unemployment ravages Nigeria. You are not even ashamed to be calling for yet more forex to be flushed down the drain on the 4 government-owned refineries, on which every so often hundreds of millions of US dollars are voted for TAM and yet they continue to perennially underperform and bleed money. Little wonder cattle rearers rise to the top of the food chain in this country.

Btw, why should the Dangote Refinery not sell its products at "international market prices" if it buys its crude oil feedstock at "international market prices"? Even a roadside Akara seller would not buy his beans, oil and pepper (or whatever else ingredients) at a high price and sell the Akara balls at a lower price. That many Nigerians (including sadly many in the government) cannot get their head around such SIMPLE and BASIC equation boggles the mind. That's why we live in a country where everyone who can afford it (and many who could barely do so) own a generator or otherwise depends on privately-generated electricity (even Aso Rock) because the government insists on an average tariff of N38kw/H for electricity produced at an average of N52kw/H, while the privatized DISCOs are going bankrupt and cannot build the sort of balance sheet to attract equity of debt capital needed for investment to modernize and upgrade Nigeria's mostly antiquated electricity infrastructure.

So gullible Nigerians like you are rejoicing that you only have to pay a nominal average tariff of N38kw/H for electricity instead of "market rates", while spending even much more on diesel fuel and generators to generate your own electricity and suffer the opportunity COST of not being able to run a business or do so many other things dependent on adequate and reliable electricity supply. As for the tax CREDIT, having already explained it in Plain English, I would not bother to do so again. Nonetheless, even if you insist that it is a so-called "tax break", the Refinery will still create THOUSANDS OF NIGERIAN JOBS (in both construction and operational phases), plus indirect subcontracting and other jobs (already Nigerian subcontractors have reported executed subcontracts on the refinery worth about US$370 million, according to The Punch and Vanguard) . Each of these Nigerian jobs and businesses will generate TAX (income and corporate) revenue much higher than the Refinery itself.

Anyway, let me quit "blowing grammar". After all, the cattle rearers you worship do not blow grammar and Nigeria is booming - oh wait!
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Agboriotejoye:
Be posting grammar. That's not what I asked. Besides the op said 10 years valued at 72.9bn. If you have contrary back up with facts. Don't just expect us to take ur assertion as the gospel.
What I asked initially is if the refinery is also exempted after all the forex windows given to it by CBN. If so, that will be a case of double robbery.
I also don't know how 72bn for a 35km road at 2bn per km is justified to you. The fact that the cost is determined by our corrupt and padi padi FG should raise some concerns for you self.

You mean the forex BOUGHT by the Dangote Group from the official CBN window?

Why else does Nigeria has forex reserves if they are not to be used for economic projects and activities that grow the Nigerian economy? Would you prefer it remain in the vault and every so often unemployed Nigerians would be taken on a tour of the vaults to admire our forex reserves? Or perhaps that they should be used to import champagne and such other luxuries or for foreign vacations, school fees and medical tourism? Perhaps you would prefer that the forex be used to continue to DISGRACEFULLY import petroleum products (that are subsequently subsidized) by a country that is one of the world's leading producers of crude oil, effectively subsidizing foreign refining and logistics businesses and jobs in the process.

So, yes, Dangote BUYS forex from the CBN window (as do so many other Nigerian-based businesses and banks, including multinational corporations). In return for the CBN selling such forex to Dangote and receiving Naira equivalent in return, THOUSANDS OF JOBS are being created IN NIGERIA FOR NIGERIANS (during both construction and operational phases), generating wealth for NIGERIANS and both corporate and income tax revenue for the government to invest in infrastructure, education, healthcare, security and public transportation, among others (to the extent it is not embezzled by politicians), BILLIONS of forex (ultimately more than sold to Dangote) expended for fuel imports will be saved and forex earned from exports!

Why do many Nigerians detest success (while celebrating the failure that surrounds us)? Little wonder Nigeria remains a Third World toilet! SMH
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Agboriotejoye:
Be posting grammar. That's not what I asked. Besides the op said 10 years valued at 72.9bn. If you have contrary back up with facts. Don't just expect us to take ur assertion as the gospel.
What I asked initially is if the refinery is also exempted after all the forex windows given to it by CBN. If so, that will be a case of double robbery.
I also don't know how 72bn for a 35km road at 2bn per km is justified to you. The fact that the cost is determined by our corrupt and padi padi FG should raise some concerns for you self.

Dude, I already cited the Executive Order (No. 7 of 2019) under which the road is being constructed...

The only "10 years" provision under EO 007 (titled Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme) is that the project(s) must be executed and the tax credit claimed during the 10-year term of the Executive Order (2019-2029), but the credit itself is limited to 3 years actual accrued tax liability (within said 10-year period). These are BASIC FACTS that are PUBLICLY verifiable - not beer parlor rumours!
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Victorex001:
No Private shit determined to import through Lagos and transport all the way to the South-South and South-East, all other Seaports have not been functioning except news of BOT and reconstruction we keep hearing.

All Nigerian ports were CONCESSIONED to private operators in 2006...
So if there are not "functioning", it's the likely the fault of the operators.

Meanwhile, yes it is PRIVATE importers who decide which ports to use because the importation of goods are PRIVATE contracts between PRIVATE parties (except for govt projects). Apart from the Onne ports, the COST (logistics, insurance, security, etc.) of importing through the other South-South ports riddled with what has now been classified as the world's most dangerous shipping lanes (characterized by militant and piracy activities), having moved up from the third most dangerous merely a few years, makes importation through the Lagos often the CHEAPEST Nigerian destination.

Even when importers are shipping to a port like Calabar, the cargo would often be shipped first to Lagos and then put in smaller vessels to Calabar (which has a shallow channel). Accordingly, if the final destination is not Calabar, some importers may just prefer to clear their imports in Lagos.
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Agboriotejoye:
Ten years tax free. Does dat include the refinery? After all the forex window by CBN him no go pay tax again? Make dem just change Nigeria name to dangote

There's NO tax-freedom involved, and the project cost is NOT determined by Dangote....
The road is designed/costed under the FG Public Procurement process, and Dangote Group gets tax CREDIT (not freedom).

A tax CREDIT is a setoff against tax liability of the Dangote Group (in contrast, tax-free means NO tax liability)...
In effect, Dangote Group is ADVANCING funds to the FG which is recovered from tax due (so it's NOT meant to be philanthropic).

Furthermore, under Executive Order 007, which governs the arrangement, the credit is against 3 (not 10) years tax liability...
If the aggregate liability is MORE than cost of the road project, Dangote Group PAYS the difference between the two amounts.

BTW, this arrangement is NOT exclusive to Dangote Group....
It's been entered into with 6 companies (including LaFarge, Nigeria LNG, Unilever, Flour Mills, etc.) covering 19 road projects.
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Luckybelt:
Can’t FG just permit people to fix Nigerian roads in lieu of tax payment?

That's what Executive Order No. 007 does (see my previous posts above).
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Victorex001:
South-South and South-East should be serious about getting their own sea port, a country as big as Nigeria can be depending on only Lagos to bring goods in....That’s partial.

The South-South region has SIX (6) major seaports at Warri, Sapele, Onne (FLT and FOT), Calabar, Port Harcourt, plus terminals at Bonny, Escravos, Okirika and Tumi. In addition, the FG has signed a BOT agreement for a new Warri modern seaport project with the Chinese, as well as the state governments' proposed deep seaport projects at Ibaka (Akwa Ibom) and Bakassi (Cross River).

Meanwhile, it is PRIVATE companies and importers (and their various agents) who determine which ports to use, not the government.
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Lynx001:
i saw it as a philantrophic move untill i looked closer. road was pegged at 15billion In 2013. 7ys ago. lets say inflation made the price triple to 45billion. Dangote offers to do the road. Gets 10years tax free window amounting to 72.9 billion. Sharp guy. Is it not better we tell private individuals to take over some sectors. E.g LNG Bonny provides 24hrs light in bonny lga. Extend the light to other part of the state. fg has 45%share In the company. they can tell lng to collect the money they spent from fg 45%. eleme petrochemical work that federal road where ur company is. Collect the money from govt stake in the company. Afterall if they pay tax govt steals it. So y not do govt job and collect the tax. Am nt sure a business man will use his hard earned money and do road and tell the cöntractor to do nönsense. we can always get him. unlike govt that changes every 4yrs

The only "10 years window" under Executive Order 007 (titled Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme) is that the project(s) must be executed and the tax credit must be claimed during the 10-year tenure of the Executive Order (2019-2029), but the credit itself is limited to 3 years of actual tax liability (which must be accrued within said 10-year period).
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Lynx001:
i saw it as a philantrophic move untill i looked closer. road was pegged at 15billion In 2013. 7ys ago. lets say inflation made the price triple to 45billion. Dangote offers to do the road. Gets 10years tax free window amounting to 72.9 billion. Sharp guy. Is it not better we tell private individuals to take over some sectors. E.g LNG Bonny provides 24hrs light in bonny lga. Extend the light to other part of the state. fg has 45%share In the company. they can tell lng to collect the money they spent from fg 45%. eleme petrochemical work that federal road where ur company is. Collect the money from govt stake in the company. Afterall if they pay tax govt steals it. So y not do govt job and collect the tax. Am nt sure a business man will use his hard earned money and do road and tell the cöntractor to do nönsense. we can always get him. unlike govt that changes every 4yrs

There's NO tax-freedom involved, and the project cost is NOT determined by Dangote....
The road is designed/costed under the FG Public Procurement process, and Dangote Group gets tax CREDIT (not freedom).

A tax CREDIT is a setoff against tax liability of the Dangote Group (in contrast, tax-free means NO tax liability)...
In effect, Dangote Group is ADVANCING funds to the FG which is recovered from tax due (so it's NOT meant to be philanthropic).

Furthermore, under Executive Order 007, which governs the arrangement, the credit is against 3 (not 10) years tax liability...
If the aggregate liability is MORE than cost of the road project, Dangote Group PAYS the difference between the two amounts.

BTW, this arrangement is NOT exclusive to Dangote Group....
It's been entered into with 6 companies (including LaFarge, Nigeria LNG, Unilever, Flour Mills, etc.) covering 19 road projects.
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uzohrome:
LAGOS is moving ahead and making massive impact to infrastructure and its population.

Tinubu sets a target and his boys follow the foundation that has been laid down.

Ironic...
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ANOTHER NAIRALAND NOLLYWOOD FICTION...
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Unnatural deaths are unfortunate...
But frankly one less PAEDOPHILE to worry about.
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Fayrouzz:
Now, he died a US citizen.

NOPE! He overstayed on a NON-IMMIGRANT visa...
Still a Nigerian, but also a convicted paedophile and illegal resident!
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BLESS HER!