₦airaland Forum

Themandator:
Lopsided view of the economy... Take the whole... What nkre can the average Nigeria still take as cost of living or being a Nigeria... What is the take home pay for the average teacher or civil servant

Alexgeneration:
You and your paymasters are very dàft and Amadioha will ŕape you all to death.


Tell that your useless Governors to account for all the monies they received and establish industries and watch the economy bounce back.

You don't tax unproductive people (where will they get money to pay tax).

Mamaafrik1:
What happened to reduction of constituency allowance and security vote.
These people are bigger criminals than the mumu cow in aso rock

IamAtikulate:
1. Sack all civil servants above 50 years

2. Impose 3% flat tax on every Nigerian earning 30k

3. Force all unemployed people and farmers to pay a compulsory #100 monthly taxes

4. Reduce the social intervention program from 570 billion to 200 billion.

But, they didn't advise FG:

1. To sack all elected politicians and appointees above 50 years

2. Reduce salaries of all elected politicians and appointees by 50%

3. Reduce National Assembly statutory allocation

4. Reduce the cost of governance

APC policy has always been about taking more from the poor. Only fools will vote APC to rescue Nigeria from APC

etrouble:
[s]If you are jobless, go and find work. Nairaland is not your office. Nothing positive can come out from that useless breathing mannequin hiding inside the Rock. Tinubu helped him to find a job, the idiot expected Tinubu to do the job for him without giving him(Tinubu) the chance, while the useless idiot caged himself with his fellow useless Almajaris calling themselves useless cabal. If this is how Tinubu is running Lagos, will everybody including Peter Obituary be running to Lagos? OLoshi Oloriburuku somebody[/s]

FrancisDiote:
34. Cut down cost of governance
35. Reduce unnecessary Presidential foreign trips
35. Reduce salary and wages of senators and Representatives and stop the constitution allowance, they have been using it for personal gains

Niorte:
Did anyone read number 22?

They want a tax of 3% flat rate for someone earning 30,000 and someone earning 100 billion.


In the developed countries, the one who earns MORE, PAYS MORE.

But here in Nigeria, these crazy politicians want the percentage to be the same.

See how insincere they are.


They didn't say much about their own allowances

HakiimAlvista:
I dey interested to know, pls tell me how

Nylonbag:
Fix electricity and the economy will automatically fix itself

HappyDolphinRea:
Tax this Tax that

Will Tax solve the problem

Anyway we help wise investors become financially free by investing in lands and properties

Obudupikin:
That list is too long for a dumb president to comprehend. He should be asked to take only one step - RESIGN.

kosovo:
Increase VAT to 20% ?

Criminals

Soulsymbol99:
If I had seen
1.reduce security vote for governors
2.reduce allowances of national assembly members
2.reduce allowances of political office holders etc I would hv taken this serious.
Abeg, they should do and go. We can't wait.

SpecialAdviser:
The question is where we they all these while?
How are we sure this are not just another political rhetorics? Do you really trust anything again in these people?

Nigerian governors advised President Muhammadu Buhari-led's government to take some urgent steps as part of coordinated efforts to instill fiscal discipline and prevent the nation from economic collapse.

The governors made the proposal at a meeting with Mr. Buhari last month, PREMIUM TIMES gathered from sources privy to details of the meeting.

This newspaper reported that the governors advised the federal government to offer federal civil servants who are older than 50 years a one-off retirement package to exit the service.

They equally urged the federal government to immediately put an end to the Central Bank of Nigeria’s financing of the government’s budgetary expenditures and convert its N19 trillion debt into a 100-year bond.

The governors were concerned about the deteriorating state of the economy and the ripple effect on the nation ahead of the 2023 general elections.

Earlier in the week, a PREMIUM TIMES analysis of Nigeria’s external reserves revealed that the figures amount to only $15 billion, well below the $36 billion balance on the gross external reserves claimed by the central bank. With the nation spending N5.9 trillion on imports in the first quarter of the year, reserves of $15 billion would barely cover four months of imports.

Last week, details emerged that the balance in Nigeria’s Excess Crude Account had depleted significantly from $35.37 million to $376,655, leaving the nation with no buffers to stabilize the economy and its currency. Yet another indication emerged recently that the nation was broke as debt service surpassed revenue. According to details of the 2022 fiscal performance report for January through April, Nigeria’s total revenue stood at N1.63 trillion while debt servicing stood at N1.94 trillion, showing a variance of over N300 billion.

Here is a comprehensive list of the measures proposed by the governors as part of efforts to rescue the nation’s economy and reduce the cost of governance. The list also contains the 2022 estimated savings expected from the implementation of the proposed measures.

Measures
The governors advised President Muhammadu Buhari to:

A. Reduce FGN expenditure immediately (with estimated savings in 2022 in brackets):

1. Eliminate PMS subsidy/under-recovery – (N6-7 trillion)

2. Eliminate NNPC’s Federation-funded projects – (N300 billion)

3. Cap Social Investment Program (SIP) and National Poverty Reduction with Growth Strategy (NPRGS) budgets to N200 billion – (N570 billion)

4. Eliminate extra-constitutional deductions from FAAC – (N100 billion)

5. Reduce SWV items for SDG and NASS Constituency projects – (N300 billion)

6. Reduce duplications (e.g. empowerment programmes) and waste – (N100 billion)

7. Reduce 1 percent granted to NASENI to 0.2 percent. Amend the Act in the 2022 Finance Bill.

B. Reduce Personnel Costs of FG MDAs:
8. Offer federal civil servants above 50 years (a) one-off retirement package to exit the service – (N350 billion), and employ lower-cost, more ICT-compliant youths and women graduates.

9. Begin implementation of the updated Stephen Oronsaye Report – (N1 trillion)

10. Expedite privatization of non-performing assets. (Billions of Naira)

11. 2023 – 2025 MTEF to be revised and updated to reflect above expenditure management measures and Government’s commitment to restore fiscal discipline.

12. Planned 22 per cent increase in salaries in 2023 to be reconsidered.

13. Reduce fiscal deficit to no more than 2 per cent of GDP in 2023 – 2025.

14. Foreign trips by MDAs, including budgetary-independent agencies such as CBN, FIRS, NPA, NIMASA and NCC, etc. to be put on hold for at least one year.

15. Ministry of Foreign Affairs not to issue requests for Visas to foreign embassies for FGN officials and their families, unless express approval is granted by the Presidency.

16. Move from State Income Taxation to Consumption Taxation:

17. With the introduction of 3 per cent Federal Income Tax, state-level PIT should be abolished.

18. State Sales Taxes (flat rate of 10 per cent) should be enacted for the 36 States and FCT.

19. Increase VAT levels to 10 percent with a timeline to raise it to between 15 percent and 20 percent.

20. Ensure re-introduction and passage of VAT into the Exclusive List.

21. End CBN financing of FGN expenditures and convert the N19 trillion Ways and Means outstanding into 100-year, 1 per cent bonds immediately.

22. Introduce a flat 3 per cent Federal Personal Income Tax on all Nigerians earning more than N30,000 per month. – (N100 billion)

23. Persons earning less than N30,000 per month whether employed or not, including farmers and traders should pay a monthly FPIT of N100.

24. Telecom firms and NIMC should collaborate to ensure deduction of this from phone credit of individuals and linking to NIN and BVN.

25. Centralize the collection of all federal oil and non-oil taxes in one agency, the FIRS while Customs, NPA, etc assess and issue demands.

26. Improve offshore crude oil and gas production.

27. Resolve lingering issues of ownership of gas in PSCs (eg Nnwa-Doro, OML 129). This will help position Nigeria to take advantage of the gas needs in Europe.

28. Provide incentives and resolve issues to expedite development of vandalism-resistant deep offshore fields like Bonga SW (Shell), Preweoi (Total), Zabazaba (ENI) and Owowo (Exxon).

29. Encourage (and pre-finance, if necessary) Dangote Refinery to early completion to reduce massive future outflows of foreign exchange.

C. Central Bank of Nigeria
30. The Bank of Agriculture, Bank of Industry, and Development Bank of Nigeria should be recapitalised

31. Funds in NIRSAL controlled by CBN should be redirected to the Development Banks.

32: CBN should be directed to focus on its core and statutory mandate of exchange rate management, interest rate management and inflation targeting. It should also be directed to cease competing with development and commercial banks.

33. CBN’s subsidized interventions in the real sector should be ended and the relevant institutions recapitalized to provide these services.

The governors made the recommendations on the CBN after determining that the naira exchange rate has deteriorated because:

i. CBN has printed N19 trillion “Ways and Means” for FGN expenditures contrary to the CBN and Fiscal Responsibility Acts and in violation of the law.

ii. Trillions of Naira are chasing few billion dollars, putting pressure on the foreign reserves and the exchange rate.

iii. CBN’s ‘fixed exchange’ stance discouraged foreign investment (peak of $90bn investment commitments in 2018, to $20bn in 2021), and Diaspora inflows ($20 billion in 2022 to less than $17 billion in 2021)

iv. PMS subsidies under the guise of ‘under-recovery’ have wiped out virtually all accretions to the foreign reserves.

v. CBN has resorted to using swaps, deferred LCs, and other innovations to hide the real levels of charges on our foreign reserves – Gross of $36 billion vs. Net of $15 billion as at end of June 2022.

vi. Exchange rate policy now favours consumption by the rich – cheaper medical tourism ($3bn annually), education ($6bn annually) and business and technical services like aviation remittances, etc. ($15bn) in 2019.

clockwisereport:
GYB is the synonym of failure

..Even Our dear Rotarian Brother, Kunle Adeyanju and His Bikers felt the GYB effects.

Come to #Kogi#DoingMore#LionHeart#EndPolio#LondontoLagos pic.twitter.com/EwXfqoYYzN

— Alhaji Dr. Yahaya Bello, CON (@OfficialGYBKogi) July 17, 2022

In Summary: Kogi East Projects Inspections.

Come to Kogi.#DoingMore pic.twitter.com/Sg7FkRZs9p

— Alhaji Dr. Yahaya Bello, CON (@OfficialGYBKogi) July 13, 2022

Kobojunkie:
1. And do these "specific" messages contradict His general message to all?

2. I am afraid you are wrong there. Every single follower of Jesus Christ is commanded to let the light of Jesus Christ shine in them, and according to God, the way to let this light shine is to stand up for justice for those who are downtrodden - Isaiah 58 vs 6 -14. Of course, Jesus Christ did not teach that it should be done in much the same way the world does its brand of activitism but it is to be done nonetheless.

3. Your protestant revolution has absolutely nothing to do with God this since God didn't ask any one to do any such in His name. Like I said, even our standing up for the rights of the downtrodden is meant to be done according to God's stipulation and not that of the world like what your protestant leaders did.

4. The purpose God has for all of His is to serve His purpose and His alone. Any man devising his own ideas aside from that of God does so against God.

Kobojunkie:
Now recall what I has asked, which was ....Are you somehow insinuating that God sent your Mogs to do differently from what Jesus Christ commanded all of His followers to do in His name instead?

Kobojunkie:
Was this not your question to me?

They rarely speak against corrupt government UNLIKE Paul the Apostle or John the Baptist

...My point is, that these men of God listen to God and do what he sends them, not what you want them to do. That is the difference between them and others. If God gives you a message to the government, deliver it, otherwise, keep shut.

Are you somehow insinuating that God sent your Mogs to do differently from what Jesus Christ commanded all of His followers to do in His name instead?

What did Jesus command his followers to do in His name aside from the great commission, I really want to know.

Kobojunkie:
There are about 100 commandments, and teachings contained in what is the Gospel of the Kingdom of God, God's New Covenant/agreement for all who believe in Jesus Christ to live in continuous submission and obedience to.

The way to know them is to read through the 4 Gospels paying close attention to everything Jesus Christ said. He made it clear that those who love Him, those who are His friends aka friends of God are those who do as He says - John 14 vs 15 - 20 and John 15 vs 14. They alone are those who experience the love of Jesus Christ- John 13 vs 1 - 2 and John 15 vs 10 - 11

Kobojunkie:
1. Interesting!

2. I fail to see the point of this Elijah mention here.

3. Are you somehow insinuating that God sent your Mogs to do differently from what Jesus Christ commanded all of His followers to do in His name instead?

Amotekun777:
Typical 'Religious' Nigerian . [s] A true Christian does what is right and not attribute every single thing to religion [/s] . Why don't you wait for God's signal to eat food, sleep, walk etc..[/s] ?

Nonsense