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Politics › Re: A White Elephant In The Sky? The Edo State’s Aviation Project Bothers Experts by Bobloco: 7:27pm On Dec 05, 2024*

A white elephant project

6 Likes 1 Share

Politics › Re: Team New Nigeria Behind Jonathan’s 2027 Campaign Posters In Kano by Bobloco: 6:51pm On Dec 05, 2024

God1000:
Hmm, if Jonathan decides to run in 2027, it will be a big challenge for Tinubu and APC

I'm sure they will try to persuade and negotiate with him

9 Likes 3 Shares

Politics › Re: The North Wins Again!! by Bobloco: 10:04am On Dec 05, 2024

Paraman:
The OP is an Igbo man and lots of Igbo man like him don't want the bill to he passed just to feel good.

The bill will eventually be passed and Tinubu will rule Nigeria till 2031, Igbos wailing and hate won't change this reality

Only you Igbos are creating threads up and down nairaland talking about how the north will kill the bill... You bitter souls will eventually be put to ashame as usual. This is how you guys were against a Yoruba man ruling Nigeria

This ethnic profiling is your greatest undoing. Someone create a thread and you ethnically pigeonhole him accordingly. As I stated earlier, focus on those who are against Tinubu's tax bill and leave the Igbos out. Ohanaeze Ndigbo has endorsed the tax bill. Isn't that enough.

Politics › Re: The North Wins Again!! by Bobloco: 9:20am On Dec 05, 2024

Paraman:
A Yoruba man challenged northern cabals in the APC and defeated them, now a Yoruba man is the president of Nigeria. Obi couldn't face the northern cabals in the PDP, he fled to a lesser known party.

A lot of you Igbos like the OP want the bill to fail

The bill will eventually be passed with states keeping 60% of what they generate.

Leave the Igbos out of your frustrations and face the north

3 Likes

Politics › Re: The North Wins Again!! by Bobloco: 9:01am On Dec 05, 2024

Tinubu is confirmed coward

1 Like

Politics › Re: Dele Farotimi Press Conference Two Days Before His Arrest (video) by Bobloco: 8:48am On Dec 05, 2024

JAMO84:
So there was a warrant of arrest, contrary to the lies being peddled by Obidients.

We all know how these arrest warrants can be fraudulently procured, and this arrest warrant was purportedly issued over an alleged refusal of Dele Farotimi to appear in court.

Dele Farotimi is not running away, and he is well known. The onus is on Afe Babalola and the Ekiti court to clear the air and show evidence that Dele Farotimi was duly served with the court summons.

1 Like

Politics › Re: Why Are Tinubu's Supporters/paid Agents Jubilating Over Dele Farotimi's Arrest? by Bobloco(op): 7:33am On Dec 05, 2024

simpleseyi:
If you don’t go and concentrate on your life, you will beg for food like those before you. The reason you are bitter, sad and angry is because two of Bitter Obituary’s supporters are killing each other. Dele are Afe are Butter Obituary’s supporters

Stop this gaslighting

Why are you jubilating over Dele Farotimi arrest?

2 Likes

Politics › Re: Tinubu Is The Messiah Of Nigeria - Lawmaker, Leke Abejide Says by Bobloco: 7:27am On Dec 05, 2024

Politics › Why Are Tinubu's Supporters/paid Agents Jubilating Over Dele Farotimi's Arrest? by Bobloco(op): 6:41am On Dec 05, 2024

It is no news that Dele Farotimi is in detention over an alleged defamation of character. But Tinubu's urchinstons, paid agents, BATerians, and their likes have been jubilating over his arrest.

Is it because he didn't support Tinubu's presidency and has been critical and vocal about Tinubu's maladministration and calamitous economic policies, which have inflicted extreme hunger and starvation on the citizens?

3 Likes

Politics › Re: Tinubu’s Tax Reform Bills Suffer Setback As Senate Suspends Action by Bobloco(op): 5:02am On Dec 05, 2024

blacknp:
Nonsense from an Inconsequential Wailer, Please sharap.

Typical of a notorious BATerian:

Can't engage in meaningful conversation without resorting to insults and abuse because they obviously lack the mental capacity to engage in reasoned discourse.
Tinubu has cooked their brains with drugs, incompetence, cluelessness, and propaganda.

1 Like

Politics › Re: Costly World Bank Loans Behind Tax Reforms Rush - Daily Trust by Bobloco(op): 4:56am On Dec 05, 2024

blacknp:
It seems you don’t know that anti Tinubu Bobloco?

Daily Trust opinion is my opinion

You are just irredeemable

10 Likes

Politics › Costly World Bank Loans Behind Tax Reforms Rush - Daily Trust by Bobloco(op): 3:23am On Dec 05, 2024

For those querying the rationale behind the rush to pass the tax reform bill, I say look no further—the World Bank loans approved in June 2024 are to blame. Some may recall that the World Bank announced in June 2024 that two loans worth 2.25 billion US dollars had been approved for Nigeria under two new programmes. These loans were approved based on the agreement that Nigeria will increase VAT rate to “at least” 12.5 per cent by 2026.

These programmes will have negative implications for the country, leading to inflation. It is surprising that a government struggling with a 34 per cent inflation rate would agree to these terms. But before we discuss the consequences, let’s discuss some details of the loan, including the actions to be taken.

The first, ‘Accelerating Resource Mobilisation Reforms’ (AMOR), is worth 750 million US dollars. It is a programme for results with disbursed linked indicators. To my knowledge, no detailed information on the World Bank website shows any disbursement or financial agreement for the AMOR programme.

The second loan, 1.5 billion US dollars, is under the ‘Reforms for Economic Stabilisation to Enable Transformation’ (RESET) programme. Under this programme, two World Bank agencies—the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD)—share the financing of 750 million US dollars each.

According to the World Bank’s website, the RESET loan of 1.5 billion US dollars is active. IDA disbursed all 750 million USD of the RESET loan on June 28, 2024. IBRD claimed its front-end fee—a payment made at the beginning of a financial arrangement—of 1.875 million US dollars on June 26, 2024. These transactions happened without the Senate announcing approval unless they were done in secrecy.

The costs of these loans are also different. Nigeria will pay an 8.33 per cent interest rate on half of the loan under IDA, which will commence between 2030 and 2036. For the other half, with IBRD, the payment will begin in 2035 and end in 2048 at 3.85 per cent.

These 8.33 per cent and 3.85 per cent interest rates are too high for a World Bank loan to a low-middle-income country like Nigeria. The loans reflect non-concessional terms stipulated under the Fiscal Responsibility Act of 2007. Concessional loans from the IDA typically have 0% interest, a 40-year repayment period, and a 10-year grace period to ease the financial burden. Ironically, these rates contradict the fiscal laws outlined in the Fiscal Responsibility Act. This also contrasts with the World Bank’s principle of providing affordable financing for development.

In all seriousness, this is not a rate designed to help a country seeking to build a fiscal space. But my sympathies or suspicions lie with the administrators of this Tinubu-led government who sought this loan. But that’s not it.

The worrying part comes under the actions to be taken under the programme. They are divided into two pillars. Pillar 1 is about building fiscal space, and Pillar 2 is about protecting the poor and economically insecure. I wrote about these in one of my previous columns in June, titled “Counterproductive World Bank Loan: Reasons to Reject.” The expenditure mainly duplicated existing projects because Nigeria has digitised its tax collection since 2015. We have the Integrated Tax Administration System (ITAS), e-filing Platforms, Tax Identification Number (TIN) System, Remita, Treasury Single Account (TSA), Payroll Management, e-payment Channels, Automated VAT Collection, and Electronic Tax Clearance Certificates, among a few others.

The fiscal trap is under item 2 of Pillar 1. The agreement reads, “To increase non-oil revenues and reform the VAT regime, the Borrower has submitted to the National Assembly a draft bill to progressively increase the VAT rate to at least 12.5 per cent by 2026 and allow input tax credits for capital and services.” This agreement is what is pushing the government to get the Tax Reform Bill passed.

As we are already in December, this agreement means the government will increase VAT rates by two-thirds within 12 months. Recall that the FIRS Chairman has proposed an increase of 33.3 per cent in 2025, from 7.5 to 10 per cent, some few days from now. They will then raise the VAT rates by “at least” another one-third to 12.5 per cent in 2026, which will have to be announced in December 2025. There will be consequences.

The VAT system in Nigeria covers all finished goods and services, with a few exemptions that hardly impact the average person. Given the present hardship, with the inflation rate touching 34 per cent, people will see a direct spike in the prices of all VAT-able items—the vast majority of consumer goods.

The scary part is that this will not be like the inflationary trends after the removal of fuel subsidy in June 2023, where the burden will be shared between many products. This impact will be directly felt on every product as soon as the announcement is made. Let us also not ignore that once people expect prices to rise, they will increase regardless of what the government does.

The immediate consequence is a reduction in total consumption. When people buy less, producers will be affected because their goods and services are not selling. This will press them to reduce the cost of production, including workers, which means higher unemployment in the country.

These expensive World Bank loans will only increase economic instability in an already volatile economy because the repayment period is in 2030. Nigeria will still be working through the VAT increase shocks. As many policymakers and experts have advised, the government should postpone approving this tax reform and consult much further.

https://dailytrust.com/costly-world-bank-loans-behind-tax-reforms-rush/

2 Likes 1 Share

Politics › Re: 60% derivation For Oil Producing States by Bobloco: 3:09am On Dec 05, 2024

GBTYO:
I believe he will present it in due course.

Restructuring must be carried out in full.

Next will be dusting up Gowon's decree 8 that will have every state have a reservist force.

So, in your mind, Tinubu is doing restructuring?

The sooner you realize that Tinubu will leave this country worse than he met it, the better it will be for your mental health.

Tinubu is incompetent and clueless; he is an ineffectual buffoon.

Know this and have peace.

Politics › Senate Sets Up Committee To Review Tax Reform Bills by Bobloco(op): 2:58am On Dec 05, 2024

The Senate has constituted a committee headed by the Minority Leader, Senator Abba Moro (PDP, Benue South) to address the grey areas in the tax reform bills and report back to the committee of the whole before public hearing on the bills.

The Deputy Senate President Barau I Jibrin (APC, Kano North) announced this during plenary on Wednesday.

Barau who presided over the session said there were controversies over the bills, adding that the committee was saddled with the responsibility of consulting with the Attorney General of the Federation (AGF), the executive arm and other critical stakeholders.

President Bola Ahmed Tinubu had on October 3, 2024, transmitted to the National Assembly, four tax reform bills, in a letter, read by the Senate President Godswill Akpabio, and Speaker of the House of Representatives, Hon Tajuddeen Abbas, during separate plenaries of the two chambers.

Tinubu said the bills would bolster Nigeria’s fiscal institutions, adding that they were in line with his government’s broader development objectives for the country.

But Nigerians including governors, traditional rulers, civil society organisations, some federal lawmakers and others have kicked against the bills.

Barau also named Senators Titus Zam (APC, Benue North West), Orjir Uzor Kalu (Abia North), Sani Musa (APC, Niger East), Abdullahi Yahaha (Kebbi North) among others as members of the committee.

https://dailytrust.com/breaking-senate-sets-up-committee-to-review-tax-reform-bills/

4 Likes 1 Share

Politics › Tinubu’s Tax Reform Bills Suffer Setback As Senate Suspends Action by Bobloco(op): 2:47am On Dec 05, 2024

President Bola Tinubu’s tax reform bills have suffered a setback as the Senate suspended action on the proposed legislations.

This was made known by the Deputy Senate President, Jibrin Barau, who presided during the plenary on Wednesday.

The red chamber further instructed the Committee on Finance to stay in action on the public hearing pending the time the agitation in the public space is addressed.

This comes as the Senate constituted a special committee to meet with the executive branch and work with the federal government to resolve the issues surrounding the tax reform bills.

“In this regard, we have decided to set aside politics, ethnicity, and regionalism to work together on resolving the issues surrounding the tax reform bills.

“In collaboration with the executive arm of government, we agreed to establish a forum to identify and address contentious areas to ensure national unity and progress.

“Before the introduction of these bills, we faced numerous challenges, including insecurity and economic issues.

“The President has been working to address these problems, and we are committed to supporting these efforts while tackling global economic challenges.

“We also agreed that no other issues should aggravate the country’s current difficulties.

“It has been mutually decided between the Executive and the Senate to engage the Judiciary to sort out these matters,” Barau stated.

Recall that the bills sparked controversy upon their introduction to the National Assembly.

The bills, which include the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; and Nigeria Tax Bill, 2024, are aimed at revamping the country’s tax laws.

However, Northern governors and the National Economic Council rejected the bills on the grounds that they would put the region at a disadvantage.

But Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, recently explained that the bills are more favourable to the Northern region.

Meanwhile, the latest move by the Senate comes after the bills were passed for second reading at the Senate last week.

On Tuesday, the House of Representatives had a rowdy session over divergent views on the tax reform bills.

https://dailypost.ng/2024/12/04/tinubus-tax-reform-bills-suffer-setback-as-senate-suspends-action/

Politics › Re: King's College London In Panic Over Afe Babalola's Scandal by Bobloco: 2:45am On Dec 05, 2024

RecentHistory:
I have warned Yorubas to avoid being supported by those cursed Osu pigs but they won't listen. Anyone they support must suffer misfortune.

See where their jinxed support has landed this idiot now.

State-sponsored misfortune orchestrated from Aso Rock Villa

1 Like

Politics › Re: Retired Nigerian Military Officers Protest In Abuja Over Unpaid Benefits [video] by Bobloco: 8:41pm On Dec 04, 2024

AchrafHakimi:
Is there any sector that Tinubu has not destroyed in this country??

The other day we saw wild animals at Lekki Conservation extorting passer bys. Soon it will be deities escaping from shrines to demand tributes from innocent people.

Every sector have been destroyed under this calamitous Tinubu regime

2 Likes

Politics › Re: 2019 Throwback: Tinubu Opposes VAT Increment by Bobloco: 7:46pm On Dec 04, 2024

SalamRushdie:
Be speaking English there

Don't mind those irredeemable BATerians

They are actually a lost cause

6 Likes

Politics › Re: Goodluck Jonathan 2027 Campaign Posters Spark Speculation In Kano by Bobloco: 7:43pm On Dec 04, 2024

AareGaa:
Dey fool yourself and your illiterate blodas.

Does Jonathan look like a PhD holder?
A man that can barely articulate hiimself

I am not surprised that you asked such a question.

After all, what do you expect from someone that supports a common criminal, a notorious narcotics drug trafficker, a certificate forger, a CIA agent, and a buccaneering power grabber engaged in criminal state capture.

2 Likes

Politics › Re: Goodluck Jonathan 2027 Campaign Posters Spark Speculation In Kano by Bobloco: 7:04pm On Dec 04, 2024*

yarimo:
Congratulations to president TINUBU in advance as president elect 2027 presidential election. ATIKU must contest, obi must contest and kwankwaso must also contest 2027 presidential election they like it or not

You are already shitting in your pants, wishing it should never happen because if Goodluck Jonathan is on the ballot in 2027, it will be game over for Tinubu even before the first ballot is cast. There won't be any comparison.

What are you comparing?
Is it light vs darkness?
PhD holder vs certificate forger?
An era of economic growth, prosperity, and boom vs an era of economic stagnation and retrogression?

In fact, Tinubu will not garner up to 500,000 votes, even if his wife is the INEC chairman

3 Likes 2 Shares

Politics › Re: Verydarkman, Peter Obi And Others Reacts To Dele Farotimi Arrest by Bobloco: 6:59pm On Dec 04, 2024

Politics › Re: Verydarkman, Peter Obi And Others Reacts To Dele Farotimi Arrest by Bobloco: 6:49pm On Dec 04, 2024

Thundafireseun:
Peter Obi should please keep his small mouth shut….

Tinubu has been insulted and lied about so many times more than Obi … and he hasn’t made any fuse about it….

Deformation of character is an offence any where in the world, Peter obi shouldn’t fake ignorance….

Peter obi should find something meaningful to do if there isn’t he should go and carry Tu face bag again or his towns boys bag (psquare)

It's obvious that you are blinded by hate and extreme bigotry, judging from your personal attack on Peter Obi.

Defamation, by its nature, is a civil matter that should be addressed in court through legal means, not through the use of police and other security agencies applying brute force to harass, arrest, and abduct an individual from Lagos all the way to Ekiti State.

Politics › Re: 10 Ways Tax Bills Will Make States Richer — Temitope Ajayi by Bobloco: 6:45pm On Dec 04, 2024

UltraSolid:
Make una dey chill with the blatant and ludicrous lies you tell daily and repeatedly because you hate Tinubu/Yorubas and are therefore very passionate about giving them bad press any chance you get.

Under the new tax bill, Nigerians earning under 1 million Naira per annum, roughly 82k a month, will pay no tax.

Whereas currently, only Nigerians earning below 300k are exempt from paying tax. All who earn above 300k pay tax starting at 7% and rising per income bracket.

How can you then ask "What are the benefits of this tax bill to the common man?" when it will exempt many Nigerians from paying tax and leavemore Nigerian individuals and families, with two working parents, with more money in their pockets?

There are literally gazillion benefits of the new tax bill to ordinary Nigerians, States etal. You and other hateful Igbo, and there are thousands on Nairaland, should stop the disgraceful and hateful show of sadism just because you are determined never to give PBAT any credit because you Agulu Gbajue is not President. Always rememeber the saying, if you can't say anything nice, don't say anything at all.

just as we were told that there were gazillion benefits to the thoughtless removal of fuel subsidies and the floating of the naira, which has only served to inflict extreme hunger and starvation on the citizens

Politics › Re: 10 Ways Tax Bills Will Make States Richer — Temitope Ajayi by Bobloco: 3:10pm On Dec 04, 2024*

What are the benefits of this tax bill to the common man?

This is just more money for governors to loot and for Alpha Beta to siphon from the Lagos State Treasury and funnel into Tinubu's pocket through the blueprint conduit pipe he built, which has lasted for over two decades and counting.

It's a win-win for Tinubu and the governors, while the ordinary masses lose out.

5 Likes

Politics › Re: Stop Threatening President Tinubu With 2027, Politics Is Not A Job – Presidency by Bobloco: 12:45pm On Dec 04, 2024

Politics › Re: Tax Reform: Tinubu Orders Review As Protest Persists In NASS by Bobloco(op): 12:04pm On Dec 04, 2024

Vision101:
Why the rush? Answer: it's an economic bill required urgently to reform the economy. It will increase revenue and block wastages of tax collection.

You will notice that immediately the president was sworn in this committee was one of the earliest appointments. It has taken them almost eighteen months to put together this bill.

Have you read the entire bill?

Sports › Re: Premier League Player Writes "Jesus Loves You" On His LQBTQ Captain's Armband by Bobloco: 8:15am On Dec 04, 2024

helinues:
Very good

What's the total population of those who are into this LGBTQ nonsense that they want to force it on the throat of everyone.

Thank goodness, Trump is now the incoming USA president, some of them will run without their legs touching ground

Politics › Re: Tax Reform: Tinubu Orders Review As Protest Persists In NASS by Bobloco(op): 8:08am On Dec 04, 2024

PressMyButton:
Why then are you arguing when he said "some" reasonable Ibos have also been against the bill. Don't you understand the meaning of "some"?

First, I have a problem with his obvious motives, then with making it look like the personal opinion of a single individual translates to the opinion of the entire tribe.

He shouldn't have dragged the entire Igbo tribe into it.

6 Likes

Politics › Re: Tax Reform: Tinubu Orders Review As Protest Persists In NASS by Bobloco(op): 7:32am On Dec 04, 2024

PressMyButton:
Are they not ibo?.. abeg shift.

You are just irredeemable

Obaze Oseluka's personal opinion has become the opinion of the entire Igbo people, yet you refused to acknowledge the fact that Ohaneze Ndigbo endorsed the Tax Reform Bill.

11 Likes

Politics › Re: Tax Reform: Tinubu Orders Review As Protest Persists In NASS by Bobloco(op): 6:49am On Dec 04, 2024

helinues:
Let's start from yourself and others on this forum.

Do you support the bill?

Do not divert; stay on topic.

I ask again: Who are these 'reasonable Igbos' you are referring to? Are they speaking for themselves and expressing their personal opinions, or are they speaking for the entire Igbo nation?

9 Likes 1 Share

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