₦airaland Forum

So person wan use $500k penalty judgment take sell $20m dollar house to receive him $500k?

Ah! it is well...

DesChyko:
Good Morning, Nairalanders. Trust you woke up feeling pumped for the day 😁. In the midst of all these taxation conversation, I want to share my opinion on how I perceived the current benchmark of ₦800,000 per annum.



Have a jolly good day, fellows!

The question I have not see people ask is: how is the tax going to be deducted? how would the government know and separate which money is income and which is financial inflow?

Because the way they are sounding and saying that everybody including kidnappers and Oloshos will pay tax, it means that they are planning to deduct from financial flows of every account once it hits 800k and above within a year.

I'm still wondering why no one is talking about this even media houses when granting interviews to these guys putting up this thing..

Ask yourself: is it that they are planning for kidnappers to walk into the bank to file their taxes or even online to say yes o, we just received 100 million from our recent kidnap operation and we are paying so and so amount for our tax?

I don't think so, from what I feel these guys are planning to is to start deducting from people's account once the account hits a threshold of 800k money flow into it, whether the money is income or not, that's why they have been bragging that everybody will pay tax..


If it is so, just imagine the chaos Tinubu and his patch patch economic team are about to cause in Nigeria, that;s why I laugh when I see people supporting this tax reform, you guys don't know whats up...

These might completely crumble all the gains made with cashless policy and also punish people who do heavy transactions for businesses or other related matters like even Esusu.


Then we have not talked about students and people who are sent money for a particular thing or the other which is not supposed to be counted as income, but I'm surprised people are not asking questions how the taxation will be done even media houses...

Wike has eaten Tinubu's corn so he is now talking like Tinubu

Mrs. Pat Akpabio, wife to Senator Godswill Akpabio's brother, has a message for Nigerians.

“You’ll Keep Contesting on Social Media” — Wike Mocks Peter Obi Over FCT School Visit

Commentor:
7,000 "Christians" killed in Nigeria in just one year?

When it isn't America.

Nonsense.

Why are you all worked up?

gidgiddy:
Forget about marginalisation for a minute and ask your self a simple question, is Nigeria working? Has Nigeria ever worked?

Look at the history of Nigeria and all you see is country populated with people of different world views, different ideology and different values system. Such country will never work because nothing brings them together other than the fact that the British brought them together

This is not why you should be together in one country, because it will only give rise to eternal fight. What then is the point?

People who should be in the same country are those who reason alike and have the same mindset, not people who will fight forever because they will never see eye to eye

Let us drop this colonial mentality of 'the British brought us together, so we must be together forever'. Let's ask the critical question of why the Nigerian union has never worked.

Im an Igbo man, and I want my over 40 million Igbo nation to be an independent country, not staying in Nigeria to be arguing about who is marginalised who. We should have passed this stage a long time ago. If Nigerians can understand their right to gain independence from Britain, then it would be fraudulent for the same Nigerians to say they dont understand the right of Igbos to gain their independence from Nigeria

Does the Igbo nation want to remain part of the union of Nigeria or not? That question should be answered in a referendum.

The reason why some of these one Nigerianists from other tribes want Nigeria one is just for tribal dominance, the country can burn for all they care...

That just tells you how he runs Nigera

ufotunang:
.. what about those that fries akara, yam , plaintain on the streets without permission and they are allowed to do their business

They settle the agberos there who in turn remit to the council and sometimes police, it is still like getting an illegal permit but still a permit

grandstar:
Nigeria only collects about 10% of GDP as taxes. This is one of the lowest rates in the world. It needs tobbe increased.

Let me use my sister as example why things need to change.

In December 2010 tjhereabout, my sister got a job in a Nigerian bank after her Youth Service. Her salary was 91k a month. Then the exchange rate was around $1-155. Let's just say about $600

Today, that N91,000 is barely $60.

That kind of job now pays 250,000, which is $160

What went wrong and how could it have been prevented?

First, had Buhari simply continued with the policies of GEJ, and had been more product than him, the exchange rate would at worst be $1-N300

That doesn't fully answer the question

Two of Nigeria biggest problems are its over reliance on crude oil revenues for both government spending and forex inflow through its exportation.

Oil for a long time constituted more than 70% of government revenue and for more tha 80% of fx inflows.

So, if the price of crude oil crashed, government would crash, leaving a big hole in the budget while dollar inflows would crash, causing the currency to crash as well.

The solution is for the economy is be far less dependent on crude oil for both revenue and for foreign exchange.

That is why revenue drive of this government is the right way to go. I am certain they can increase revenues to about 18% of GDP eventually. Whenever the price of oil should crash, the economy and the Naira don't come crashing.

For exports, the nation needs to diversify. Non-oil exports need to grows to the point that it dwarfs what is received from crude oil. The floating of the Naira has led to an export boom. Exports are rising fast. If it continues like this, in 10 years time, crude oil will account for like 25% of export.

This year, the price of crude oil fell due to a slowing world economy. However, the government was able to weather the storm due to an increase in non-oil revenues.

By the way, inflation is high and could go down. The prime reason why it is high is because the central bank does not want to increase interest rates to the point that it would bring down inflation. This is because Tinubu does not want the economy to slow or even enter a recession.

This your analysis is not solid, do you know why? you are not being realistic, firstly I'm not against diversification, but you can't tell me a man who has a well paying job like the MD of a bank and his salary is based on let's say 2% of the profit of the bank on a monthly basis.

The bank has boom profits for 6 months and then because the profits dropped thereafter then the bank MD starts complaining that he is broke and unable to take care of his family.

Would you call him a serious man? what was he doing when there was boom?

And even as he is still earning, what was is he doing with the one he is still earning?

You see why your first analysis with your sister's jpb did not really hold waters, OBJ also proved this your theory wrong, if the government is not responsible with the management of resources no matter how big it is, the country will always be broke, whether they collect more tax or diversify, it doesn't change much because mismanagement will follow to destroy whatever gains and that's the case of Nigeria today.

Nigeria is like a man who earns x 10 of what his neighbor earns but is more in debt than his neighbor and looks poorer than him because of mismanagement.

Mismanagement is one of Nigeria's biggest problem in economics not just the earnings, like I said I'm not against diversification but the leadership has to be gotten right for any of your theories to work if not it will be like what Tinubu is doing now...

Does Nigeria look like what is working under Tinubu even after all the policies you and him claims to have implemented?

Powersurge:
I just pity you. Can you give one example of a politician in this generation who holds prominent office that is different?

They are all different, none of them is the same. even Tinubu is different from Atiku, till people like you learn to be detailed when dealing with such issues like picking leaders then you will start applying logic and common sense in elections...

grandstar:
The removal has been a blessing. The government is asking the central bank to print money to finance the fuel subsidy which would eventually lead to a depreciation of the Naira. Keep that subsidy and the Naira will fall to N4,000 for a dollar in 4 years time.

I can't say if the borrowing has gone up in real terms. 10 trillion in 2015, may be more in real terms than 50 trillion today.

The borrowing today is also more sustainable due to a massive increase in revenues.

A lot of the borrowing is for infrastructure projects which would help the economy grow.

Some of the spending I msut admit are questionable. A lot of these projects prime objects are to win votes.

I decided browse following your complaint.

Yes, the government wants to borrow $21bn. The question is how sustainable is it?

Revenue collection has been growing fast under Tinubu. Nigeria hopes to improve revenue collection by 3% of GDP in the next 3 years which will be easily achieved.

Nigeria's GDP is 370trillion. 3% of that is 11.1trn which is $7.4bn. Assuming interest rates on the loans are 10% per year using the worst case possible, that is $2.1bn a year in interest. The borrowing is sustainable. $7.4b-$2.1 = $5.3bn

I generally would prefer more prudent spending, and far less borrowing.

Where do you think most of the revenue is coming from? more taxes and what are the citizens getting in return? insecurity, inflation and corruption in governance with high government running cost...

So after writing all these things you wrote, what is the benefit of it to the average citizen?

Just to add, the revenue did not increase, it was only bloated, if you need stats I will provide them for you...

And some people want me to believe that Nigeria has a president?

May their souls rest in peace

grandstar:
I appreciate educated response like these.

Nigeria no longer has the money to fiance the subsidy. It would just make the budget deficit bigger. It cost about 2% of GDP to provide it. The country barely collects 10% of its GDP as taxes. It is not sustainable.

Buhari was borrowing heavily to subsidize it.

The country listed here are all rich except Iran.

And since Tinubu stopped the subsidy, is he not borrowing more?

And Nigerians are paying more...

So what has removing subsidy solved?

She should get a permit next time...

grandstar:
I don't understand what your problem is! Are you bitter that the fuel subsidy is gone?

The fuel subsidy was not the problem. the corruption was the problem, there is no global power in the world today that does not have one form of subsidy or the other for their citizens, you are making it look as if subsidy is a bad thing and will only cause problem, that's one of the major issue I have with the way some of you do things in Nigeria. instead of tackling the root cause of a problem, you either destroy the whole thing or fight it from surface, in the end the problem remains or causes a bigger problem like what Tinubu has done...

OgaRico:
I see everything wrong in that but then again, I have no power to change anything.

And then you decide to support what is wrong?

grandstar:
It isn't costing the government money.

And you think when citizens lose money to the corruption still going on it doesn't still affect the government indirectly?

grandstar:
What kind of corruption will be ongoing in the industry? Whatever kind of corruption going on today will be low level stuff.

And yet fuel scarcity, NUPENG, Dangote and NNPC are still doing abracadabra with pricing and scarcity, there is still corruption.

MIKOLOWISKA:
how much are you importing
How much are you producing with the import
DE deceive yourself
Country that cannot even feed itself did he tell you he was here to fight corruption?

You guys really need to know how an economy works, you think productivity is only about physical production?

Chai! no wonder you can support someone like Tinubu...

Secondly if Tinubu did not come to fight corruption, why did he accuse Jonathan and PDP of corruption?

So you are trying to tell me that he was accusing them because they were not as good as him in corruption, so he came to outdo them?

grandstar:
The bigger killer of the economy isn't corruption. It is bad economic policies.

The fuel subsidies were costing the economy 2% of GDP. For a country that barely collects 10% of it, this was a death sentence.

When Buhari assumed office, 26% of government revenue was going towards debt servicing. By the time he left office, 97% of it was going towards debt servicing. There was overborrowing. One reason for this was borrowing money to provide the subsidy. That was why the 3 leading presidencial candidates wanted the subsidy gone.

This is just one example. I could go on. During Jonathan's government, the economy was doing great despite high levels of corruption.

Bad policies also enable corruption. All corruption surrounding fuel subsidy disappeared was the subsidy ended.

And as fuels subsidy ended, corruption in the fuel industry has ended abi?

Something wey I don dey shout about since Buhari's time sef and it got worse under Tinubu, under Tinubu it is bazaar of looting and sending abroad that is going on( free for all Tinubu's loyalists).

That's why I laugh anytime Tinubu supporters or those who think that biggest killer of the naira is importation, importation is like going to market to buy what you don't have in your house to increase productivity for you, so there is a value chain, but these guys are just looting naira and converting to dollars and sending it abroad without any value in return and you expect the naira to grow

That's why I laugh when CBN throws out any policy and the politicians don't start opposing it then the policy did not affect their corruption, Tinubu and his patch patch cabinet are not ready to fight corruption and corruption is the biggest killer of the economy, don't let anyone deceive you.

fxexperts:
Yes, I have dealt with them before. The Indigenous company actually destroyed the so-called Local content that was supposed to be a good thing for the Nigerian local employees. A lot of indigenous companies are corrupt, and they never bother to learn anything, rather than making excessive profits, which will in turn jeopardize any project they partake on.

So are you saying all the indigenous companies you know today in Nigeria are all corrupt and don't learn anything?

Violence you guys are the cause...

OLAADEGBU:
image123, come and look at this.

When you were busy supporting Muslim Muslim ticket because Tinubu was a Yoruba man, you didn't think of all these right, I even called you out then you ignored me, the person you are calling out is also a Tinubu supporter, you people are just playing each other because you people decide to remove logic and common sense to support tribal or religious supremacy.

Basic123:
What opposition exists in Anambra since 1999

You people hate the truth...

Tinubu's forum in Niger delta has spoken

OgaRico:
You understand me now.

And you see nothing wrong in that?

fergie001:
I have said here before that we do not have Governors, it's not in the President but in the Governors.

Simple and short, we do not have Governors now, we have businessmen.
Ask them why they are defecting, they will tell you they love the President, and that's all. It's horse-trading, he gives them something and asks for something else in return, that's all. No ideology, no nothing, just cash out season and political heights to Abuja. What else?

Most of them were handpicked, they haven't gone through the trenches like he did so why will you blame them for not understanding! For 2027, I have advised that it will be a fait accompli to go inside the Sun for Presidential Elections, people are not sensitised enough about Gubernatorial Elections. It is Governors I want people to punish. Look at the Governors defecting, most of them got it on a platter, most of them didn't necessarily win, either they came in through the Courts or they were imposed.

The Governorship elections is where I want Nigeria to get sensitised about but all the time, the only thing we have is who will be President. That's not bad but, Tinubu isn't the worst, these Governors are.

If OBJ did what Tinubu is doing now, the whole governors in Nigeria then may have defected including Tinubu, didn't Buhari do 8 years and opposition existed?

OBJ did 8 year too and opposition existed, all the past presidents did and opposition existed, don't tell me the present governors are different from the previous ones, they've always been like that, the president matters a lot in their behavior reason OBJ went after those that were looting recklessly among them, so they have always been like that.

Tinubu is only capitalizing on that, because he does not have the interest of Nigeria at heart, that is why the country is the way it is today under him, it is like bazaar for corrupt governors and politicians, governance has taken back seat.

Tinubu as president is still their leader, so whatever he does trickles down to how they behave, so why should I focus on governor who cannot fight the president if the president is evil when I can focus on president who can fight a governor that is evil.

Simple logic, even Otti that the is performing and the people like him is under pressure from Tinubu, the question is can he fight Tinubu as president ?

But if he was president and Tinubu was governor, can Tinubu put him under pressure?

So why should I focus on governors when the presidency has not been gotten right?

The people can only fight the governors when there is support from the president, if there is no support forget it or if the president is supporting the governor, that was what happened in Rivers state...

You can elect the best governor in the world and he might end not performing because the president is against him but not the other way round, that's the system Nigeria operates and Tinubu and all the governors know this, reason why there is pressure on them aside from their greed too...

So why should I focus more on governors that cannot fight an evil president when I should focus on president that can fight evil governors?