₦airaland Forum

musa234:
If the tax is not used Judiciously as most of us expect, nothing will happen..How do we hold the politicians accountable? Bro,unfortunately, nothing will happen.

oga this is the problem i always have with Nigerians. you argue one point they begin whaboutism!

do we need to collect taxes or not?

what they do with the taxes like i said in my original post is another matter. if you pay taxes and the govt loots it, that's on you the taxpayer! thats a failure on your part! we run a democracy, you have to power to vote them out.

Nigerians are unserious people. Someone like this Adebayo guy will contest for the next 100 years you will never vote for him, you will vote for the same people who you say loot govt funds and complain they continue to loot. what else are they supposed to do...can a cat bark like a dog? a cat can only be a cat and a dog can only be a dog. if you put a cat to guard your house and your home is not secure, you dont retain the cat or get another cat....you get a dog! are APC,PDP, ADC, LP the only politicians in town?

at what point will Nigerians accept their own part in voting the same people because whether they belong to APC, PDP, LP or ADC, they are the same people whose history is looting. the only difference is some will loot and work and some with loot and clean mouth.

musa234:
We all know nothing will change with this tax collection. It will still be looted and relooted. The average Nigerian is a fraudster and a thief, not just the politicians.

YouAreNobody:
The problem isn't collecting taxes, what do they do with the taxes?
Businesses in nigeria will pay tax and they'll also fuel their power generating sets, and many other things and you expect them to survive?
Stop defending the indefensible. You and I know these taxes are going to end up in Tinubu's pocket. What he did in Lagos is what he's trying to replicate on the national level

let them collect the tax and steal it first. a major reason why they got away with looting was because most Nigerians didnt pay tax and because it wasnt their money they didnt focus their attention of what the govt was doing with the money. If you are paying tax you will hold the feet of elected officials to the fire but when it is Oil revenue or taxes that dont come from you directly you dont see it as your money.

in any event most people complaining here are too poor to fall into the tax bracket.

LZAA:
Tax collection was very low?
Don't go and say this nonsense in public o
Just leave it here
Why do you think multinationals ran away?
After paying Tax and light bills they will still buy diesel and somehow sort your Agbado Sifu and his cronies in power.
Tax collection was very low?
🤡 everywhere

go and start your education all over again. Nigeria has one of the lowest tax collection rates in the world

rigid123:
I absolutely don't know why they think they have the right to be deducting money recklessly from someone's account in the name of this or that.

please JAPA then you will understand the meaning of tax collection.

In Uk you will pay up to 45% income tax, then as you spend the remaining you will pay 20% VAT, you will pay more than almost 100% tax on petrol and so on.

when you see good roads, hospitals etc......its from taxes.

everybody acknowledges that Nigeria's tax collection was very low. So to fix that is it not a well known tax collector you engage? The issue is what is done with the taxes.

is it someone who doesnt know how to collect taxes you engage to collect taxes?
or is it you dont want to raise taxes in which case how do you fund government programmes?

i dont understand if you car is damaged do you go to a well known mechanic or someone who doesnt know how to fix cars?

i am trying to see the sense in these comments.

CorperKola:
On a lighter note, i dunno which leaf you are smoking but Nigeria's reserves were 35B dollars as at May 2023
Please recheck that ASAP

since you went down the route of what leaf i am smoking, i will counter and ask which school you attended where your education had not equipped you to know the difference between gross reserves and actual unencumbered (net) reserves?

if you have 1B in your account and you owe 900M you are not a billionaire

perhaps when you can enlighten me on the quality of the education you received we can continue this conversation but these days i have made a point of duty not to engage the typical nairaland mob anymore.

https://proshare.co/articles/nigerias-foreign-reserve-crisis-a-second-take-on-jp-morgans-outlook?menu=Market&classification=Read&category=Forex

as you can see below blue is gross, green is actual (net) reserves.

CorperKola:
The issue is your hypothesis is not supported by historical data cos nigeria's economy grew from 1999 to 2007 massively and there was no imptovement in exchange rate value in fact the opposite
So i dunno where you have evidence to support this theory

1) read what i wrote again. the growth was not a deliberate and planned growth. it was an accident of fortune largely due to increasing oil price
2) we were importing petrol throught that period. Over 50% of our forex demands was for fuel imports much of which was inflated demand...petrol that wasnt actually imported, that has stopped. if anything we are likely to be if not already judging by the rise in reserves a net exporter of refined petroleum products.
3) again during that period,there was constant huge artificial demand for forex by round trippers...this has stopped. No one is looking for forex unless they have real use for it anymore. i dont think people understand the significance in growing our net reserves from $2.9B to N$40b in 2years especially at a time when the economy was bleeding? with oil production only 1.6/7m a day? with due respect, if you did you woulnt be asking these questions.
3) diaspora remmitances came in through unofficial channels, now they are increasingly coming in through official channels, this boosts official reserves and aids the naira.

but the no1 issue was fuel imports and round tripping demand, again you can see it in our reserves.

hope no drugs involved

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is it that you think MIT or Havard, oxford, etc has not produced prostitutes? Is it that you dont know many students work as prostitutes to pay their fees abroad, just like in Nigeria? like a poster above said. colo mentality and inferiority complex worrying you.

the statement wasnt meant literally but in your slave mind you took it literally and made a full of yourself.

Gotocourt:
Well said, as a layman. Is investing in manufacturing sector worth it?

thats too general a statement to comment on. it depends. is it something for which you or Nigeria has a comparative advantage? if you are manufacturing cement in Nigeria you have an advantage, if you are manufacturing lithium batteries in Nigeria you cant compete with the chinese manufacturers. if you are processing or manufacturing something to do with yam, cassava or Sheabutter, you have an advantage because we are the biggest producers of your raw material but if you are manufacturing something for which your raw materials are imported and there are foreign manufacturers, you will struggle. if you are manufacturing something to do with plastics you have an advantage because Dangote has a petrochemical plant and all your raw materials are local. etc etc

bazoodo:
This is absolutely ridiculous. Saying growth can be attained by 1500 to a USD is absolute wickedness. Nigeria's strongest growth was when a dollar traded below 200 naira. Goodluck to anyone expecting anything from this adminstration

Common sense would dictate to anyone that possesses that supposedly common but elusive quality, that a growing economy goes hand in hand with a reduction in the naira rate v $. Already we have seen the naira go from N1800 to N1500 as a result of a modest 3.8% growth, our highest GDP in some time. It goes without saying that to acheive a $1trillion economy the $ rate would have to fall against the Naira. It also goes without saying that a growing Nigerian economy will result in a stronger Naira and a lower dollar rate. so you have a double whammy effect. you increase the Naira value of the GDP by growing the economy in Naira terms and as a consequence of a growing economy, the dollar falls v Naira, as a consequence of calculating the GDP with a stronger Naira to USD rate, your GDP growth in dollars is a lot higher than your Naira GDP growth rate.

Lets say for example today GDP is N405Trillion and NGN/USD is 1500, in dollar terms our GDP is $270B. If the GDP rises by 5% next year, our GDP becomes N425T, assuming the exchnge rate stays at 1500, in dollars terms that is $283.5. However in reality a growth of 5% in GDP will also result in a fall in the NGN/USD rate...this is what uninformed people commenting on areas outside their competence and understanding ignore. lets say it falls to N1300/$, this will result in a GDP of $326B in 1 year from $270B....this is actually a 20% annual GDP growth in dollar terms, wheras in Naira it only grew by 5%.

if Nigeria can acheive 7% growth for 6 years, its GDP will be N607Trillion. That kind of growth may result in a fall in NGN/USD to N800/$. that is $758B GDP. so talks of a $1T economy very plausible in maybe 10yrs. The question is what is the government doing to boost growth to 7% and above? we give them the benefit of doubt and I believe them when they say the last 2 years was about stability. Indeed we were coming from a very bad place and now we are stable, now we need aggresive growth drivers.

anyone who says it is impossible does not understand economics or finance or the relationship between growth in the Nigerian economy and exchange rate and how our GDP in USD is a function of exchange rate. Also it must be said it is an unbecoming article from Afriinvest who are supposedly knowledgeable on this matters to suggest that the economy will grow and the exchange rate remains at n1500...like I said even at 3.8% it has risen from N1800 to N1500. Articles like these and commentary on the matter by Rufai the are either borne out of lack of understanding or agenda

6-7% growth is very achievable. Nigeria more than doubled its GDP from 1990-1998 (over200%), 2000-2010 (over 400%) and 2009-2014 (over 50%) all this at times when we didn't invest in infrastructure. The second component required is for the Naira to fall below N1000 to somewhere around N700-800 again very acheivable. Going from a N400T to a N700T economy and a N700/$ rate is very achievable in 10 yrs.

This is why i always preach that people should stop getting worked up about measuring the nigerian economy in dollars. As we can see just a 5% growth in naira GDP is equal to 20% growth in dollar GDP. it can be inflated on the upside as well as the downside based on the exchange rate. what is important is the GDP growth rate in naira terms. we have achieve a growth in net reserves from just $2.9B to over 440B in 2.5 years, if we are able to get 5% and above preferably 7% we will be OK. the dollar will fall as a consequence.

Finally dollar GDP is a crude comparison tool, it is not real so stop paying too much attention to it,

torqque7:
Bro you try o with your patience to explain lol..if him no want learn from what reasonable men are saying then he can as well learn painfully with experience getting married to a single mother..som SIMPs are irredeemable

This is my classification of women

1: Single never married, no children, below 30. 35 max!

Big gap.


2: widow: someone deemed her fit to be a wife. Could be a hidden gem. Likely a good woman that life dealt a bad hand.
3: single never married, no children, 35-40. (Very likely an attitude problem &or someone’s side chick. Will marry anyone who will marry her)
4: divorcee: too much drama. The biggest decision of her life she got wrong. May still have the same issues that ended her marriage.
5: single never married, above 40, no kids (spent the valuable part of her life to a man as somebody’s or some people’s side chick) no upside. Only companions for divorced older men who don’t want kids.
6: single mother, any age, never married. Run away! Nothing to gain for a man, absolutely everything to lose.

The older a woman stays single the more likely she has been a side chick or a serial side chick to a married man. She has been messing with someone else’s marriage. 1) if she can’t respect other people’s marriage she won’t respect hers. 2) she carries into her marriage bad karma!

Once a woman is a side chick, she comes to a marriage with a wrong attitude because she has been pampered by a married man who can’t offer her marriage. She thinks that’s how life really is or should be.

The only girls to marry are 1 and 2. The rest are different grades of damaged.

The victims of a failed education system including clearly the journalist who wrote the story will not understand what they read.

Hint1 : We paid off our IMF loan ahead of time.

Hint2: it’s not currency because Naira has actually appreciated against the dollar in the last 12 months which should actually result in lower foreign debt payments. Again see hint 1 above.

God forbid that those who did not do anything to change the direction of this country and have no track record of progress, reforms or transformation at federal or state level when they had the opportunity be voted into power to derail the repositioning and transformation of Nigeria.

Heartless and wicked set of people!

Commentor:
Nice one.



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Fantastic! These companies were just making money off us without paying taxes.

Some agbotikuyo Uncle Toms were complaining and defending the imperialists when the government under Buhari started clamping down or their exploitation of Nigeria.

IamAsiri:
No, I don't. After separating the widows and casting blame on the "irresponsible" ones, your last paragraph in my own opinion just stated the fact that ANY woman who has no man in her life but wants to keep and train a child alone is selfish. And that is what I addressed.

And just like I said earlier, some women did not "open" their legs for some irresponsible men, they were forced. Some were raped at gunpoint or knifepoint. In short, some of these women were just victims of circumstances.

Ok! Believe what you want.

The world designed men such that you eventually learn to take responsibility for your life or he will never make it.

The world is designed such that if a woman does not take responsibility for her actions there is always some gullible man who will believe her tales of woe. Such men enable single mothers and all those women who fail to take responsibility for their actions.

The proportion of single mothers who were raped is less than 1%. The rest are widows/divorcees and never married.

As far as divorcees and the never married, nobody forced you to open your legs, nobody forced you to marry. You are 100% responsible for being a single mother. At least the child of the divorcee does not have to deal with the trauma of knowing his/her father did not want her.

No man worth his salt marries a single mother. It is a sign of weakness or he is broken as a man. Either you cannot get a proper single woman without kids because you are not doing what you should do as a man and have to settle for a single mother or you are too old in which case you have become weakened by age.

Either way it is a sign of weakness in a man.
.

I repeat no man worth his salt settles for a single mother.

The only exception is a widow.

IamAsiri:
What would now expect they do? Abort?

I know of a lady who was married and few months into the marriage, the husband died. Should she have also aborted the child, because there would no longer be a Father figure? Has she not been plunged into single motherhood that way?

People underestimate things like good or bad judgment when choosing a life partner. Being a single mother is a sign of a woman with poor judgement. That poor judgement will manifested in her becoming a single mother will also manifest itself in many others ways in the course of your relationship with such a woman.

There have been some of our mothers (talking about some mothers we used to see while growing up) who had to be both the father and mother in every sense of the word, just because those fathers were irresponsible.

Maybe you have a comprehension problem.

A woman whose husband died is different. I made that clear in my post.

Every other situation by which a woman finds herself a single mother is entirely her fault.

That she chose to open her legs for an “irresponsible” man is a display of bad judgement…..that’s on her!

read my post again.

joeyswift:
I dont understand the idea of demonising single mothers. They had the courage to keep the baby, while some useless self proclaimed single ladies have committed abortion multiple times. Yet the society victimises the single mothers. It is not right.

It’s not courage. With the exception of widows, the path that leads a woman to be a Single mother is selfishness, failed attempt to hook a man, poor judgement or promiscuity. Neither are qualities you want in a wife or life partner.

It’s not courage to have a child knowing the child will not have a father. That’s selfishness.

A woman who wants the best for her child will not bring a child to the world without a father. That need to put her own needs first before even her own unborn child is why you want to avoid single mothers. They are only about self not the consequences. They are inherently selfish people.

Smitaro100:
E b like endsars protest really motivate most youths for other countries to begin their own violent protest o.. the world don tire for politicians their fake promises walai..

all Nigerian protests by these young new generation Nigerians are copy cat protests.

occcupy (fuel subsidy) was Nigerians copying the occupy movement.

ENDSARS was Nigerians copying the wave of riots in the world at the time including the race riots in America

when kenyans rioted, again Nigerians attempted to copy but yorubas had wised up so they shut it down before it could gain momentum in Lagos.

copy copy copy.

thats why occupy Nigeria and ENDSARS led to nothing. it was just copy to register "we too"

think about it, what did occupy Nigeria and ENDSARS acheive? Absolutely nothing!

The irony of the ENDSARS movement is that instead of them to use the movement to forma political party by youths for youths, they were hijacked by IPOb and their leader became a 60+ yr old man whose reign as governor was the most bruital deployment of ENDSARS with full govt approval. people going missing, bodies floating in river.

the leader of the ENDSARS mob is the man who deployed ENDSARS mercilessly no no one else. you cant make this stuff up!

Omooba77:
Nlfpmod, is this 5% enough to ameliorate our problems.........

thats why he shouldn’t have removed it.


nobody noticed the 5% tax on telecoms services and thats why they wont notice its removal. Govt just losing important revenue for nothing.

it wasnt the tax that was the problem but the 50% tarrif increase.

shortgun:
Rumor has it that the police acted on orders of the promoters business rival.
The promoter is a certified Engineer, he's educated enough not to publicly promote illegality.

be hiding under rumour. The police acted on petitions by yoruba groups and a yoruba monarch.

at least you know it is illegal.

since when did education stop ibos from being ibos?

Plus adeyanju, plus Obi, cunny man die, cunny man bury am. Two of them nonsense people. They deserve themselves!

Add Reno too join!

If you knew Peter Obi and your brain led you to support him at any point. Don’t turn around ntoday forming holier than thou.

Nobody with functional grey cells can support Obi.

I am not fooled or impressed or trust the judgement, motivation of people who could ever have supported this man now claiming they have seen the light.

Plus adeyanju, plus Obi, cunny man die, cunny man bury am. Two of them nonsense people. They deserve themselves!

Mrfixitt:
It shows the level decay in Nigeria at the moment. Buhari and Tinubu have ruined everything left behind by Gej

what exactly did GEJ leave behind?


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you have governors, instead of facing your governors you are facing Tinubu or Yoruba matters in Lagos leaving your governors to do anyhow. how will you develop?

half of FAAC allocation goes to states. better face your governors.

NIgerians are funny people. We should decide what we want as a people.

Do we want to operate the country on rule of law or sentiment?

The woman is the one who took the case to court and who prolonged the matter by appealing. Why are they not appealing to her, she is the one who took the case to court. Senate is only abiding by the law.


How can you ask the body that makes laws to break the law?

Same thing with NUPENG/Dangote fiasco. Do you want an efficient economy that allows big players to leverage their scale and bring down the cost of distribution ultimately to the benefit of end users or do you want to empower a Labour cartel that has collected salaries for decades despite a non functional refinery or an expensive distribution network of substandard rickety trucks?

A so called petroleum workers union that never saw it fit to include retail pump sellers in their union

Nigerians need to decide what they want.

Sexual harassment… till today. no evidence! from day 1 they said apologize and return....6 months no apology!

Is this what we want to encourage in our country? Spurious allegations and anyhowness?

pretydiva:
Bunch of jokers. Say one thing today, come out the next day to debunk it

Please show where the government ever said they were implementing it.

It is illiterates, naysayers and deliberate saboteurs that deliberately spread misinformation about the tax law.

Anyone who read the bill knew there was no 5% petrol tax coming in January. So you wonder if our people are so dull that they read but don’t understand what they reading or they have an ulterior motive. That a trade Union would even make such a statement questions their motive. Did they not read the tax bill?

casualobserver:
I fear for Nigeria because we are either a nation of very dull people or a nation of extremely dishonest people who know the truth who deliberately continue to spread lies .

Twice I have posted what the law says about the tax on this thread and yet people are still saying it is a new tax and it will start in January.

God help us. No nation survives so much dullness or dishonesty in it’s population!

casualobserver:
there is no 5% tax. they are just playing to the gallery.

the 5% tax has been law since 2007 under the FERMA ACt bbut it wasnt implemented

the new tax law simply harmonized all exiting taxes into 1.

However in doing so it clearly states the the 5% tax will only come into effect at a time gazetted by the minister of finance. Since the minister of finace has not gazetted a commemcement date, there is no tax. they know this but they are only playing to the gallery so that when the new tax bill comes into force in January they can claim credit for resisting a %% tax bill that the government never said it was going to implement in january or any other date.

below is the relevant section of the new tax bill as related to 5% surcharge.


"Nigeria Tax Act, 20252025 No. 7A 476(2) Surcharge shall be computed based on the retail price of all chargeable
fossil fuel products.
161. (1) The Minister may by an order issued in the Official Gazette
indicate the effective date of commencement of the administration of the
surcharge on fossil fuel products under this Chapter"

below is the 5% tax in the FERMA act 2007

Substitute for section 14 of the Principal Act a new section “14” –
14 (1) The Fund of the Agency shall consist of –
(a) The take-off grant from the Federal Government;
(b) Annual subvention from the Federal Government as provided in the Appropriation
Act;
(c) Loans and grants-in-aid from Federal, bilateral and multilateral agencies;
(d) Rents, fees and other internally generated revenues from services provided by the
Agency;
(e) All monies collected from toll gates;
(f) Such monies accruing from road concessions;
(g) All other sum accruing to the Agency from time to time;
(h) 5% user charge pump price of petrol, diesel and of which 40% will accrue to FERMA
and 60% to be utilized by the established State Roads Maintenance Agencies; and
(i) International vehicles transit charge as may be determined by the Hon. Minister of
Transportation.