₦airaland Forum

Mkenya2019:
NNPC has not paid taxes or dividend in its 40 yrs history.They own NLNG.They take money in subsidies ..they don't contribute

Top ten tax payers in Nigeria 2021 from FIRS themselves.

Nigeria Liquefied Petroleum Gas Company Ltd, which the FIRS says it is its ” Most Supportive Taxpayer”

Nigeria National Petroleum Company, which it crowned as its ” highest taxpayer”

Mobile Producing Unlimited

Star Deep Water Petroleum Ltd

MTN Nigeria Communications PLC

Shell Petreoleum Development Co Limited

Chevron Nigeria Limited

Total E&P Nigeria Limited

Airtel Networks Limited

Nigerian petroleum Development Company Limited.

Also NNPC remitted 2.7 Billion dollars in early 2022. However, they no longer remit to CBN like in the past for the sole purpose of boosting Forex reserves.

Mkenya2019:
what do you manufacture? Why cant you raise taxes.Your taxes is mainly MTN South africa. Biggest tax payer by a mile.Who has seen made in Nigeria products

NNPC/NLNG are biggest/most supportive tax payers by a mile not MTN.
MTN should be 5th biggest tax payer now (paying over 700 Billion naira (1.7 Billion dollars)).

68816419:
650,000B Largest single train Refinery in the world is now completed

https://www.youtube.com/watch?v=u2-h5UEJPFM

I don't think it's completed. Some few testings would have to be done.
Though they say it should be completed by March but I'll say let's set a target of June to September.

Shaytun:
Lol..Too much Igbo.

Your revenue is 2 trillion Shilling, which is around 14 billion dollars.

Nigeria..just federal alone is doing around 20 billion dollars, if we add the state, that will be around 27-28 billion.

In the Jonathan era, Nigeria made way more than this in dollars term, even in the Obasanjo era. Revenues have been much lower in the last decade and it's now we are doing more to look into the non oil sectors as major sources of the budget.

Shaytun:
We should be doing more though.

Do you think the federal government should start taxing individuals?

The problem is at the local Government and state levels. Lagos started with things like Alphabeta and LIRS which the Federal Government incorporated. The states need to follow that pattern to have their taxes more organized. You would see there are lots of leakages at state levels and the IGR of many states would increase five fold.
Lagos was already generating much in 1999 but they had low revenue reports until leakages were blocked and revenue collection was reformed and became more organized. Lagos increased revenue from 600 million naira monthly (in 1999) to 7 Billion naira in 2007 (more than ten times in 8 years).

Shaytun:
N9.969 trillion.

https://www.budgetoffice.gov.ng/index.php/fgn-2023-budget-call-circular?task=document.viewdoc&id=1016

A lot of corporations are also indebted to Government as well. There is currently a pending 2.6 trillion naira debt (over 6 Billion dollars) which the senate is reviewing and Government would get.
This is without factoring the 10 Billion dollars (owed by Benin, Niger, Togo) as well as the 2.4 Billion dollars from corrupt oil deals in 2014.
There is just no way Nigeria can get bankrupt or be compared to Kenya. The argument is baseless.

Obaaderemi2:
And we paid a whopping $12bb. How come your debt profile is larger than ours?
By the way, I thought you said it was $40bn.

Can Kenya even pay 5 Billion dollars debt at once?

Mkenya2019:
These kind of stuff really beyond your paygrade

Ad Hominem.

MacDani:
Nigeria na cruise... So when 1,100 gets the job, they will arrest 28,900 and put them in jail, live in the jungle

Not Nigeria, Pakistan.

Obaaderemi2:
Let's wait and see who will default first. Ruto is already begging for his life. Kenya already defaulted on its Chinese loans and got lashed by the slave masters for it. Let's wait. We'll see who the next Lebanon is.

Yeah, they have already defaulted on Chinese loans even. Just because China doesn't make noise like Western lenders but just quietly slapped them a fine doesn't mean a default isn't a default.

Obaaderemi2:
W hat $40bn are you talking about? We had a deal with the Paris club for debt cancellation because we qualified for it. We paid $12bn at a fell swoop and $18bn was cancelled. $12bn!

The guy is obtuse. He is deliberately avoiding my post. Even outside the 6.5 trillion collected in 2021, I just showed him that as of October 2021, 10.13 trillion naira was the total revenue available to Nigeria from all angles. However, within the Budget calculations limited to FIRS and oil revenues, we had only collected about 3 trillion naira (out of that 10 trillion) and we had estimated to collect 7 trillion.
What this means is that there are other sectors for revenue collection which the budget does not officially take into consideration. He is delibrately avoiding that and parabulating, so we let him be I guess.

Mkenya2019:
Actually these guys at BudgITng - done the donkey work. The zoo is hilarious. Definitely headed to bankruptcy in a year or two max.
https://twitter.com/BudgITng/status/1610885749125029888

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BudgIT Nigeria
@BudgITng
·
1h
Currently, the FG has been on a borrowing binge as domestic debt increased from N8.3tn in June 2015 to N21.6tn as of June 2022, & foreign debt rose from $10b in 2015 to $39.66b in 2022.
BudgIT Nigeria
@BudgITng
·
1h
Similarly, interest paid in Ways and Means (CBN Debt to FG) grew from N9.51b in 2017 to N1.22tn in 2021. In the meantime. the CBN's new debt adds at least N2.5tn annually to Nigeria’s debt servicing costs.
BudgIT Nigeria
@BudgITng
·
1h
According to a recent MTF, Nigeria's debt servicing cost is projected to reach N10tn in 2025. If National Assembly approves this action, FG's public debt will rise from its current state by 59% - from $89.5b to $142b.
BudgIT Nigeria
@BudgITng
In 2021, FG used 91% of its N4.64tn revenue to service public debt. Unless something drastic happens with revenue growth, the FG will spend more on servicing debt. This has implications for inflation, economic confidence, higher interest rates & weakened exchange rates.

You are quite hilarious. The foreign debt has only 15 Billion dollars eurobond and others which are mostly taken care of by oil sales. All of the other debts ( which are about 150 Billion dollars in total) are from within Nigeria, so I don't see the real problem here. We always have a way of taking care of those naira debts which have never been a problem.

Mkenya2019:
You're a cartoon.
Let use 2021.
That 4 trillion in Federal revenues include oil revenues of 800B naira. I guess being federal share of oil revenues (states & LGA take their share)
The rest (about 3 trillion) are non-oil revenues.

State budgets - outside a few like Lagos, Osun and few in South East - the rest depend almost entirely on federal allocation of oil revenues and other taxes.

It appears you actually did 50% of the projection. Crazy zoo you got there.

"N4.39 trillion With both oil and non-oil revenues far off from the amounts in the approved budget of 2021, Nigeria ended 2021 generating N4. 39 trillion as total revenue in contrast to N8. 12 trillion targeted in the 2021 appropriation act., representing a decline of 45.9 percent in total revenue generation."

Again you are not engaging my post. The Nigerian budget is Benchmarked on mostly oil sales revenues and whatever taxes added are small and used in budget calculations. Last year all of that was 7 trillion like you said, this year it is projected to reach 10 trillion naira for the first time as far as budget calculations in Nigeria are concerned
However, again (for the last time), I just showed you there are other sources of revenues which are not your normal small taxes or revenues from oil which the budget does not encapsulate.

Read the 2021 report again. Buhari already spoke of a 10,13 trillion naira somewhere which was not factored in the 7 trillion naira projected revenue then for the budget. If you don't answer this point then there's no need to engage my post further. Just admit you didn't know.

Mkenya2019:
https://yourbudgit.com/wp-content/uploads/2020/12/2021-Budget-Analysis-Proposed.pdf
1) 2020 - you had 55% budget performance - collecting 1.65 trillion naira. Total budget was 10 trillion Naira.
2) 2021 - you had 73% budget performance - collecting 4 trillion against projected 7 trillion. You ended borrowing 7 trillion. Total budget 13 trillion naira
3) 2022- we shall soon find our you Nigeria federal gov is underperforming - total budget is 16 trillion.

4) 2023 - you're proposing to spend 20 trillion - with 10 trillion being projected revenues - 10 trillion being projected borrowings.

It appears to me you're raking in more and more borrowing from a fake GDP and soon you're going bankrupt like Ghana.

Already Nigeria is more debt distressed than Kenya. You are projected have 172 billion dollars in debt by end of 2023 with overestimated GDP. - and you're now over 100 % in debt servicing ration.... meaning your debt obligation yearly exceed revenues ...and you continue to overestimate the budget and borrow more and more.

The only saving grace most of borrowing is internally - you'll crowd out private investment to feed the beast - and generate more poverty.

https://www.nasdaq.com/articles/nigerias-total-debt-to-hit-$172-bln-after-loan-to-bond-swap-new-borrowings-dmo

Those 1.65 trillion (low oil sales in 2020) and 4 trillion naira (collected in 2021) were not total revenues of Nigeria just oil revenues mostly which the budget was benchmarked against during it's preparation as usuaI. I just showed you where Buhari himself gave you other forms of revenues for Government not considered within the Budget calculations.

I think you are not engaging my post you just want to project what you read and don't understand so I'll leave you with your ignorance.

Mkenya2019:
English is your main problem.
2021 - 4 trillion - actual - against 6.3 trillion projected.73% achievement.
2022 - 10 trillion projected - we shall see how much they collected soon - generally they've been doing around 1.2 trillion per Q - so total might be 5 trillion. 50% of the projection

2023 - again projecting 10 trillion plus. They just cant help but be ambitious and delusional.

And they are hoping to borrow 10 trillion more...cant help but be irresponsible.

As at the end of 2021 (October 2021), 10.13 trillion naira was already available (not estimated) which included revenues from 63 Government owned enterprises to fund the 16 trillion naira budget of 2022. Read the bolded.

Nigerian ministers most times speak of the budget based on estimated oil revenues. Our budget have always been officially benchmarked and estimated based on oil revenues.

Mkenya2019:
It's not difficult to say Kenya was close second.

Yeah they were.

I know they were close as at third quarter. Don't have the full report on that of Kenya at the end of the year though.

Despite the global economic headwinds that saw many tech giants embark on mass layoffs last year,the growth trajectory of tech startups across the world continued in 2022 as Venture Capitals and angel investors injected billions of dollars into innovative companies globally.

In Africa, Nigeria maintained its leadership in terms of numbers even though funding slowed across the continent.


Indeed, 2022 was not as buoyant for the startups as 2021 in terms of funds raised. By the end of the year, Nigerian startups raised a total of about $1.3 billion according to various figures released by the individual companies. This is lower than over $1.5 billion raised by Nigerian startups in 2021.

Obaaderemi2:
Nigeria has not taken taxation seriously. VAT rate for example is low and there are so many loopholes in the tax net. This is because the government relies primarily on oil revenue. Now the oil curse is being lifted. We got no choice but to tax aggressively. What with the huge debts.

This is where the next election comes in. With what Tinubu did on taxation in Lagos, I see him trippling tax income if he becomes president. And he is not a soft man. I don't like the man and can never vote for him but as things stand it's hard to imagine him losing that election, unless he dies before election day.

It's either Tinubu or Atiku unfortunately or fortunately, but amongst the two I prefer Tinubu's ideology not necessarily because I like the man himself (although I do in some ways and don't in other ways) but because I don't like the full blown free market capitalist ideology of Atiku while Tinubu is a socio-capitalist.

In Nigeria, we have brilliant candidates like the Accord Party Candidate whom I vibe with most (he is also refined socio-capitalist) but nobody seem to be looking his way.

Mkenya2019:
First revenue is money in the bank. It has to add up. It must add up. It banked in gov coffers.
Revenues are generated as tax or user charge on economic activities.
Most revenues in kenya come from income taxes - PAYE - that all formal employees if their salary is at least 300USD per month or around.
Kenya has about three million people formally employed - about a million in gov/public sector - two million in private entreprises.
The next big one is Customs - these are duties applied on all imports. Kenya imports close to 20B dollars.
The next is VAT - we have 16% (last I checked Nigeria was 8%) - this levied on most goods and services.
Throw in excise duty - sin/luxury taxes on some products like alcohol, cars, etc.
Next are user fees/licenses/court fines.
There is no where exports are involved - taxes will come from PAYE - so you have have more formal employees (south africa have nearly 10m) - then VATable goods and services - then taxes all imports.

Kenya runs a devolved gov. It's unitary. Not federal. Counties dont levy taxes.
But they levy A-I-A. User fees/license. Counties in kenya run pre-schools ,agriculture, health and 17 other functions.
Counties get allocated % of what is collected nationally.
Then raise their own - mostly from business licensing and from hospitals they run.

Nigeria runs a federal system - where revenue is shared btw 3 levels - Federal, State and Local Authorities.

Now that we have baselines - let get the figures.

Give me Nigeria 2021 - where we have all numbers - ACTUAL (not projeced) revenues for Federal, 36 states and 200 plus LCA.

Once you have the figures - you'll come to inevitable conclusion that Nigeria GDP is grossly overstimated.

Kenya is collecting less than 20% of it's GDP - roughly 18% - this exactly where countries at kenya level of development are.

South Africa is doing 25% - as it middle class country.

Nigeria should be doing 20% - meaning they should collect 100B dollars.

Resource dependent countries generally have low tax to GDP and even Norway has low tax to GDP by the standards of their peers.

In addition to this, Nigerian data is also a bit reasonable because out of a working population of 90 million people, only 13 million people (complete total since 1960) paid tax across board up until 2016. Now it is increasing to over 20 million people (complete total). In addition, VAT was at 5% (lowest in Africa) until recently where it is 7.5%.

I agree that there is massive corruption in the Nigerian tax system especially at the state and local Government tax levels and there are massive leakages but my point is that there's no way Kenya is making that much revenue officially and it doesn't show in other areas like your exports and manufacturing outputs.

Compare your revenues to that of Egypt and Morocco for instance and then compare your manufacturing output and your exports to theirs and also compare your working population to get my drift. Something doesn't add up somewhere. Now I'm beginning to believe KaziKazi.

Mkenya2019:
Stop lying. Nigeria this coming year is projecting to collect about 10 trillion both from oil and non oil.They are then going to borrow another crazy 10trillion naira.What does Nigeria actually collect as revenue..at federal level its about 10 billion dollars..2021 they did about that.kenya total revenue at national level is more than 20 billion. Again what has exportation got to do with gdp or gov revenues.kenya 2023 budget will be 3.6 trillion kshs with at least 2.8 trillion being collected internally...we will only borrow mere 700b kshs...

Not a lie, I get my information from credible sources. I'll give you the complete data on 2022 when it's released in February. Bookmark my post.

When you say Kenyan taxes at national level, I an not aware that Kenya runs a federal system like Nigeria. are there Kenyan counties with budgets of 4 Billion dollars, 1.1 Billion dollars, 900 million dollars, etc, with a few of them being able to finance over 70% of their budgets without federal allocations?

Finally, it is impossible for Kenya of 54 million people to generate more than Nigeria when your exports are so low. That would mean you generate revenue way more than Nigeria internally, yet Kenya with just 54 million people have their highest export at 1.4 Billion dollars and manufacturing at 7.9 Billion dollars. That doesn't add up.
Nigerian manufacturing is 8 times that of Kenya at 64 Billion dollars. She has also over 300 registered companies (Lagos alone has thesame number as that of Kenya which is around 70 officially registered companies). How then can you generate more revenue than Nigeria?

Utanisco:
IDiotic idiot
U wud have died before now better than this shit your saying


Adiok onor fi

All ma businesses collapsed because of u
Everything I hustled for gone

I mean everything
And ur here sharing impotent testimony

Unam ikot

How did your business collapse because of him. Do you mind explaining?

watchindelta:
but you can't buy a bag of rice with just 18k as a minimum wage and rent of 15k a month! From the 18k as minimum wage like what a f uck ? Nigeria is not a Country. APC OR PDP everything is just mouth blalba! I bet you 10yrs will pass does things you wrote up there bro we will not see them, it's sweet measuring things with mouth! you talking as if this is not Nigeria aba.

Is minimum wage not 30k?

When I was a teacher in one of those stressful private secondary schools few years ago receiving 15k and sometimes 18k, I never knew any who was dependent on just that salary. For me, I did multiple home lessons then and my guys did additional stuff like fish pond, poultry, etc.

stormborn28:
APC will lose in this elections na me dey tell you. What do you take Nigerians for? The living standard of an average Nigerian is terribly poor and you want to force our thumb on APC logo. Nonsense everywhere

I'm afraid APC is still looking like the best choice for Nigeria currently compared to PDP. We can't afford to have PDP theives come back to spoil some of the progress Buhari is making for our future.

stormborn28:
Oga. APC is not better than PDP.. The corruption in APC government is too enormous to qualified... AGF stole about #109 billion under the watch of Mr integrity.. NNPC has not remitted money to the government or CBN throughout last year..shoddy deals going in the oil industry is so alarming... Please forget APC .. They are as dark as the devil's mind

AGF stole 109 Billion naira and thesame APC revealed this to you. How many times did PDP reveal their thieves to you from within close Government circles?

NNPC remitted 2.7 Billion dollars to CBN earlier this year. However, all of what they remit are used to satisfy Forex demands and subsidies. The point CBN is making is that unlike in the past, the non oil sector now funds our excess reserves more and not dollars from oil. Despite zero inflows from oil to our excess reserves, it did not reduce drastically to 29 Billion dollars the way it did under PDP in 2015.

I agree shoddy deals are going on in the oil industry. APC are no saints but they are way more progressive than PDP.

watchindelta:
but in Nigeria the minimum wage is just 18k! So who will increase the salary? The success of Nigeria is within the citizens, the day the citizens decided to let go tribalism, and stop defending these politicians, is that day Nigeria will goood. Without light no develop country can run. Nigeria has 1million problem.

Exactly. The key is more infrastructures such as Siemens Electricity and Zungeru Power Plant, more rice mills like Imota rice mill, and ressustication of our refineries like the PH refinery about to start with 60,000bpd capacity before end of January.

The APC is on the right track to create the environment that would help us increase our earnings in a short while.

When we increase our earnings, we buy as many bags of rice we want.

Codes151:
asking me stupid question.

Your eyes never clear.

You think everyone you see in nairaland is in your low Reasoning level.

Simple question, you dey do balablu blu blu bulabla.

Codes151:
you did nothing except ruin the little we built so far

What did you build that he ruined?

Fujiyama:
^^^


Ok. For now we won't talk about the loans used to fund these projects and the mortgaging of generations yet to come. That will be discussed some other time.



^^^
No I am not being partisan. The matter has everything to do with the APC.

Buhari signed an executive order granting LG fiscal autonomy in May 2020. Two years later, the bills (after being passed by the NASS) are still awaiting concurrence by state legislatures. And APC is the party in power at the federal level and the majority of states. And the bill has still not been passed - with just a few months before the sun finally sets on the Buhari administration.

If the APC cannot get this right, what use are they? If it was some irrelevant bill (and they are many!) you can be sure of speedy concurrence but now there is a bill for the good of all Nigerians, it has been bogged down by what you call "personal interests of state governments". And the Buhari led FG cannot apply the suasion required to get states concurrence on this matter. I ask again, what use is the Buhari led FG?



^^^
Apples and oranges.

I'm not sure of the relationship between between a federally controlled APC's failure to pass pro-people legislation AND what you call the lack of SE support for Rivers and Lagos state agitation for control of VAT. From what I remember, governors across Nigeria (and not just the SE) didn't support Lagos and Rivers - because they obviously don't want the gravy train to end. But that's a very different matter from the FG's failure to get an LG fiscal autonomy bill passed successfully. They are two different things.


But...you haven't answered all my questions...

So Buhari should force the states to sign the bill? I thought we the people said we want restructuring? So why are we not protesting in our various states for the LG Bill to be signed? That's our duty first before APC and Buhari.

watchindelta:
with all these blablabla you said where is the money?! How much is bag of rice,Fuel gas,diesel,1naira to dollar,security,minimum wage, rent, happiness of the citizens, I can go,on and on?

You all make one sided arguments all the time:

How much is bag of rice,cement,gas....

What you should pray for is increase in your earnings so you can pay for bag of rice no matter what it is.

We are talking strategic and futuristic developments here and all some Nigerians care about is bag of rice rather than increased infrastructure for increased jobs and then increased earnings?

Ttalk:
Haba, you are a nuisance to the lineage that birthed you

Don't mind him. It's just like saying to him: "How I wish you were killed by the various bombs of Bokoharam in 2014 or by the massacre of Odi in 1999, you wouldn't be alive to type this nonsense".

MansoryMX:
What do we say of APC?

APC is disappointing but still better than PDP. Consider these points:

If PDP had not privatized Ajaokuta Steel and Mambilla so shabily, imagine where we would have been today.

PDP sold many assets and did not pay the pensioners, APC is paying them today.

We had so many shady deals and court cases from the PDP era. APC is cleaning the mess today.

PDP reduced excess crude account from 107 Billion dollars in 2004 to just 2 Billion dollars in 2015 with almost nothing to show for it, yet they borrowed 67 Billion dollars despite having their debts wiped off in 2004.

Foreign reserves reduced to 29 Billion dollars in 2015 despite the fact that we earned about 87 trillion naira in 16 years of the PDP. In contrast we have barely earned 12 trillion naira under APC.

Jamb remitted only 54.7 million naira prior to APC, today Jamb is remitting Billions and do not even need allocations from the Federal Government.

Under PDP, NNPC never declared profit only losses. In 2021, NNPC declared a profit of over 600 Billion naira.

stormborn28:
PDP failed .APC failed no bias here

If PDP had not privatized electricity sector so shabily, APC would have been free to loosen up the power sector from that 2015.

If PDP had not privatized Ajaokuta Steel and Mambilla so shabily, imagine where we would have been today.

PDP sold many assets and did not pay the pensioners, APC is paying them today.

We had so many shady deals and court cases from the PDP era. APC is cleaning the mess today.

PDP reduced excess crude account from 107 Billion dollars in 2004 to just 2 Billion dollars in 2015 with almost nothing to show for it, yet they borrowed 67 Billion dollars despite having their debts wiped off in 2004.

Foreign reserves reduced to 29 Billion dollars in 2015 despite the fact that we earned about 87 trillion naira in 16 years of the PDP. In contrast we have barely earned 12 trillion naira under APC.

Jamb remitted only 54.7 million naira prior to APC, today Jamb is remitting Billions and do not even need allocations from the Federal Government.

Under PDP, NNPC never declared profit only losses. In 2021, NNPC declared a profit of over 600 Billion naira.

I can go on and on and on. APC is just better than PDP.