₦airaland Forum

Wuoche:
That's just tax revenue. Remember there are other sources of revenue as well outside taxation.

So only Kenya have other sources of revenue outside taxation?

Mkenya2019:
Then what purpose of the fuel subsidy. Use that money to fix electricity.

Beside refinery wont help - you will lose forex from crude oil equivalent to what you'll refine - what will help is selling more oil. At this rate with Nigeria oil production going down to 1.3M - Dangote will take half of it - slashing dollar earnings from crude by half.

The CEO of Financial Derivatives Company, Bismarck Rewane, is not as optimistic. He says whatever Nigeria gains in not using dollars to buy refined petrol is almost equivalent to what it will forfeit by giving up 650,000 barrels of crude daily that it can no longer sell and earn dollars from.

Sure. But at least the currency would become more stable (because PMS and Subsidy together eat up so much of the forex) and we can focus on our non oil sector as well as gas exports by completing our gas infrastructures.
Gas exports half year already are at 3.81 Billion dollars and the Nigerian Government owns 49% of NLNG as well.
I don't agree with the devaluation of the naira just yet because it increases the cost of debt servicing overnight but I agree that subsidy must go.
Also India is a major exporter of refined crude and not crude oil and I think that benefits them more.

Mkenya2019:
End the fuel subsidy. Devalue Naira. Start investing in Nigerians. Invest in schools, security, healthcare.
Elect that guy Obina or something
Peter Obi - he seems the only sensible candidate - and get somone like Iweala from WTO to become the finance minister.
Zambia defaulted but they now have serious president who is fixing the country.

You cannot hide economic problems.

Nah I support Nigerian central bank for not devaluing the naira again until we fix the bottlenecks. By December the first phase of the PortHarcourt refinery would begin refining 60,000 Barrels per day.

Mkenya2019:
Youre wasting dollars enriching a few fatcats - while enslaving the rest of the country. It's time to devalue Naira. If the difference was small - it understandable. But unoffical rate is like twice the official rate.

We would do that but we import PMS for almost 200 million people and also pay subsidy again for same amount of people. When we clear just that single bottleneck then we'll do that.

Mkenya2019:
The difference is like day and night - ₦ 735 versus 440. That mean the Zoo is very sick and your gov is desperate to hide the extent of the rot.

We defend that official rate by injecting hundreds of millions of dollars every week in the forex market from our reserves. Your country can't survive that.

Mkenya2019:
If we use the black market dollar rate

Why should you use the black market dollar rate? The official rates are what are always recognised internationally.
Afterall the central bank of Nigeria spends billions of dollars in forex defending that official rate.

Mkenya2019:
Yes but Lagos and maybe cross-river states are only ones that collect some significant taxes - the rest are useless.

So you agree total taxes is not 15 Billion dollars like you wrongly quoted?

Mkenya2019:
I get them from internet - Jan 28, 2022 — ABUJA, Jan 27 (Reuters) – Nigeria's tax receipts in 2021 rose by 29.4% to 6.41 trillion naira ($15.5 billion), the head of Federal Inland ...

Yeah 20B is about where Kenya is - not so shabby for a country of 200m people.

That's just federal tax, state collect taxes too. Nigeria is a Federal Republic.

Mkenya2019:
When it come to gov revenues - South Africa collects more than 90B taxes - at national level - Nigeria less than 10B. That is what matters. Not dollars of oil exported by Shell and others.

Sometimes I don't know where you get these numbers from.

Nigeria recorded a total tax collection of about N8.8 trillion in 2020 translating to a tax to GDP ratio of 6.1%. Total taxes collected include oil and non-oil tax plus taxes collected by states

8.8 trillion Naira as at 2020 was about 22 Billion dollars. Now taxes have increased even though exchange rate in 2022 is at an average of 420 naira.

I thought this was worth sharing. The currency crises and debt burdens around the world would only get worse.



https://www.youtube.com/watch?v=uO2HC2YJDwc

obaaderemi:
He shouldn't be blowing lies for us here.

I am now really tempted to believe Kenyans here don't know what's going on in their country or is it just me?

Northernblood8:
Now, imagine what hardship that is coming our way this December.

This is the reason why the borders should be opened and import restrictions removed. It's risky for all Nigerians to depend on one source for feeding. Disasters like this,Boko Haram, bandits and other terrorists will indirectly lord over all Nigerians.

Double Post

Northernblood8:
Now, imagine what hardship that is coming our way this December.

This is the reason why the borders should be opened and import restrictions removed. It's risky for all Nigerians to depend on one source for feeding. Disasters like this,Boko Haram, bandits and other terrorists will indirectly lord over all Nigerians.

The price of rice would soon double world over. India, Thailand, and Vietnam, who are top three producers and exporters in the world recently decided to hike the prices.

Rice would be very expensive next year. Nigeria must be much more self sufficient in rice than ever.

Though rice may be expensive in Naija now, but Buhari's desire to see that we are self sufficient in rice by banning importation of rice temporarily is spot on for now.

Technology firm, Google, has informed that its 12,000km Equiano subsea Internet cable, which landed in Nigeria in April, will become operational by December.

Google said Equiano is now running through Togo, Nigeria, Namibia and South Africa, and is expected to deliver faster, lower cost Internet to the continent by connecting St. Helena, Togo, Nigeria, Namibia and South Africa with Europe.

The American firm disclosed this, yesterday, at the second Google for Africa event, where it said over 20 per cent of the $1 billion announced, last year, to be spent on the region in the next five years, has been deployed adequately.

https://guardian.ng/technology/googles-equiano-submarine-cable-begins-operation-in-nigeria-by-december/

Shma2022:
I know the federal reserve can print dollars and pay off debts. One thing you should take note of is that any amount printed outside the outcome of value creation is worthless. Ask yourself why USA is yet to repay $1000billions to China. Fear of DOLLAR SLUMP! Consequences? High inflation, economic meltdown, currency depreciation, and whatnot. This attempt will sink the nation further into an economic crisis.

The value of money is how much people are willing to give for it. It doesn't matter whether you have actual influence over it or not.

Agreed but USA is still not a good model to look up to in terms of debts because they still have it easier than others in terms of debt repayment. Others would have the problem of not being able to print some additional dollars as a last measure.

Shma2022:
As long as it finances integral issues; I don't see any wrong in borrowing.
USA is many years ahead of any African country, but it owes china trillions of dollars_ $1000 billion+.

USA can easily print dollars. International debts are usually paid in dollars.

Fourpockets:
Unrelated, but what do you guys think about what Peter Obi said:



I personally don't like that Idea also it contradicts what he said about consumption to production, if he does this, he could set back the gains Buhari made in agriculture by years. Its not good at all.

I don't agree with him.

obaaderemi:
This is already taking place in Nigeria. Transaction via mobile payment are taxed.

There was the proposed deal to put a 5% tax on telecom operations. This was resisted mainly by the minister of communications Isa Pantami. Have the 5% tax been implemented?

plusfield:
I am happy you talked about metrics of success and failure. Now, let's talk metrics.

Security: The Inspector General of Police adjudged Anambra state the safest state in 5 years

The greatest legacy of Peter Obi is his financial Prudence.

He funded development projects without borrowing money from financial institutions or raising bonds.

Debt:. Under him Anambra state was rated the least indebted state in Nigeria by DMO.

FDI and Local Investment: Attracted big fortune companies like SAB miller, Distal and GSK, nimeth Pharm to Anambra.

Road Network: Anambra state was adjudged by the federal ministry of works, the state with the best network of roads in the country

Constructed 800km of roads and 28 rural bridges.

Reopened long closed schools, returned missionary schools to the owner with a grant of 6BN for rehabilitation.

Distributed 30,000 computers and internet access to 500 schools

Education: Anambra state students came first in 2013 WAEC/NECO entrance exams

Provided 700 buses to secondary schools in the state and provided boreholes for 300 Schools.

Built classrooms in 177 communities

Pension and Gratuity: Paid 35BN in outstanding pensions and gratuities in the state since 1999.

He ensured the accreditation of 10 schools of nursing and midwifery

Foreign affairs: Built direct relationship between Anambra state and countries such as the USA, Britain, Russia, EU, Belgium, Israel, Venezuela...

Handed [b]over 75BN in cash, local and foreign investment. [/b]The only governor to handover a positive balance as at handover. Others, including Tinubu handed over more debts.

The only governor that invited EFCC and ICPC to audit him before handover..u can go and verify from google
What did your candidate achieve?

It's obvious you dont wouldnt know what success in governance looks like, even if it stood on your nose

Tinubu and Obi both speak on how to reduce corruption .

Hello tueh tueh....😝🤡

Policy Design 101 pic.twitter.com/m8YhT5Ig6K

— Titilayo Oshodi (@Titilayooshodi) October 6, 2022

leokid866:
he did all this but yet does not love in his state .....what a wawu....

Tinubu vs Obi (speech on how to reduce corruption)

Hello tueh tueh....😝🤡

Policy Design 101 pic.twitter.com/m8YhT5Ig6K

— Titilayo Oshodi (@Titilayooshodi) October 6, 2022

Comparing Tinubu's speech to Obi's speech on how to reduce corruption.

Hello tueh tueh....😝🤡

Policy Design 101 pic.twitter.com/m8YhT5Ig6K

— Titilayo Oshodi (@Titilayooshodi) October 6, 2022

rvp2018:
Last year it was 2.03 trillion kshs that almost 20b in ordinary taxes alone..this year it's up 20 percent almost....and we have not added non tax revenues.Ruto gov intends to move it 30B ordinary revenues in next year https://www.google.com/url?sa=t&source=web&cd=&ved=2ahUKEwjp36DHvM36AhUMw4UKHTynCiYQFnoECBMQBQ&url=https%3A%2F%2Fwww.kra.go.ke%2Fnews-center%2Fpress-release%2F1752-kra-exceeds-revised-target%2C-records-highest-revenue-growth-in-history%23%3A~%3Atext%3D2.031%2520Trillion%2520for%2520the%2520Financial%2C(FY%25202020%252F2021).&usg=AOvVaw0sd9dUqbuXGoYGG1AYy2oq

The main reason our taxes are low is that Agriculture is exempt from VAT and has been left 90% informal. A lot of our agricultural produce are equally shared in Niger and Chad and due to lack of advanced logistic infrastructure, they do not find their way easily to Southern Nigeria. This is the major reason for large imports and food inflation in Nigeria.
Niger and Borno State in Nigeria combined are predominantly agricultural states. If you add Taraba, there is almost nothing not produced including Tea and Flowers in large quantities but as huge as all these are, they are left informal, not captured in taxes, and even given incentives.

The second biggest part is informal trade which encompasses agriculture and goes beyond agriculture. This is the bane of the economy and the largest of its kind in Africa (millions of sme's) making up 45% of all informal sme's in Africa. This again needs to be encompassed into the tax net.

The third biggest part of our gdp are services like financial services (fintech and Banking) and then telecoms. More needs to be done to expand the tax net there in order to even reap 10% of the potentials we already have there.

Manufacturing is the fourth largest aspect of the economy, oil and gas make up the fifth largest aspect ( where we are no longer even top ten oil producers in the world) and then Real Estate makes up the 6th largest part of the Nigerian economy. But Oil and Manufacturing are the main contributors to the tax net from the top six and their percentage of gdp are small.

So we make around 25-30 billion dollars on average in terms of total tax and just 10 billion non oil tax on average which is very small.

It's time for Nigerian Government to rebase the economy again. Insightful program here Mkenya2019. 204.5 trillion Naira (over 480 billion dollars) e-transactions alone in six months. Over 1 billion dollars on Beer consumption in 6 months from just 4 big companies.


https://www.youtube.com/watch?v=Xdxm_s73p1E

Mkenya2019:
Even if you underperform completely totally - for 400B dollar economy - you should be able to beat Uganda in Non-Oil taxes - but you dont. You dont even collect 10B dollars. Uganda 40B dollar economy beats you - You overcook those numbers.

In my opinion, our economy is even way more than 400 billion dollars. It should be close to 750 billion dollars. Only Nigeria is stopping Nigeria now with our corruption.
Nigerian non oil tax from FIRS in 2021 was 4.36 trillion Naira ( over 10 billion dollars in 2021) which is excluding oil and gas, but still very low. Kenyan total tax was 17 billion dollars for a non resource country that should be dependent on taxes, it's still very low.

Mkenya2019:
You have sale and VAT last time I checked. I guess levied at the factory. You have PAYE. You do the usual customs. So why do you depend on Oil if you have big booming non-oil economy.

VAT lowest in Africa recently increased from 5% to 7.5%.
So many loopholes in the VAT payments till date, admitted by Government. Customs also have their problems and trying to unlock policies to reach their full potential. So many problems with all these areas and Government is slow to unlock these revenue bases and solve their problems. Also it is not still totally clear cut in all areas, taxes going to the states and those going to the Government. Sometimes non state actors collect taxes. These are all problems the Government is aware of and currently being tackled. I just can't explain more than this. Let's face Kenyan issues. What's happening to Kenyan Airways?

kikuyu1:
Btw, like MOST of your kind here you talk too much! Constantly ululating about ishyt you don't even understand and couldn't even given 350 yrs and and 3 different child development experts with 50+ yrs of working with developmententally challenged kids.
Get someone to explain this to you. You don't listen to Kenyans so you'd have to log off first.



https://psychology-spot.com/people-who-talk-too-much/



To the reasonably intelligent forumers here, does any of this look familiar? Apart from the autism, pathological lying and low self esteem?



Iow, you're feminine! You assume everyone in the world wants to hear your voice and pay for your dinner. No, nigga! Just. No. But we've seen your feminine traits too MANY times to be surprised.
Men, normal men don't obsess on clothes, fashion and looks like you mofos. In these parts it's only Congolese who do that and we've seen your respective sociocultural resemblance frequently.

.

Mkenya2019:
It expose the cookery in your economic data. You tax all the sectors of the economy - it's just doesnt have the money to pay

Not true. Trade and Services (that branches sometimes into Agriculture) is 45% of the economy. Not majorly taxed. So many big markets in Lagos, Government is still debating how to formalise them and get tax. I even watched one of those debates two days ago. Many Companies yet still find ways to evade tax. Our former minister of finance lamented that much.

Shaytun:
You’re not building any behemoth of a bank with a DRC base.

The county is shit, it has a non existent economy.

Banking is not DRC main problem right now, it’s food.

Folks are hungry, nobody is going to save any money when they have not eaten two square meals a day.

The number of registered company doing business in DRC with significant funds is not up to 500.

The banking policy in that country is shit, you’re not going to make any profit or turn over that will suddenly make you overtake nigeria or SA in DRC, not even in the next 20 years.

DRC is the only country I know in the world with a population over 90 million and a gdp of 53 billion dollars. I pray the country get free from the grip of her enemies which are mainly outside, as well as those within.

obaaderemi:
This confirms what we've been saying for long. The Nigerian economy is more diverse than many believe. Because of oil, people usually disregard the contribution of the non- oil sector.

The only problem with Nigeria is that Government revenue have been based squarely on oil for over 40 years, that she finds it difficult to diversify revenue base by formalising other sectors. The Nigerian Government have been so dependent on NNPC and small kickbacks from oil exports of the other companies for revenue which is too small. Then when you pay huge subsidies to import PMS, everything just cancels each other out.
All resource dependent countries face this problem of a real non diversification of revenue. Even in Europe, the resource dependent countries there like Norway face this problem of non diversification in revenue relative to other European countries. But in Africa and Nigeria especially, it is worse.

rvp2018:
Sounds like bla de bla of a goat. Get us proper stats. My 4B estimate is based on top formal retailers. Biggest in Kenya is Naivas - with 84 stores - they gross about a billion dollars in revenue annually. I am not interested in make belief figures. Jumia entire global operation total sales is less than that...their revenues not even 200m dollars.

The total revenue of all e-commerce platforms in Nigeria was about 6.9 billion dollars. It is expected to reach 8.5 billion dollars this year. This is a summary of statistics on the market.
No matter how you look at it. Nigerian digital population is way bigger than yours (infrastructure or no). So Naivas is a small fry compared to what's obtainable in Nigeria.

https://www.statista.com/outlook/dmo/ecommerce/nigeria

Konga now worth 2 billion dollars according to Forbes. Is Forbes also Nigerian data? Note that Konga has about 100% of their market in Nigeria as far as we know at the moment.

https://www.tekedia.com/konga-now-worth-2-billion-forbes/

kikuyu1:
HAHAHA! Naijjans actually believe they'll grow their e commerce spending 75% YOY !? When the major e commerce outfits are struggling!?
That 13 bn $ yearly itself is a typically wildly over optimistic estimate we've come to expect.
Reminds me of the rice BS some yrs ago when Benin was consuming above their bodyweight in Asian rice imports as these Ogas were screeching of their self sufficiency....rmbr?

13 billion dollars is not big at all. I don't blame you because of how small the Kenyan e commerce shopping is. Your man said Kenyan shopping is worth 4 billion dollars, if that is true, then even 13 billion dollars is underperformance for Nigeria. We want to get to 75 billion dollars.