Iolo's Posts
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I would have expected Mrs Ezekwesili to have been more specific. What items on the exclusive list today need to get moved. She’s also not acknowledged the fact that the country over the past 10 years has been on that journey of decentralising powers previously restricted to the FG. Yet, it doesn’t seem like states and LG are riding on this to make their citizens lives better. How many states have domesticated electricity act today? Electricity, Prison operations, Railway, LG autonomy, Judicial and House of Assembly autonomy and now state police (if passed) have moved to the concurrent list. The question in my opinion is not just further constitutional amendments, but putting in place mechanisms to hold leaders accountable for failure to act. |
No need to tell us. Just announce a rescue |
Lifestone:Or they ask how the project helps the “common” man |
Reading the comments is soo amazing, how people can’t appreciate good news for their country, because of their dislike for the president. It’s one thing to not be politically aligned to the president and then place pressure on the govt to realise this ambition of airbus by creating an enabling environment. It’s another to deride a private business looking to create jobs in your own country because you don’t like the government. |
I believe Executive Order 9 signed February is meant to address this issue of NNPC deducting cost of operations arbitrarily before remitting same to the federation account. Even the oil and gas unions were pushing against the order. https://www.premiumtimesng.com/business/business-news/859061-executive-order-on-oil-revenue-enforces-constitutional-provisions-presidency.html |
SeverusSnape:You’re not wrong in saying our tourism industry is dead and successive governments have failed to do anything serious about. However, I would leave it there and not blame it solely on insecurity. Even before boko haram / bandit days Nigeria was never in the top 10 most visited African countries. 1. Most tourists from North America or Europe will not go through the stress of getting a Visa to come to Nigeria. 2. You get the visa and upon arrival you get harassed by immigration officials (only very recently has the government taken decisive steps to fix this mess). 3. Where do you even visit as a tourist coming to Nigeria? |
Nigerians and greed. Buhari gave full support to rice mills. I remember the CBN Anchor borrowers scheme pouring out funds to set up these rice mills. How did Nigerians get repaid? Higher prices with not that great quality. The only reason government re-enabled importation is due to inflated prices, and artificial scarcity along the chain. This is not to wholly blame the farmers as most of them are low scale. But till we have multiple fully integrated companies that do farming to milling / processing and bring the finished product to market, it’ll be difficult to not allow imports. Even the rice mills were buying rice paddies at ridiculous prices thus we pushing farmers out of business. |
fergie001:Ok. Got it. |
But Amupitan is said to be a lawyer to Dino Meleye and he is a PDP guy? I’m a bit surprised Tinubu picked him inspite of this. |
michlins:I’ve always thought this when reading these issues. The government should even be encouraging this as exports and can make money from charging a small export duty. Formalise agreements with governments of the respective border countries and get these ex-smugglers to use official border posts via trucks instead of smuggling in Jerry cans so they can increase margins. Customs is just not updating their protocol to the post subsidy era, and the FG needs to step in to direct them accordingly. |
The level of journalism in Nigeria is just shocking. The SC declared the ECA illegal several years ago. The balance has remained the same since 2023. Why is there news indicating the account isn't being used when it was declared illegal, and it is obvious the current government has chosen not to use it? |
In this regime of subsidy removal, why is this smuggling and not export? And why is it illegal to export petrol to neighbouring countries ? |
dahmie2013:I agree kudos should go to Buhari for this. Withholding their salaries for 8 months had never being done before and we can see ASUU will think twice before taking a long vacation in the name of strike. Doesn’t mean they shouldn’t push for their entitlements, but do so with consideration for the students whose lives get wasted unnecessarily due to strikes. |
mecuries:https://www.entrepreneur.com/author/seyi-tinubu2 |
hotwax:Yes. My point being our morality as a species is driven by bias. |
Interesting how people think it’s okay to permit corruption since it’s the USA. |
This $35bn Budget needs to get 3x to 4x bigger to get to atleast $100bn at same exchange rate to have meaningful impact. We’re too many people for such an amount. Of course, governments needs to spend wisely too. |
Rupertek:Correct. Subsidies in this sector will only enable inefficiencies like it did in the petroleum sector. Here the issues are more nuanced. Consumers tap power, refuse to pay plus everyone on bands B and below are being subsidised. This means even if the discos collect 100% of what they supply they will still be short and not have enough to pay their Gencos for the supply. In June 2024, DisCos collected 150.86 billion NGN out of a total billing of 176.57 billion NGN, resulting in a 14.56% collection shortfall. Discos sometimes reject load as a result to avoid being charged and in this cases the FG has to pay for it. Lastly the TCN which owns the power lines connecting the genco’s and discos also tends to have issues from vandalism or old equipment that prevent supply from flowing freely leading to a grid collapse. |
Ojuntana:No Genco will produce without guarantee from The Federal Government. This is because they have gas supplier agreements and those Gas suppliers won’t hear story (they can export the gas so have good alternatives if gencos don’t play ball). Genco’s like Geregu also have to pay for their gas in USD. The FG covers the difference between what the Discos are able to charge (due to tariffs not being cost reflective) and what the Gencos supply. This is the electricity subsidy they talk about. |
Nigeria has 300 million people ![]() |
There is a fundamental flaw in the OP's analysis. Tax havens are always countries with small populations - Singapore has 6million people, Luxembourg, UAE etc all have tiny populations. Is there a country with 250 million+ mouths to feed that doesn't rely on VAT and/or Taxes? Even the Singapore, quoted by the author has 30% of its tax revenues coming in from Company Income Tax (CIT). If there are no companies, how is income generated? Singapore generated $30billion in Company taxes in 2023 alone...that's significantly more than Nigeria makes with a much larger population. The attitude towards tax needs to change...same way we must call for Government to use taxes more judiciously. https://www.oecd.org/content/dam/oecd/en/topics/policy-sub-issues/global-tax-revenues/revenue-statistics-asia-and-pacific-singapore.pdf |
Great suggestion. That way people’s salaries will keep abreast with rising costs. |
Nuzo1:You can still share your opinion without being vulgar. Part of the black man waking up is speaking back when being told falsehoods or exaggerated truths. You do realise more than one thing can be true at the same time. You’re right in saying security issues should be fixed. Any serious government has to solve for this asap. However, that doesn’t disprove the fact that even when security issues are fixed these western countries will find something else to yap about to maintain their global supremacy agenda. For example, China doesn’t have significant security issues right? But they use issues around ethnic minorities (the Uyghurs). If you don’t have those issues they will find LGBTQ or something else to hold on to. My post isn’t to absolve the current or past Nigerian governments of blame but to enlighten Nigerians to the fact that these western soft agenda exists to influence others. |
One thing many Nigerians won’t realise is that these travel advisories are one of many tools of western imperialism against developing countries they like / don’t like. A subtle way of controlling tourism flows whilst ignoring the issues in their own countries. |
regenerateman:Your understanding is partly incorrect, atleast in the Nigerian context of WHT. Withholding tax is not a tax on income interest, but on the income itself. If you pay 100K to a supplier, and that supplier is not exempt from WHT, the supplier is due to pay 10K as WHT on that money. Again whether withholding tax applies or not will depend on the size of the supplier’s business and what type of goods are involved in the transaction. Lastly, WHT applies to the income of the business and not personal income as you insinuated. If the FG delays in paying the supplier can charge interest on outstanding debt (but this is often not enforced). |
Jorussia:Nigeria is a funny country where everything can be spun around to fit a narrative. If the country doesn’t incur the services of these legal minds now and we have issues like judgement debt it is the same sahara reporters that will cry foul. Is the complaint that the fees are too high? Or is it that the FG is spending money on legal fees at all? The story is just one of those noise making articles with catchy headline. The journalist should have given us a comparison quote from other clients of these lawyers of similar standing to the FG. For example, how much do Banks or Oil and Gas firms pay these lawyers to represent them in cases. Definitely not N5million. |
I wonder what it takes to formalize Nigerian English as an English variant similar to US & UK English. We definitely deserve it as one of the largest English speaking countries globally |
EXPRESSSMAN:You’ve left substance and reverted to political rhetorics - who is you people? . If you support the concept of federalism, you’ll acknowledge this is a very good first step irrespective of who’s in power. |
Believeintruth:Of course I don’t support corruption. Influence shouldn’t infer corruption. The case is primarily against the FG. What do you think will happen if the FG refrains from putting forward a compelling argument against Lagos and Rivers states argument to keep the VAT to themselves? The US Supreme Court previously was pro-abortion and now anti-abortion due to republican influence. Nothing changed about the laws upon which they based their decisions. Just a different interpretation. That’s the influence I’m talking about. Laws can sometimes be interpreted differently because they are words written on a piece of paper. |
EXPRESSSMAN:I’ll try to enlighten you with some of these points you’ve raised. 1. Taiwo Oyedele and his team spent more than a year fine tuning these tax bills. The governors are only being mischievous saying they aren’t aware of its contents. They didnt get their way during the initial consultation phase and are trying to scuttle the process as a result. 2. Aggregating revenue collection into a single body is laudable. Whether or not consultants can be introduced into the process is a suspicion at this stage. Practically, consultants already work with most of these revenue generating agencies at the moment that I’m aware of and take a piece of the pie for doing nothing. Leaving the argument of consultants…the key challenge we’ve faced as a country is many agencies forget their primary goal is service delivery and not revenue. That is why you will see that the likes of NIMASA, Customs, etc all have very poor attitudes towards their customers (we the people). Putting revenue collection with the NRS / FIRS introduces a separation of concern that helps the entire ecosystem. It becomes harder to bribe for a reduced duty or side track the system is if the NRS is doing their job correctly they can audit the funds coming in vs what’s expected for each agency and spot leakages. 3. Regarding economic council feedback to pause the bills. The challenge with Nigeria is everybody likes to be a big man and be carried along with every single thing. What is the job of the National Assembly? They have public debates before passing bills and we’ve seen that used in the past. Why can’t a governor go there to air their views while it is televised on the TV. Any body who says they want to be consulted outside of the NASS is either waiting to be bribed or courted or just against the bill for their own selfish interest. 4. Corporate tax is an FG matter and doesn’t involve states. They way the FG is likely looking at it If you don’t tax SMBs below 50 million turnover, it could mean these businesses hire more people, which in turn translates to more PAYE going to the states and also VAT being generated. In the actual sense, the number of SMBs paying corporate taxes correctly in Nigeria is very little. There are a lot of businesses who do not pay corporation tax and it’s easy to not do so unlike PAYE and VAT so the FG is being smart imo to forgo this segment. 5. The issue of forgoing PAYE for min wage earners is a statistical thing. Again a way to think of it is putting more money into the hands of workers will drive more spending..they will buy food, clothes etc . Taxing this spending will be captured under VAT. Rather than tax at the source, you can tax the workers expense and create multiplier effects for the economy that way. In summary, any body opposed to the bill should write their objections to the National Assembly and give Nigerians their alternative proposal in view of everyone. That is all. |
casualobserver:Exactly. That’s the dilemma many governors are thinking of right now. And pretty sure the FG will influence the Supreme Court to support Lagos and Rivers as they don’t much anything to lose. |
Elliotwaveforec:That's what the Northern elite is familiar with...drag decisions for years and decades in the name of consultation. Even if you hate Tinubu, you will acknowledge that these bills are good for the country. VAT moving to a consumption basis will benefit states that promote said consumption...it no longer matters where the Head office of the company is. Governors will have more "governance" to do to make their states attractive for investment and revenue generation. Every state in this country is blessed with one thing or the other (agriculture, minerals, tourism etc), unfortunately, we've hard governors and LG chairmen who are so used to sharing money and spending money that they haven't done much in terms of growing the money they share. |
