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Iolo's Posts

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Politics › Re: The NNPC Retail Discount Is Not A Subsidy, No Public Money Is Involved - FMF by Iolo(m): 10:25am On Oct 09
Good move, but this is a smart way to do Subsidy in a different language. What of the opportunity cost from lost revenues to NNPC? If NNPC was a listed entity would FG be able to do this as easily?
Celebrities › Re: I Didn’t Give Peller The House To Promote Us, I Gave Out Of Kindness - Ochacho by Iolo(m): 11:20am On Sep 23
Billionaire real estate man, who knows what estates or properties he owns?
Business › Re: Protest Against Chinese Traders In Nigeria: The Untold Truth by Iolo(m): 9:52am On Sep 17
Op, vertical integration is allowed in economics. Many companies do this.

So long as Nigeria operates on free market principles, it’s wrong to say they shouldn’t retail. Let there be competition for the best product, the best price and the best quality and let the buyers decide.
Politics › Re: State Police Won’t Fix Insecurity, Ezekwesili Urges Full Restructuring by Iolo(m): 9:43am On Jun 16
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.
Politics › Re: Tinubu Has Deployed Full-Scale Rescue Operation For Kidnapped Schoolchildren by Iolo(m): 6:30pm On Jun 06
No need to tell us. Just announce a rescue
Travel › Re: Chongqing East Railway Station: Biggest Railway Station In The World by Iolo(m): 9:35am On May 23
Lifestone:
We Nigerians are quick to appreciate good projects but yet kills such initiative in our country!
1. Buhari in 1984 shut down the Metroline that the government of Lateef Jakande proposed for Lagos.
2. Some Nigerians are today criticizing the Coaster Road and the Lagos, Sokoto Road.
We need to support transformative project irrespective if whether we like the government in power or not. It's our resources, it out life time
Or they ask how the project helps the “common” man
Travel › Re: Tinubu Welcomes Airbus Plan For Aircraft Maintenance Hub In Nigeria by Iolo(m): 11:36am On May 17
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.
Politics › Re: ₦20 Trillion Is Missing From Nigeria's Federation Account - Olisa Agbakoba by Iolo(m): 9:06am On May 13
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
Travel › Re: Most Visited African Countries By International Tourists by Iolo(m): 12:43pm On Mar 22
SeverusSnape:
Who's bashing Nigeria?. I'm just stating the obvious. It's a fact, Not an opinion. Is the tourism industry in this country not almost dead as a result of insecurity?. Is Nigeria not the Fourth most terrorised country in the world??
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?
Agriculture › Re: Importation Wipes Out 90 Rice Mills by Iolo(m): 10:43am On Mar 16
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.
Politics › Re: 2027 Election: Tinubu Installs Amupitan, INEC Renamed To TNEC by Iolo(m): 4:19am On Oct 10, 2025
fergie001:
Who is Dino wrt the seat of the Presidency?
He is not Dino's lawyer per se.
They are from the same village, Aiyetoro-Gbede.

Just like saying Onyechi Ikpeazu is Obi's lawyer because he handled some of his cases and they are from the same state.
Ok. Got it.
Politics › Re: 2027 Election: Tinubu Installs Amupitan, INEC Renamed To TNEC by Iolo(m): 4:04am On Oct 10, 2025
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.
Politics › Re: FG Set To Shut Down Filling Stations After Customs Announces N400/litre Fuel. by Iolo(m): 8:37am On Jun 05, 2025
michlins:
It's said that petrol has been deregulated so it's the seller and buyer's deal. Why is the government interested in what happens at the border since it's paying no subsidy and people are currently paying full price for petrol and can decide what to do with it.

Before you tell me that it's cheaper in Nigeria, kindly note that it's one of the benefits of lower exchange rates. It makes export cheaper and should attract capital inflows. I don't really understand how Nigeria works honestly.

I can have issues with this if we're still under subsidy regime but since it's the reverse, I see no reason government should have a problem with it provided it has no security implications
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.
Politics › Re: Nigeria’s Excess Crude Account Balance Now Only $473,754 From $72 Million by Iolo(m): 10:56pm On Apr 26, 2025
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?
Politics › Re: Why Fuel Smuggling Thrives Despite Subsidy Removal – Customs by Iolo(m): 8:24pm On Apr 23, 2025
In this regime of subsidy removal, why is this smuggling and not export? And why is it illegal to export petrol to neighbouring countries ?
Education › Re: FG Releases ₦‎50 Billion To Settle ASUU, Other Varsity Staff Allowances by Iolo(m): 8:22pm On Apr 23, 2025
dahmie2013:
Thanks to Buhari & Team. They held ASUU by the blokos. I don't think they have been fully settled from the last strike. It was so bad that they were begging to be paid half of their salaries.
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.
Politics › Re: Seyi Tinubu Visits Abdulsalami Abubakar by Iolo(m): 3:55pm On Mar 06, 2025
Politics › Re: US Companies Can Now Bribe Officials In Nigeria, Other Countries by Iolo(m): 2:00pm On Feb 12, 2025
hotwax:
china do it, and they are the best...powerful china, the next superpower, they are trustworthy.

is that not it?
Yes. My point being our morality as a species is driven by bias.
Politics › Re: US Companies Can Now Bribe Officials In Nigeria, Other Countries by Iolo(m): 11:49am On Feb 12, 2025
Interesting how people think it’s okay to permit corruption since it’s the USA.
Politics › Re: Tinubu Increases Proposed 2025 Budget to ₦54.2 trillion by Iolo(m): 2:44pm On Feb 05, 2025
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.
Politics › Re: Geregu Makes ₦‎137 Billion, PAT Up By 71%, Declares Dividend Of ₦‎21.25 Billion by Iolo(m): 9:21pm On Feb 04, 2025
Rupertek:
With the volume of profit the Gencos are declaring, is the FG paying for shortage in cost or the big appetite of the Gencos and discos?
At the end all these are covered with corruption, massive corruption. The money from Tarrif is actually enough
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.
Politics › Re: Geregu Makes ₦‎137 Billion, PAT Up By 71%, Declares Dividend Of ₦‎21.25 Billion by Iolo(m): 7:07pm On Feb 04, 2025
Ojuntana:
Who is owing who

You don start again

You claimed power companies can't make a profit because of tariffs too low

Now your see profit with dividend sharing you're diverting to debts

Why are you like this?

Is it for agbado, garri, beans or dodo
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.
Politics › Re: WBG, AfDB Plan $56 Billion Package For Electricity In Nigeria, Others by Iolo(m): 1:46pm On Jan 30, 2025
Nigeria has 300 million peoplehuh cheesy
Politics › Re: Why VAT And Taxes Don’t Define Development! by Iolo(m): 4:03pm On Jan 27, 2025
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
Politics › Re: Inflation: Organised Labour Pushes For Minimum Wage Increase In 2025 by Iolo(m): 10:05pm On Jan 01, 2025
Great suggestion. That way people’s salaries will keep abreast with rising costs.
Travel › Re: FG Retaliates, Caution Citizens Against Travelling To Australia by Iolo(m): 12:12pm On Jan 01, 2025
Nuzo1:
Keep quiet there!

Na oyibo be your problem for everything wrong with you.

Can you as an average Nigerian comfortably travel to the states Australia mentioned for tourism or business? Worst still as an expatriate who has high ransom value?

Didn’t the Nigerian government also retaliate with a travel warning against Australia? Why won’t it have any effect since that’s all it takes to underdevelop a country?

Your major concern should be how to tackle the insecurity in the states mentioned so people can freely travel there for business and tourism. But you are here looking for who to blame for our shortcomings.

Black man must wake up. It’s getting late.
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.
Travel › Re: FG Retaliates, Caution Citizens Against Travelling To Australia by Iolo(m): 12:09am On Jan 01, 2025
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.
Politics › Re: FG Pays ₦‎1.1 Billion To Afe Babalola, Wole Olanipekun, Others In Legal Fees by Iolo(m): 8:53am On Dec 29, 2024
regenerateman:
This govt is killing us with taxes. When you paid somebody for professional services, he is supposed to pay personal income. Withholding tax is paid on income receive from interest on money invested on any venture. For example, If I give somebody N100k and he is to pay interest of 10% every month which 10k, the government charges 10% on the 10k as withholding tax. Incase of the senior lawyers above, may be the government did not pay the legal fees on time and it attracted interest and that is they are being charged withholding tax on the interest received.
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).
Politics › Re: FG Pays ₦‎1.1 Billion To Afe Babalola, Wole Olanipekun, Others In Legal Fees by Iolo(m): 8:24am On Dec 29, 2024
Jorussia:
People were paid for services rendered,i don't see how this should be a news worthy material, except Sahara reporters wants to be mischievous as usual.
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.
Education › Re: Word Used By Nigerians But Not Found In The Dictionary? by Iolo(m): 3:33am On Dec 29, 2024
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
Politics › Re: State Governments Disagree On Tax Reform Legislation by Iolo(m): 5:25pm On Dec 04, 2024
EXPRESSSMAN:
There is nothing to enlighten about. It is the usual rehtorics and propaganda.
You said if subsidy is removed , the government will have enough money to turn Nigeria to Dubai within a year. Today, subsidy has been removed and we all know how far.
For more destruction , you people came up with an ambiguous tax bill with the usual talk of how every household in the country will be transformed to Dangote.
Well, once beaten twice shy. We refuse to accept all those grammars this time.
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.
Politics › Re: State Governments Disagree On Tax Reform Legislation by Iolo(m): 11:36am On Dec 04, 2024
Believeintruth:
And you think it is right influencing judiciary that is suppose to be independent. This is the corruption we are talking of.
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.

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