₦airaland Forum

Esseite:
- The border closure was to put a cap on forex outflows, which is okay.. but the loopholes defeats the aim.

- How else could the poor be helped if not through fuel subsidy?... did we no see the pandemic palliatives how they sidelined and stole it all...

- Empower more Dangotes with refinery licenses and start up capital converted to shares to hasten completion competition which drives down prices.

1. Well we are helping the poor with more and more debt from subsides spending

2. Most of the money Dangote used for his refinery was from privately raised capital. Not from government

3. I doubt government has cash to dash someone wanting to set up a modular refinery tankless a Dangote level refinery

And anyway 4 to 5 other private refineries are under construction out of 24 licences approved by NNPC

4. The price controls that subsidy brings about also prevents investment in more refineries. Also since nmpc has been forced to spend its own money subsidising fuel since 2016 it does not have the cash to repair and build new refineries

Beancounter93:
Economy is not being diversified

Our budget is still done with an eye to.oil prices, and we still heavily rely on oil revenue

And our tax revenue nationwide is still too low.

Lagos inclusive.

Then you not being truthful. Most of the budget funding comes from taxes. The economy is being diversified it is our foreign exchange that requires diversification out non oil export over the period has increased.
Conversations only have meaning if the parties are truthful, Lagos is doing the country proud in the area of tax collection, it has steadily increase its collection rate thus boosting it's IGR making it the undisputed leader. You are bent on denying obvious truths that is happening across.

Analyze the budget about 50

Hmm

Esseite:
What did they use the funds of the period it was removed to do.. why has our debt hit N33tr?

They can loan Dangote funds while converting it to shares to hasten his refinery completion, That's the only viable alternative.

You have spoken well.

EKONGKING:
People are crying about subsidy now ,imagine the subsidy ,when crude oil is 150 dollars .
Yet shameless idiots blame goodluck for their misfortune in their lives.

Nigeria will never be free from subsidy nightmare until she starts local refining. Its simple economics.

Should we not be happy with rising crude oil price?
This regime and its zombies have claimed low oil prices collapsed the economy, that Jonathan had high prices while they suffered low abi? OK now the price is heading to $80 per barrel, they are now complaining of high oil price?
I have said it before, make oil $1k per barrel and this regime will give you excuses and blame past administration after 6 years for their failures!
As oil is rising, other oil producing nations are thanking God, their currency is appreciating, their foreign reserve is rising, but our own na cruise.

vedaxcool:
Did I ask you for your pix?

This early morning

Letusgivepeacea:
https://m.guardian.ng/news/n720b-subsidy-burden-presses-harder-as-oil-price-sustains-rally/

Clueless Administration....
I thought they were saying there was no subsidy before they got into power and realized they knew nothing about governance that's why they are clueless on how to go about it to the betterment of the citizens.

We need young visionary leadership abeg not these charlatans in power.

@Seniorwriter

essenjack:
Buhari has succeeded in destroying everything kpatakpata.

... Mumu ! Na Buhari dey control the International Crude oil price ?
Or na just your hatred for him dey make you display this disgraceful ignorance

Beancounter93:
That is why subsidy has to go.

The more costs rise with producing petrol the more it costs to subsidise it.

But if you suggest it to Nigerians they will protest against it

As things stand that's a whole 720billion naira gone in the name of subsidy.

It is difficult to keep fuel cheap. We pay the lowest price for fuel in the whole of west Africa and are wasting billions to do so.


Subsidy has to go. Yes apc is rubbish. Yes Buhari is bad but if we keep on this subsidy things we will always end up wasting billions for nothing

How many times dem go remove subsidy for this administration ?

Buhari has fulfilled his campaign promises his supporters are jubilating about

Beancounter93:
Our debt is rising because the oil price is not high enough for a nation our size. And also because of rising subsidy costs

That is why i would have expected this apc governemt to diversify the economy and widen the tax base and increase the tax to.gdp ratio so that we can get other sources of revenue apart from oil to fund the subsidy

Things they.have not done

75$ is okay bro, problem is that the oil market is full of competition this days and the Europeans are moving towards fossil fuel elimination. Our debt is rising because of
rising corruption ,unhealthy government policies, depreciating investors trust , insecurity and what have you.

vedaxcool:
Yes, because rather than hold his cronies to account he pushed the burden to the Nigerian people.

PMB removed subsidy and people accepted it. He reintroduced it back because the economic conditions are not just suitable for an increase in fuel. The pressure on the masses are a serious concern.

Will u just shut it. You zombies are really annoying with ur lies and disregard for truth

Esseite:
- The border closure was to put a cap on forex outflows, which is okay.. but the loopholes defeats the aim.

- How else could the poor be helped if not through fuel subsidy?... did we not see the pandemic palliatives how they sidelined and stole it all...

- Empower more Dangotes with refinery licenses and start up capital converted to shares to hasten completion, competition would drive down prices.

Maybe this would have solved our problem if they focused on it 6 years ago

Usually, rising or high oil prices meant economic boom... but now, this government has bent it into more woe so that they can steal.
Shame

Beancounter93:
That is why subsidy has to go.

The more costs rise with producing petrol the more it costs to subsidise it.

But if you suggest it to Nigerians they will protest against it

As things stand that's a whole 720billion naira gone in the name of subsidy.

It is difficult to keep fuel cheap. We pay the lowest price for fuel in the whole of west Africa and are wasting billions to do so.

Subsidy has to go. Yes apc is rubbish. Yes Buhari is bad but if we keep on this subsidy things we will always end up wasting billions for nothing

How many be times will it go please

My prayer is for crude to sell above $100, let me see which excuse these idi*ts will give again. Remember they have increased pump price multiple times and also removed subsidy according to them.

Everybody go hear am las las

EKONGKING:
People are crying about subsidy now ,imagine the subsidy ,when crude oil is 150 dollars .
Yet shameless idiots blame goodluck for their misfortune in their lives.

GEJ earned #51tri from crude sale but they won't say how much of that went to pay subsidy.
Even when he increased pump price a little, we saw what he used the money to do(SURE-P) but the vagabonds in power increase and reincreased yet still borrowing with nothing to show

vedaxcool:
Lol the economy is being diversified but it requires commitment from everybody. When the borders sure closed to support the production of rice, many people kept railing against the closure. Despite their railing, Nigeria emerge the largest Rice producer in Africa. You might think governance is a switch but it is a process with many moving parts.

Diversified to what ? agriculture ? The herdsmen issue put paid to that claim. The border wasn't closed to encourage local rice production, it was closed to stiffle imports through the very cheaper Benin ports-same reason Nigeria refuses to endorse the African free trade pact.Yes local rice is being produced massively today, but it started even before Buhari came to power- the construction of grain reserves in zones across the country and mechanization. Today a bag of rice has gone up to 200 % from 2014-and being the most staple food in Nigeria,it's causing unbridled hardeship and hunger.- China is the world's biggest producer of rice, but the are also the world's biggest importer of rice.

State governors are also responsible for collection of taxes they have either failed to improve their capacity of have become thieves stealing the taxes.

The FIRS is responsible for tax remission for Nigeria.Its a federal body that collects all the taxes due for the Federal government,and issues tax identification number. Since 2015,there have been an aggressive collection of taxes,you can hardly do business without TIN today etc.Thebstate government gets most of their taxes from road taxes and Infrastructureal taxes and other levies to big business and few other things like market taxes. The federal government is solely in charge of personal income tax,taxes accrued from Sea and airports, taxes from the profits of industries in Nigeria - so how exactly is the state government stealing taxes meant for the Federal government ?

Lagos carries 51% of VAT tax collection, indicating that significantly there is a problem on state level, it is not APC guys doing stuff it is government functioning well at all levels.

Lagos will carry 51% of VAT (collected by the federal government) because it's the point of origin of most imported goods coming into Nigeria,most industries in Nigeria have there headquarters in lagos and also because its Nigerias manufacturing and economic hub.

We should always comment from an informed position, not trivialising issues.

You better pay heed to your own advice

Beancounter93:
That is why subsidy has to go.

The more costs rise with producing petrol the more it costs to subsidise it.

But if you suggest it to Nigerians they will protest against it

As things stand that's a whole 720billion naira gone in the name of subsidy.

It is difficult to keep fuel cheap. We pay the lowest price for fuel in the whole of west Africa and are wasting billions to do so.

Subsidy has to go. Yes apc is rubbish. Yes Buhari is bad but if we keep on this subsidy things we will always end up wasting billions for nothing

Was subsidy not in place when Jonathan rule us? Why is it that the hardship was not intense like what we face today Even as the crude price rises? You see the lies n magomago wey dey this figures wey this government they dish out is suspicious. I dont trust them at all, even if the subsidy is remove nothing will change.

I don't seems to understand this fuel price issue. It goes down we suffer it rise up we suffer.

vedaxcool:
Yes, because rather than hold his cronies to account he pushed the burden to the Nigerian people.

PMB removed subsidy and people accepted it. He reintroduced it back because the economic conditions are not just suitable for an increase in fuel. The pressure on the masses are a serious concern.

Close to 50 naira was added to petrol as a result of removing subsidy, Nigerians shamefacedly accepted it, only for this administration to come back in a year to claim that subsidy was never removed- then why the increase in the first place?
Today Nigeria is no longer the country with cheapest petrol price in Africa(among oil producing countries), we are the fourth .The 3 in front of us has 24 hour power supply- but before this administration is done we will go down to 7th

I heard someone say Nigeria is being diversified..oh yes with the block head president as minister of petroleum...the earlier we open our eyes and see the fraud in this government the better for us..

Where are we diversifying to? With the high records of insecurity and maladministration? Mtsheew..

Let them remove the subsidy and lets see what happens.. lets see if Nigeria would become dubai in a few months...the stupid government would want to sound like paying subsidy is the primary bane crippling Nigeria..the same subsidy they fought against to be removed..idiots..

eduj:
Close to 50 naira was added to petrol as a result of removing subsidy, Nigerians shamefacedly accepted it, only for this administration to come back in a year to claim that subsidy was never removed- then why the increase in the first place?
Today Nigeria is no longer the country with cheapest petrol price in Africa(among oil producing countries), we are the fourth .The 3 in front of us has 24 hour power supply- but before this administration is done we will go down to 7th

don't mind vedaxcool..he is a sycophant..I wonder how one will blame governors without holding our yeye presient accountable..and this same sycophant knows how much the present administration assidiously fought against the removal of subsidy..and he is here also talking about diversification...when they won't leave the oil in the niger delta alone..

[s]

eduj:
Diversified to what ? agriculture ? The herdsmen issue put paid to that claim. The border wasn't closed to encourage local rice production, it was closed to stiffle imports through the very cheaper Benin ports-same reason Nigeria refuses to endorse the African free trade pact.Yes local rice is being produced massively today, but it started even before Buhari came to power- the construction of grain reserves in zones across the country and mechanization. Today a bag of rice has gone up to 200 % from 2014-and being the most staple food in Nigeria,it's causing unbridled hardeship and hunger.- China is the world's biggest producer of rice, but the are also the world's biggest importer of rice.



The FIRS is responsible for tax remission for Nigeria.Its a federal body that collects all the taxes due for the Federal government,and issues tax identification number. Since 2015,there have been an aggressive collection of taxes,you can hardly do business without TIN today etc.Thebstate government gets most of their taxes from road taxes and Infrastructureal taxes and other levies to big business and few other things like market taxes. The federal government is solely in charge of personal income tax,taxes accrued from Sea and airports, taxes from the profits of industries in Nigeria - so how exactly is the state government stealing taxes meant for the Federal government ?


Lagos will carry 51% of VAT (collected by the federal government) because it's the point of origin of most imported goods coming into Nigeria,most industries in Nigeria have there headquarters in lagos and also because its Nigerias manufacturing and economic hub.


You better pay heed to your own advice

[/s]

You shouldn't think I have time for your ill informed rubbish, you obviously have not heard of Joint Tax Board or Multiple Taxation. You don't know jack about the tax laws but you must bring your bitter logic to a sane discussion.

[s]

bayelsaowei:
don't mind vedaxcool..he is a sycophant..I wonder how one will blame governors without holding our yeye presient accountable..and this same sycophant knows how much the present administration assidiously fought against the removal of subsidy..and he is here also talking about diversification...when they won't leave the oil in the niger delta alone..

[/s]

You are just a bitter soul! Incapable of holding a majored convert. Keep your puerile insults for a drunken gathering.

vedaxcool:
[s][/s]

You are just a bitter soul! Incapable of holding a majored convert. Keep your puerile insults for a drunken gathering.

no need holding any conversation with a sycophant like you.. your head is right in buharis asss..so no need..

vedaxcool:
[s][/s]

You shouldn't think I have time for your ill informed rubbish, you obviously have not heard of Joint Tax Board or Multiple Taxation. You don't know jack about the tax laws but you must bring your bitter logic to a sane discussion.

What exactly then is the duty of the FIRS ?

https://oxfordbusinessgroup.com/overview/book-breakdown-country%E2%80%99s-tax-legislation

The above link is from oxford business group-make out time to read it and cure your ignorance.

Your Joint tax board is an advisory and regulatory body- it doesn't collect taxes and it's still chaired by the FIRS.

https://www.jtb.gov.ng/about-jtb/

[s]

bayelsaowei:
no need holding any conversation with a sycophant like you.. your head is right in buharis asss..so no need..

[/s]

dem dem have their lips in rapist cownured butt or gaysteric thief politicians that why they think others are like them.