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IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge - Politics (7) - Nairaland

Nairaland Forum › Nairaland General › Politics › IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge (16588 Views)

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Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by naijaking1: 8:05pm On Oct 14, 2023
Taxation is also an anti corruption tool, because those who pay these taxes would eventually demand accountability for their money.
Unlike the so called federal allocation where accountability is poor, taxing 100 citizens 10 naira each is easily figured out and hopefully accounted for.
Also, localities would welcome, depend, and drive these extra tax revenues, and it might reduce friction between the natives and the so called "visitors" who are actually paying the taxes to run the municipal government.
If Igbos pay 90% of the taxes in any given area, obviously their interest has to be represented at some point, and local governments will go out of their way to attract and retain tax paying citizens and companies. Economics surpasses tribalism and even religion.
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by Slymontee: 8:05pm On Oct 14, 2023
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by emmaodet: 8:31pm On Oct 14, 2023
Oxtertee:
They should kuku kill us instead of imposing a higher tax......the only thing I enjoy as a citizen of this country is that I fit sh*t for bush without getting arrested.
grin
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by olutund(m): 8:36pm On Oct 14, 2023
pansophist:
No one will ever move forward when it is others that direct your step. Nigeria will keep failing when these western institutions are the drivers of our economic policies.
Good day sir pansophist

I noticed youve been silent on the isreali-palestine matter.

intentional right?
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by Fujiyama: 8:40pm On Oct 14, 2023
jacobs2015:
It's obvious the major sinister motive of all these western agencies is to impoverish, dehumaize and render Africans redundant, hopeless and helpless.

America's World Bank advised our govt to remove subsidy and like a magic, the economy would bounce back, knowing fully well that lack of funds was never due to subsidy payment, but just to make life harder for us.

Now the twin sister of World Bank is telling the FG again to increase taxation as if the consequence of subsidy removal was not enough, now encouraging the govt again to implement another hardship advice.

No international agency has the genuine progress of Africa at heart. All is smokescreen with stupid analysis to bamboozle us.
^^^
grin
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by storm001(m): 8:40pm On Oct 14, 2023
Higher tax to make the rich richer and the poor poorer.

What happen to cutting the cost of governancehuh
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by ufotunang: 8:50pm On Oct 14, 2023
Useless set of people...they want to kill nigerians...see what nigerians are suffering in this fuel subsidy removal...and Tinubu sef will want to obey their order because he is seeking for loans from IMF....this people do not care for the poor people
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by ufotunang: 8:55pm On Oct 14, 2023
Why can't you tell our federal government to make the refineries to work or build refineries, make ajaokuta steel company to work, provide constant electricity light, create a conducive environment for bussinesses companies industries to thrive, boost agriculture sector, local government autonomy, rehabilitate and construct the federal roads that are bad...but it's only tax you can advice federal government to do with all this hardship nigerians are facing... you are wicked...
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by ufotunang: 8:56pm On Oct 14, 2023
This people do not have conscience and feelings for what the poor people are going through with this fuel subsidy removal... nawaoooo
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by Fujiyama:
JuanDeDios:
High taxation is NOT a bad policy - I'm not sure why people think it is. The European countries our people run to have high taxes.
^^^
The difference is TRUST.

We can use the example of Norway. That country is also an oil producer but that's about the only thing it has in common with Nigeria. These Nordic countries do have high taxes but people in these countries tend to trust their governments. It makes it a lot easier for things to get done.

Nobody really trusts government in Nigeria. Can you blame them? Virtually every interaction with government in Nigeria leaves you with a bloody nose. This lack of trust is a major impediment to progress....and things will not change until government earns the trust of the people. Unfortunately, this will not happen anytime soon.
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by Coolgent(m): 9:02pm On Oct 14, 2023
EBOLA the western puppet oya inflict more hardship pn Nigerians
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by Masterito(m): 9:23pm On Oct 14, 2023
Just tax corruption
Paraman:
The government should widen the tax bracket instead of increasing tax. A lot of people are not paying tax in Nigeria
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by Eriokanmi: 9:31pm On Oct 14, 2023
These people just want to kill this country patapata grin
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by grandstar(m): 9:57pm On Oct 14, 2023
jacobs2015:
It's obvious the major sinister motive of all these western agencies is to impoverish, dehumaize and render Africans redundant, hopeless and helpless.

America's World Bank advised our govt to remove subsidy and like a magic, the economy would bounce back, knowing fully well that lack of funds was never due to subsidy payment, but just to make life harder for us.

Now the twin sister of World Bank is telling the FG again to increase taxation as if the consequence of subsidy removal was not enough, now encouraging the govt again to implement another hardship advice.

No international agency has the genuine progress of Africa at heart. All is smokescreen with stupid analysis to bamboozle us.
Many of you just condemn the IMF and World Bank without justification, calling it a Western conspiracy.

I very much doubt the World Bank said once subsidy is gone, the economy would bounce back to life. They know that a country like Nigeria within the extent it sank under Buhari would take between 2-3years before it finds it feet.

You here condemning the IMF for requesting for an increase in tax rates. Do you have solution to the huge budget deficitsthe country is tackling with? The government needs revenue to cover the gap. How will you cover the gap?

You think simply removing the petrol subsidy would eliminate the budget deficit? No, it does not and Tinubu did not go far enough as the subsidy is back. He needs to fully deregulate the price.

Oga, if your salary was cut from N500,000 to N200,000 and you have a family of 4 to take care. what will you do? I am sure you would be forced to make unpalatable cuts that your wife and children would not like. A country is no different.

What many of you fail to understand is that countries that go deeper than what the IMF and World Bank demand actually do best
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by kennymotors(m): 10:04pm On Oct 14, 2023
God will punish IMF , they insist government must remove subsidy, not advise our government to have many functional refineries
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by ttbaba(m): 10:19pm On Oct 14, 2023
same people that advice us to remove subsidy.... IMF is a devil indeed
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by loswhite(m): 10:44pm On Oct 14, 2023
jaytimeo:
Nigerians are the problem of Nigerians what happened to politicians cutting cost ,what happened to unnecessary boards what happened to inflated contracts , we can start cutting cost of governance,all foreign trips should be banned ,Nigerians are yet to wake up .
What about payment to ex looters in the form of pension while still serving as a minister....lol. you eat from the federal from the state and you steal on top of it.
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by jaxxy(m): 11:10pm On Oct 14, 2023
what nonsense
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by tiwasiaife(m): 11:38pm On Oct 14, 2023
Paraman:
The government should widen the tax bracket instead of increasing tax. A lot of people are not paying tax in Nigeria
Widen from who?
Na who get work dey pay tax.
You want to tax old grandma who suffered in his farm without government assistance to produce 5k vegetables to sell in market?
Governments are paying their citizens $1200 monthly in abroad for no job.
They give homeless people money free but ur here suggesting widen cos u are supporting Tinubu.
Rain will beat everyone including u and relatives
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by Ilekokonit: 2:04am On Oct 15, 2023
The borrower is a servant to the lender. If no be say Nigeria dey borrow money from them, IMF for no get mouth dey tell us what fiscal policy to follow.

Why has IMF kept quiet about the billions of money looted by our politicians that is currently stashed in Western banks. Double standards - they turn a blind eye to the billions of looted money that is propping up their economy but advocate for taxing the common man into penury.
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by lagosrd: 6:29am On Oct 15, 2023
This people will finish Nigeria with taxes. The masses will revolt. The FG should stop taking all their advices . They have bad motives.
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by gare(f): 7:04am On Oct 15, 2023
ogododo:
https://dailypost.ng/2023/10/14/imf-proposes-higher-taxes-as-solution-to-nigerias-fiscal-challenge/
When you create jobs and opportunities then you are free to tax, you can't put a levy on jobless people
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by COMPAQ(m): 1:24pm On Oct 15, 2023
soccerlite:
Lolzzzzz

Half education is worst than no education

You better go and dash govt the properties

Wait

With this your fish brain you really acquired 3 properties

Unbelievable
What did I say in that post that equated to fish brain? Because I don't agree with you. Lol

I can bet you that on no level can your brain match up to mine in socio-political and economic discourse.

Do you know the multinational organisation's I've worked for and that I belong to?

I beg go and sit down. You and I aren't on the same level. I know that for a fact!!
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by godofuck231: 1:55pm On Oct 15, 2023
God punish una , oshi popo , advising the head to add more pepper to the moth to stop tears from the eye abi
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by BigBashiru: 5:44pm On Oct 15, 2023
jacobs2015:
It's obvious the major sinister motive of all these western agencies is to impoverish, dehumaize and render Africans redundant, hopeless and helpless.

America's World Bank advised our govt to remove subsidy and like a magic, the economy would bounce back, knowing fully well that lack of funds was never due to subsidy payment, but just to make life harder for us.

Now the twin sister of World Bank is telling the FG again to increase taxation as if the consequence of subsidy removal was not enough, now encouraging the govt again to implement another hardship advice.

No international agency has the genuine progress of Africa at heart. All is smokescreen with stupid analysis to bamboozle us.
You are right...and because the African just like the native Americans has been colonially brainwashed that he is inferior, he accepts whatever he is told without question....
Re: IMF Proposes Higher Taxes As Solution To Nigeria’s Fiscal Challenge by CodeTemplar: 8:00pm On Oct 15, 2023
grandstar:
Many of you just condemn the IMF and World Bank without justification, calling it a Western conspiracy.

I very much doubt the World Bank said once subsidy is gone, the economy would bounce back to life. They know that a country like Nigeria within the extent it sank under Buhari would take between 2-3years before it finds it feet.

You here condemning the IMF for requesting for an increase in tax rates. Do you have solution to the huge budget deficitsthe country is tackling with? The government needs revenue to cover the gap. How will you cover the gap?

You think simply removing the petrol subsidy would eliminate the budget deficit? No, it does not and Tinubu did not go far enough as the subsidy is back. He needs to fully deregulate the price.

Oga, if your salary was cut from N500,000 to N200,000 and you have a family of 4 to take care. what will you do? I am sure you would be forced to make unpalatable cuts that your wife and children would not like. A country is no different.

What many of you fail to understand is that countries that go deeper than what the IMF and World Bank demand actually do best
To me, the way you forget to talk about leakages and wastages associated with what those budgets are used for is a pointer to your personal interest.
IMF will tell you to remove subsidies, but rightly ignore the aspect about local production that drives economy from foundation. That doesnt make them bad, it is 'we' who decide to play silly politics by avoiding the flaws within when demanding changes from the ruling party that's at fault here.
Increased taxation without structures that support productivity is tantamount to paying for survival on the part of the downtrodden of the society. A man who lives in a ghetto with no water, no good lights, bad roads, poor healthcare, rundown schools, and public amenities generally, who is already spending 60% of income to feed and can't afford good housing, nor clothes who is taxed further is merely paying for being a Nigeria and not paying for prospering within the country. Taxation is associated with increase at personal level. Even God when asking for tithes, asked for a fixed percentage of "increase" and not handouts or charity people are surviving on. Commonsense dictates that if the bulk of out budget is being funded with proceeds of resources(crude) and the level of accomplishment or compliance is too low that the problem of corruption causing it be fixed before attempting to pour in more money into a wasteful system that's also very leaky.
Taxation is a good idea that should be hanged somewhere for now and some foundational adjustments be made before thinking about such.
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