₦airaland Forum

mrvitalis:
So that's about 105% of revenue which leaves in a very bad state

My solution

Nigeria has about 42 million houses... Let's say 60% are in urban areas that leaves 25.2 million houses...

Say each house is valued at an average of 20 million

Implementing a 3% housing tax yearly ( federal government keeps 50% state keep 50% )

This would generate 7.56 trillion yearly for the federal government

Now we have 12 million cars in Nigeria already from stats I get

If we introduce 20k to 500k tax on cars, tricycles and bikes . .. We should be looking at a revenue of 3 trillion... States keep 1.5 federal 1.5 trillion yearly

This two simple system Yeileds 9 trillion yearly plus our current 8 trillion yearly... That's about 17 trillion


If we can restructure our debts... We can reduce debt servicing to 4 trillion... Yes
And wage bill can be reduced to 5 trillion... We have 8 trillion left

If 3 trillion goes to infrastructure 2 to health and education

We can have 3 trillion provided to banks at 3% interest to give to businesses in the import substitutes and exportable business as loans at 10% max

The above would create 5 million jobs in 5 years and increase revenue by over 5 trillion yearly


note this solution is not perfect and is a short version of the whole theory

story for the gods...another aluta continua in progress...They will loot it and still borrow more...you dey use naija politicians play...

MrPOTUS:



Shebi u don smoke weed b4 writing this crap above.


You think Nigeria govt give a shit about Nigerians?

You must be very dumb then.

They should tax houses, cars, and put more people in hardship while they use the money gotten to buy SUVs for themselves

They only thing Nigerians have ever benefitted from govt is subsidy.

Now, it's removed and d money has been looted by Tinubu and his crooks.

They told Nigerians to ensure the hardship of subsidy while they pay themselves allowance for hardship they caused and buy SUVs for themselves.

Maybe when you tax Nigerians more they would stop electing people based on Tribalism and elect people who would give them value

You think people who pay tax can be paid 5k to vote?

Or people who suffer to pay taxes won't come out to vote?

ConquerorK:
Honestly speaking, this so called proposition have no common sense backing and it's very f"" lish. Attack me if you want but that's the truth.
Even in a first world country like USA, taxing everything citizens own don't work but look at you proposing the same idea to a 3rd world country
Price of everything increased, income tax increased yet government still claim to be broke and resort to borrowing. The rich got richer and the poor get poorer so the distinction between both became wider and more hatred for the rich, ruling class, politicians and government increased but look at you proposing an idea to even widen that gap again
If many things are taxed, you think creation of businesses will be encouraged? You think Nigerians will want to build houses and buy cars? When they don't, you think landlords will not increase the rent? You think public transports and car rentals will not increase their fees? You think food prices will not shoot up exponentially? You think education will not become expensive?
Are you prepared for a country of anarchy? Where no order will no longer function because of the extreme suffering of the people?

If that is what you want, then go to social media, keep tagging the federal government until they see this ret--ded idea of yours and good luck

Bro Europe has housing tax, housing tax is the backbone of every developed economy except the oil rich low population countries every serious country pay housing tax

mrvitalis:
Maybe when you tax Nigerians more they would stop electing people based on Tribalism and elect people who would give them value

You think people who pay tax can be paid 5k to vote?

Or people who suffer to pay taxes won't come out to vote?

Very true bro. 👍

Never thought about it from this angle.

MrPOTUS:
Very true bro. 👍

Never thought about it from this angle.

For me thats the angle I see it from... Tax would solve tribalism

Tax would make people become more involved in politics

Tax is very important not just as revenue but for the establishment of social contract between government and the people

mrvitalis:
So that's about 105% of revenue which leaves in a very bad state

My solution

Nigeria has about 42 million houses... Let's say 60% are in urban areas that leaves 25.2 million houses...

Say each house is valued at an average of 20 million

Implementing a 3% housing tax yearly ( federal government keeps 50% state keep 50% )

This would generate 7.56 trillion yearly for the federal government

Now we have 12 million cars in Nigeria already from stats I get

If we introduce 20k to 500k tax on cars, tricycles and bikes . .. We should be looking at a revenue of 3 trillion... States keep 1.5 federal 1.5 trillion yearly

This two simple system Yeileds 9 trillion yearly plus our current 8 trillion yearly... That's about 17 trillion


If we can restructure our debts... We can reduce debt servicing to 4 trillion... Yes
And wage bill can be reduced to 5 trillion... We have 8 trillion left

If 3 trillion goes to infrastructure 2 to health and education

We can have 3 trillion provided to banks at 3% interest to give to businesses in the import substitutes and exportable business as loans at 10% max

The above would create 5 million jobs in 5 years and increase revenue by over 5 trillion yearly


note this solution is not perfect and is a short version of the whole theory

I hope you know you're VERY MAD!!!

mrvitalis:
Bro Europe has housing tax, housing tax is the backbone of every developed economy except the oil rich low population countries every serious country pay housing tax

Are you MAD?? Is Nigeria Europe?? What resources does Europe have compared to Nigeria?? Why don't you compare our tax burden with our fellow oil rich countries like Saudi, Quatar, UAE, Kuwait,Lybia, Algeria?! Do their citizens bear this much tax burden??

BeauBragnar11:
Are you MAD?? Is Nigeria Europe?? What resources does Europe have compared to Nigeria?? Why don't you compare our tax burden with our fellow oil rich countries like Saudi, Quatar, UAE, Kuwait,Lybia, Algeria?! Do their citizens bear this much tax burden??

Saudi produce 8 times your oil with 3% of your population
All those countries u mention have population less than Lagos and produce far more oil than Nigeria

Nigeria is a broke country mind you Europe have resources

Scotland, Norway have oil yet tax is around 50% of their income

Tax is important for a low resources country like Nigeria

BeauBragnar11:
I hope you know you're VERY MAD!!!

Mad because I proposed tax?

Well, you have a point and that point is the need for proper implementation of federal tax, which would generate more revenue which would be used to for our budget financing.

However, this your theory and assertion is marred with certain level of lack of proper information and also totally impracticable, with this few points.
1. Where did you get the figure for 42 million houses and if your figure is correct(which is not) how can assume 60% is in urban area knowing that Nigerians are urban dwellers. If just 60% are in urban areas then its no longer urban but semi rural.

2. How do you value an average house for 20m. How much does an average Nigerian earn? Though this may still be feasible when we put to consideration houses and estates owned by the government and corporate bodies.

3. This 3% tax can only be effective for houses owned by well meaning individuals and corporate bodies. The masses are already suffering and vast population of the country are either living in rented apartments or squatting with someone somewhere.

4. You talked about 12 million cars. And you went ahead to do your calculations including tricycles and motorcycles. I mean is the 12million figure for all?

5. You expect a motorcycle rider to pay you at least 20k per year..? Where is your emotions?

You proposal is devoid of proper data. It is not practicable and therefore not implementable.

mrvitalis:
So that's about 105% of revenue which leaves in a very bad state

My solution

Nigeria has about 42 million houses... Let's say 60% are in urban areas that leaves 25.2 million houses...

Say each house is valued at an average of 20 million

Implementing a 3% housing tax yearly ( federal government keeps 50% state keep 50% )

This would generate 7.56 trillion yearly for the federal government

Now we have 12 million cars in Nigeria already from stats I get

If we introduce 20k to 500k tax on cars, tricycles and bikes . .. We should be looking at a revenue of 3 trillion... States keep 1.5 federal 1.5 trillion yearly

This two simple system Yeileds 9 trillion yearly plus our current 8 trillion yearly... That's about 17 trillion


If we can restructure our debts... We can reduce debt servicing to 4 trillion... Yes
And wage bill can be reduced to 5 trillion... We have 8 trillion left

If 3 trillion goes to infrastructure 2 to health and education

We can have 3 trillion provided to banks at 3% interest to give to businesses in the import substitutes and exportable business as loans at 10% max

The above would create 5 million jobs in 5 years and increase revenue by over 5 trillion yearly


note this solution is not perfect and is a short version of the whole theory

Racoon:
Wale Edun and FreeStuff have been dishing out fake agbadorian data about the economy down playing the negative economic consequences of impulsive debts pillage. Now 31% of IGR goes to pad debts from loans and senseless borrowings.

Debt serving is not debt payment but a stupid economic illiterate first class CSU diploma certificate forger said "nah statistics we go chop?"

The debt servicing is as a result of previous debts owed. So what else would Obi have done? Not service debt?

mrvitalis:
So that's about 105% of revenue which leaves in a very bad state

My solution

Nigeria has about 42 million houses... Let's say 60% are in urban areas that leaves 25.2 million houses...

Say each house is valued at an average of 20 million

Implementing a 3% housing tax yearly ( federal government keeps 50% state keep 50% )

This would generate 7.56 trillion yearly for the federal government

Now we have 12 million cars in Nigeria already from stats I get

If we introduce 20k to 500k tax on cars, tricycles and bikes . .. We should be looking at a revenue of 3 trillion... States keep 1.5 federal 1.5 trillion yearly

This two simple system Yeileds 9 trillion yearly plus our current 8 trillion yearly... That's about 17 trillion


If we can restructure our debts... We can reduce debt servicing to 4 trillion... Yes
And wage bill can be reduced to 5 trillion... We have 8 trillion left

If 3 trillion goes to infrastructure 2 to health and education

We can have 3 trillion provided to banks at 3% interest to give to businesses in the import substitutes and exportable business as loans at 10% max

The above would create 5 million jobs in 5 years and increase revenue by over 5 trillion yearly


note this solution is not perfect and is a short version of the whole theory

Do you think there's a building I Nigeria that's not being taxed? What's LAND USE CHARGE for?

All vehicles are being taxed through various means.

You also forgot to account for the cost of collection of these taxes which will gulp about 15 to 25 per cent of the tax collected

Taxation is not the problem. Accountability and judicious use of these generated funds is the bane of the societys growth.

Finally, no country can tax itself into prosperity. Issuance of interest free credit plus the right set of monetary and fiscal policies with SECURITY is the only way out of this mess.

mrvitalis:
So that's about 105% of revenue which leaves in a very bad state

My solution

Nigeria has about 42 million houses... Let's say 60% are in urban areas that leaves 25.2 million houses...

Say each house is valued at an average of 20 million

Implementing a 3% housing tax yearly ( federal government keeps 50% state keep 50% )

This would generate 7.56 trillion yearly for the federal government

Now we have 12 million cars in Nigeria already from stats I get

If we introduce 20k to 500k tax on cars, tricycles and bikes . .. We should be looking at a revenue of 3 trillion... States keep 1.5 federal 1.5 trillion yearly

This two simple system Yeileds 9 trillion yearly plus our current 8 trillion yearly... That's about 17 trillion


If we can restructure our debts... We can reduce debt servicing to 4 trillion... Yes
And wage bill can be reduced to 5 trillion... We have 8 trillion left

If 3 trillion goes to infrastructure 2 to health and education

We can have 3 trillion provided to banks at 3% interest to give to businesses in the import substitutes and exportable business as loans at 10% max

The above would create 5 million jobs in 5 years and increase revenue by over 5 trillion yearly


note this solution is not perfect and is a short version of the whole theory

Then start buying private jets for each of the lawmakers because revenue go surplus.

Na only ur father house and car they go tax

mrvitalis:
So that's about 105% of revenue which leaves in a very bad state

My solution

Nigeria has about 42 million houses... Let's say 60% are in urban areas that leaves 25.2 million houses...

Say each house is valued at an average of 20 million

Implementing a 3% housing tax yearly ( federal government keeps 50% state keep 50% )

This would generate 7.56 trillion yearly for the federal government

Now we have 12 million cars in Nigeria already from stats I get

If we introduce 20k to 500k tax on cars, tricycles and bikes . .. We should be looking at a revenue of 3 trillion... States keep 1.5 federal 1.5 trillion yearly

This two simple system Yeileds 9 trillion yearly plus our current 8 trillion yearly... That's about 17 trillion


If we can restructure our debts... We can reduce debt servicing to 4 trillion... Yes
And wage bill can be reduced to 5 trillion... We have 8 trillion left

If 3 trillion goes to infrastructure 2 to health and education

We can have 3 trillion provided to banks at 3% interest to give to businesses in the import substitutes and exportable business as loans at 10% max

The above would create 5 million jobs in 5 years and increase revenue by over 5 trillion yearly


note this solution is not perfect and is a short version of the whole theory

This how sane countries do things... But then the human factor, the naija factor .. one day you will hear the one man stole 450billion ... You sef go shock

mrvitalis:
So that's about 105% of revenue which leaves in a very bad state

My solution

Nigeria has about 42 million houses... Let's say 60% are in urban areas that leaves 25.2 million houses...

Say each house is valued at an average of 20 million

Implementing a 3% housing tax yearly ( federal government keeps 50% state keep 50% )

This would generate 7.56 trillion yearly for the federal government

Now we have 12 million cars in Nigeria already from stats I get

If we introduce 20k to 500k tax on cars, tricycles and bikes . .. We should be looking at a revenue of 3 trillion... States keep 1.5 federal 1.5 trillion yearly

This two simple system Yeileds 9 trillion yearly plus our current 8 trillion yearly... That's about 17 trillion


If we can restructure our debts... We can reduce debt servicing to 4 trillion... Yes
And wage bill can be reduced to 5 trillion... We have 8 trillion left

If 3 trillion goes to infrastructure 2 to health and education

We can have 3 trillion provided to banks at 3% interest to give to businesses in the import substitutes and exportable business as loans at 10% max

The above would create 5 million jobs in 5 years and increase revenue by over 5 trillion yearly


note this solution is not perfect and is a short version of the whole theory

You want fg to tax car owners 500k. Second hand vehicles for that matter after paying for vehicle insurance, licence, mot etc. You must be joking

nedu666:
You want fg to tax car owners 500k. Second hand vehicles for that matter after paying for vehicle insurance, licence, mot etc. You must be joking

500k would be for trailers
Cars can pay 100 to 200k

mrvitalis:
So that's about 105% of revenue which leaves in a very bad state

My solution

Nigeria has about 42 million houses... Let's say 60% are in urban areas that leaves 25.2 million houses...

Say each house is valued at an average of 20 million

Implementing a 3% housing tax yearly ( federal government keeps 50% state keep 50% )

This would generate 7.56 trillion yearly for the federal government

Now we have 12 million cars in Nigeria already from stats I get

If we introduce 20k to 500k tax on cars, tricycles and bikes . .. We should be looking at a revenue of 3 trillion... States keep 1.5 federal 1.5 trillion yearly

This two simple system Yeileds 9 trillion yearly plus our current 8 trillion yearly... That's about 17 trillion


If we can restructure our debts... We can reduce debt servicing to 4 trillion... Yes
And wage bill can be reduced to 5 trillion... We have 8 trillion left

If 3 trillion goes to infrastructure 2 to health and education

We can have 3 trillion provided to banks at 3% interest to give to businesses in the import substitutes and exportable business as loans at 10% max

The above would create 5 million jobs in 5 years and increase revenue by over 5 trillion yearly


note this solution is not perfect and is a short version of the whole theory

Your ideas though well intentioned are dead on arrival.

You want to use high property taxes finish Nigeria? In Lagos state when Ambode decided to increase the Lagos state equivalent to less than 0.5% (I am not sure of the exact figure), the citizens vehemently kicked against it.

A tax on cars isn't a bad idea. Collecting it though may be a challenge and if the taxes are unreasonably high, revenues will be scanty.

Giving money out at concessionary rates to businessmen by government is a bad idea. The vast majority won't pay back. That is why this government wants to end the anchor borrowers scheme.

Government can increase revenues by simply ensuring better collection rates. There is massive tax evasion. Most people either don't pay taxes or underpay. I doubt if up to 1% of Nigerian companies pay the company tax of 32% (if the 2% education tax is included).

A lesson from India. It discovered that any time it reduced taxes, revenues increased. People were more readily prepared to pay with low taxes,

What I would suggest is corporate tax be reduced to less than 15% in total. This will not only boost revenues, but drive massive foreign investment into the country. This has been the experience of countries such as Ireland and Hong Kong which have used a low tax model.

It is best banks lend out money from their vaults to borrowers directly. It is best that interest rates stay low in general and not for a preferred few.

Nigeria can achieve low lending rates by applying the late economist, Henry Boyo , who argued that the Naira substitution policy was keeping interest rates high.

What is the Naira substitution policy? This occurs every month when the dollar derived parts of revenue (crude oil) is shared amongst the 3 tiers of government. The money is paid in Naira.

Henry Boyo argued that the changing to dollars to Naira leads to an increase in money supply. This increased money supply leads to excess money in circulation. For this excess money in circulation not to turn inflationary, the CBN uses high interest rates to mop up the money.

Since the CBN rate is the lowest, it means that general lending rates will be high.

Henry Boyo suggested that rather than pay this money in Naira, why not pay it in dollars? It won't be actual dollars but dollar certificates which will be convertible at a commercial bank. In this scenario, it will be dollars chasing Naira. The Naira will strengthen in value.

Also, there's no excess cash in money supply any more. The CBN instead can start reducing interest rates until it goes below 10%.

The policy isn't new. Charles Soludo wanted to implement it while he was at the CBN but the governors were against it and complained to then president (I am not sure of who) who succumbed to their pleas.

Nigeria for years had no busy having lending rates above 10%, During OBJ's second term when he pursued the most disciplined fiscal regime in Nigeria, yet lending rates hovered around 17%.

Ability to borrow at less than 10% will turn the fortunes of this country around. Costly credit does far more damage than poor infrastructure to the economy.

I am in shock that someone's response to this post is more tax by the government.

mrvitalis:
So that's about 105% of revenue which leaves in a very bad state

My solution

Nigeria has about 42 million houses... Let's say 60% are in urban areas that leaves 25.2 million houses...

Say each house is valued at an average of 20 million

Implementing a 3% housing tax yearly ( federal government keeps 50% state keep 50% )

This would generate 7.56 trillion yearly for the federal government

Now we have 12 million cars in Nigeria already from stats I get

If we introduce 20k to 500k tax on cars, tricycles and bikes . .. We should be looking at a revenue of 3 trillion... States keep 1.5 federal 1.5 trillion yearly

This two simple system Yeileds 9 trillion yearly plus our current 8 trillion yearly... That's about 17 trillion


If we can restructure our debts... We can reduce debt servicing to 4 trillion... Yes
And wage bill can be reduced to 5 trillion... We have 8 trillion left

If 3 trillion goes to infrastructure 2 to health and education

We can have 3 trillion provided to banks at 3% interest to give to businesses in the import substitutes and exportable business as loans at 10% max

The above would create 5 million jobs in 5 years and increase revenue by over 5 trillion yearly


note this solution is not perfect and is a short version of the whole theory

Dream theory. Only 0.1% of houses will pay tax, and not to mention cars.
Your theory is based on igr generation through taxes in a society where majority of the population are unwilling.

Even if you are to acquire your desire percentage it'll take nothing less than 5 yrs to meet a 80% compliance, then this question now hangs
1 you'll become highly unpopular among the voters hindering your plans to return for another term (which the winner is sure to scrap knowing it makes you unpopular. 1 problem with 9ja government_lack of contuinity)

2. It'll will require medium to long term for this policy to start baring real result so for the short time what will you do?

3. How will you convince a populace that has never done so before to start contributing 3% tax ever now so with the hard economic reality?

MrPOTUS:



Shebi u don smoke weed b4 writing this crap above.


You think Nigeria govt give a shit about Nigerians?

You must be very dumb then.

They should tax houses, cars, and put more people in hardship while they use the money gotten to buy SUVs for themselves

They only thing Nigerians have ever benefitted from govt is subsidy.

Now, it's removed and d money has been looted by Tinubu and his crooks.

They told Nigerians to ensure the hardship of subsidy while they pay themselves allowance for hardship they caused and buy SUVs for themselves.

Now people understand the benefits of subsidy?
😂 You don't know what you've got until you lose it. By this time last year all contestant where singing subsidy removal and were geared on by their supporters. Only few like that ADC, sowore and others vow to continue.

Many things you're enjoying but albert the larger economic crisis we're impeded to its significance until they are gone also.

MrPOTUS:
Very true bro. 👍

Never thought about it from this angle.

Very true. Nigeria taxes the establishment and not the people.
Contrast to US who equally tax both, personnel even more. That's why it's more easier for some big business men or companies to post low tax return in the US.

1. This can serve as an imperative to encourage companies higher more workers or increase the wages of their employees who can be highly taxed by the government
2. Highly taxed citizens demands for more accountability
3. Easy implementation of economic policies like tax holidays, credit, defers which can boost point 1 mentioned earlier

BeauBragnar11:
I hope you know you're VERY MAD!!!

No he's not. He's just profiling his solution to increase revenue generation.
What's yours?

BeauBragnar11:
Are you MAD?? Is Nigeria Europe?? What resources does Europe have compared to Nigeria?? Why don't you compare our tax burden with our fellow oil rich countries like Saudi, Quatar, UAE, Kuwait,Lybia, Algeria?! Do their citizens bear this much tax burden??

Resources resources resources. Na this same shout since 1914.
And guess what? We even lack the technical know how to extract and process the resource ourselves. Without foreign investment this resources lies dormant in the ground.

No technical abilities at all.
This thing dey really pain me

. We can't even effectively build and manage large scale oil drilling (4mbpd)

We can't mine and process our iron ores.

No reputable indigenous construction firm to carry out enormous infrastructure development(super highway, bridges, skyscrapers, metro rail, power)

Some thing other country done dey for since 200yrs we no sabi (industrial revolution)

Everything we go need foreigners, but we can sit on our asses and shout resources while we dey the nothing about it collectively as a people.

Just4000:
Well, you have a point and that point is the need for proper implementation of federal tax, which would generate more revenue which would be used to for our budget financing.

However, this your theory and assertion is marred with certain level of lack of proper information and also totally impracticable, with this few points.
1. Where did you get the figure for 42 million houses and if your figure is correct(which is not) how can assume 60% is in urban area knowing that Nigerians are urban dwellers. If just 60% are in urban areas then its no longer urban but semi rural.

2. How do you value an average house for 20m. How much does an average Nigerian earn? Though this may still be feasible when we put to consideration houses and estates owned by the government and corporate bodies.

3. This 3% tax can only be effective for houses owned by well meaning individuals and corporate bodies. The masses are already suffering and vast population of the country are either living in rented apartments or squatting with someone somewhere.

4. You talked about 12 million cars. And you went ahead to do your calculations including tricycles and motorcycles. I mean is the 12million figure for all?

5. You expect a motorcycle rider to pay you at least 20k per year..? Where is your emotions?

You proposal is devoid of proper data. It is not practicable and therefore not implementable.

Point 1 and 2 are just assumptions in think. I'm not even bothered by them.
But the main thing is how will you convince 9jerians to pay 3% tax and car tax? This same 9ja where even business people no wa pay tax finish?

How long will it even take to meet 50% compliance.

Europian countries has already operated the manor / feudal system. Where lords and peasants a like pay taxes, so it's nothing new to them.
I remember reading somewhere during the colonial times where the colonial impose 5% tax on Lagos resident, this will help to provide stable pipe borne water, also health finance. the oyinbo were shock by the people reaction even though the policy na for public good. Sharp sharp dey gat stop am to avoid riot.

Such sentiment is still on today

dacool1:
Do you think there's a building I Nigeria that's not being taxed? What's LAND USE CHARGE for?

All vehicles are being taxed through various means.

You also forgot to account for the cost of collection of these taxes which will gulp about 15 to 25 per cent of the tax collected

Taxation is not the problem. Accountability and judicious use of these generated funds is the bane of the societys growth.

Finally, no country can tax itself into prosperity. Issuance of interest free credit plus the right set of monetary and fiscal policies with SECURITY is the only way out of this mess.

Nigeria was never taxed enough. Hell 8% gdp is abysmal atleast do 15%. Atleast they role 30trn yearly from tax. That alone done solve the monetary problem...

Simeonjoe1:
Dream theory. Only 0.1% of houses will pay tax, and not to mention cars.
Your theory is based on igr generation through taxes in a society where majority of the population are unwilling.

Even if you are to acquire your desire percentage it'll take nothing less than 5 yrs to meet a 80% compliance, then this question now hangs
1 you'll become highly unpopular among the voters hindering your plans to return for another term (which the winner is sure to scrap knowing it makes you unpopular. 1 problem with 9ja government_lack of contuinity)

2. It'll will require medium to long term for this policy to start baring real result so for the short time what will you do?

3. How will you convince a populace that has never done so before to start contributing 3% tax ever now so with the hard economic reality?

If am president or if am running for president my mantra would be IF YOU CAN'T TRUST ME WITH YOUR TAX DON'T TRUST ME WITH YOUR VOTES

1) that's online possible when you don't know what to do with tax... In fact that's why Tax is important as the political office holder you are under pressure to please the people

It's what's called social contract, People vote who can give them value for their money... When you pay tax and you see results why would the leader be unpopular?

2) if am president the idea would work in less than 6 months... Free registration to register each house, just log into the website upload your documents and a QR code generates for the house

Once scanned shows your tax records
Failure to pay tax attracts a fine of 20% value of the house... I no come play with anyone... If after 4 years you don't see value vote me out

3) I won't convince anyone the law is the law and must be obey once the law is passed and signed it's the law

Vote me out if you don't get value for your tax


What you should ask me is what do the people stand to gain


If your road is untared you don't get taxed

grandstar:
Your ideas though well intentioned are dead on arrival.

You want to use high property taxes finish Nigeria? In Lagos state when Ambode decided to increase the Lagos state equivalent to less than 1% (I am not sure of the exact figure), the citizens kicked against.

A tax on cars isn't a bad idea. Collecting it though may be a challenge and if the taxes are unreasonably high, or else revenues will be scanty.

Giving money out at concessionary rate to businessmen by government is a bad idea. The vast majority won't pay back. That is why the government wants to end the anchor borrowers scheme.

Government can increase revenues by simply ensuring better collection rates. There is massive tax evasion. Most people either don't pay taxes or underpay. I doubt if up to 1% of Nigerian companies pay the company tax of 32% (if the 2% education tax is included).

A lesson from India. It discovered that any time it reduce taxes, revenues increased. People were more readily prepared to pay with low taxes,

What I would suggest is corporate tax be reduced to less than 15% in total. This will not only boost revenues, but drive massive foreign investment into the country. This has been the experience of countries such as Ireland and Hong Kong which have used a low tax model.

It is best banks lend out money from their vaults to borrowers directly. It is best that interest rates stay low in general and not for a preferred few.

Nigeria can achieve low lending rates by applying the late economist, Henry Boyo who said that the Naira substitution policy was keeping interest rates.

What is the Naira substitution policy? This happens every month when the dollar derived parts of revenue (crude oil) is shared amongst the 3 tiers of government. The money is paid in Naira.

Henry Boyo argued that the changing to dollars to Naira leads to an increase in money supply. This increased money supply leads to excess money in circulation. For this excess money in circulation not to turn inflationary, the CBN uses high interest rates to mop up the money.

Since the CBN rate is the lowest, it means that general lending rates will be high.

Henry Boyo suggested that rather than pay this money in Naira, why not pay it in dollars? It won't be actual dollars but dollar certificates which will be convetrtible at a commercial bank. In this scenario, it will be dollars chasing Naira. The Naira will strengthen

Also, there's no excess cash in money supply any more. The CBN instead can start reducing interest rates until it goes below 10%.

The policy isn't new. Charles Soludo wanted to implement it while he was at the CBN but the governors were against it and complained to then president (I am not sure of who) who succumbed to their pleas.

Nigeria for years had no busy having lending rates above 10%, During OBJ's second term when he pursued the most disciplined fiscal regime in Nigeria, yet lending rates hovered around 17%.

Ability to borrow at less than 10% will turn the fortunes of this country around. Costly credit does far more damage than poor infrastructure to the economy.

You smart. Obj second term is the best economic era this country ever had. It was all downtorn from yaradua with Buhari compounding it.

Chai Obj for do 3rd term

mrvitalis:
If am president or if am running for president my mantra would be IF YOU CAN'T TRUST ME WITH YOUR TAX DON'T TRUST ME WITH YOUR VOTES

1) that's online possible when you don't know what to do with tax... In fact that's why Tax is important as the political office holder you are under pressure to please the people

It's what's called social contract, People vote who can give them value for their money... When you pay tax and you see results why would the leader be unpopular?

2) if am president the idea would work in less than 6 months... Free registration to register each house, just log into the website upload your documents and a QR code generates for the house

Once scanned shows your tax records
Failure to pay tax attracts a fine of 20% value of the house... I no come play with anyone... If after 4 years you don't see value vote me out

3) I won't convince anyone the law is the law and must be obey once the law is passed and signed it's the law

Vote me out if you don't get value for your tax


What you should ask me is what do the people stand to gain


If your road is untared you don't get taxed

You can't be 100% popular. Hell even the present president won the vote of 3% of the population.
That your 4 years you no go see better money.
This like this requires longer years to meet effective compliance.

Simeonjoe1:
No he's not. He's just profiling his solution to increase revenue generation.
What's yours?

For God's sake, are the poor going to die for this country?? All what he listed there are nothing but taxation on the already overburdened tax payers!!!
There's nothing strategically targeted at the elite in what he put up there!!!...What sacrifices are the elite even making to achieve our desired Nigeria?? Their remuneration, bogus allowances are still intact!!!..It's always the masses who are to make sacrifices!!

We are already one of the most taxed people on earth for Christ sake.

Is expanding the tax base the only means of revenue generation?? No innovation!!! Just tax, tax, tax!!!!

Guy no vex me oooo!!!

Again go and verify, there is tax but see how well they're doing despite being a first world country

Now look at Nigeria, see how dumb things will play out if it was implemented

mrvitalis:
Bro Europe has housing tax, housing tax is the backbone of every developed economy except the oil rich low population countries every serious country pay housing tax

ConquerorK:
Again go and verify, there is tax but see how well they're doing despite being a first world country

Now look at Nigeria, see how dumb things will play out if it was implemented

What tax from our revenue average Nigerian pay less than 5000 a year on tax

How much tax have you paid this year

Nigerians get far more value for the tax they pay compared to most European countries