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IMF: Property Taxes Can Help Nigeria, Others Develop - Politics (4) - Nairaland

Nairaland ForumNairaland GeneralPoliticsIMF: Property Taxes Can Help Nigeria, Others Develop (13334 Views)

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Re: IMF: Property Taxes Can Help Nigeria, Others Develop by mrvitalis(m): 9:33am On Nov 13, 2024
ZaddyJ:
You guys should stop spreading confusion up and down naw. The Saudi Arabia,Qatar libya who use their oil money to better the life of their people do they impose property tax on them ?
When we are supposed to be learning from the Arab countries we will allow one IMf to dictate the state of the nation for us .
Stop all this confusion that breeds suffering its getting stale and nothing is working anymore with it . We are tired of all the gibberish u guys are selling and it's not making a headway
Those countries u mentioned... Check their daily oil production multiple by 365 then divide by population

Then do for Nigeria

Ghana produce more oil per capita than Nigeria even... Ignorance is bliss sha
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by Believeintruth: 9:36am On Nov 13, 2024
so what essentially is Land use charge?
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by Christlike01: 9:37am On Nov 13, 2024
Hmmm, it's coming—rent is set to skyrocket, becoming unaffordable for the average Nigerian. If you're living in a rented apartment, you should be concerned about this news. There's no doubt about it: Tinubu will implement this so far it's recommended by the IMF. Landlords will inevitably pass the tax burden onto tenants through higher rents—it's just how things work.

Anyway, many Nigerians seem indifferent; they happily accept whatever is thrown their way. After all, they’re already paying N1,200 per litre for petrol and aren’t complaining!

Chai,Nigerians are terribly docile people!
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by Believeintruth: 9:38am On Nov 13, 2024
mrvitalis:
Those countries u mentioned... Check their daily oil production multiple by 365 then divide by population

Then do for Nigeria

Ghana produce more oil per capita than Nigeria even... Ignorance is bliss sha
Bro must we depend on crude oil only? we have other resources, and we have vast arable land. These can make us earn as much as these Arabs, but greed is the in thing among our leaders.
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by malali(op): 9:38am On Nov 13, 2024
lucianohase:
This will result in another big problem for Nigeria which will make many homeless and will increase crime. Reason is, when u tax property owners, they will increase the price of renting out their properties, for those who have such. Then many who can't pay will be homeless. What do u expect, it will breathe crime, turn people to animals who will be easy and willing tools in the hands of all these sects since they will be told that the ruling class are their enemies. And they will start hunting innocent people and politicians who implement such policies. I pray that we don't get there, cos if we do, many people will carry sophisticated weapons and their target will be politicians. Just as boko haram have been doing . IMF should understand that the policies they have advised Tinubu and some other African nations to implement hasn't solved any problems at all, rather it has created more problems.
Well said my friend.
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by danhans(m): 9:39am On Nov 13, 2024
They've started their nonsense again
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by FireUpNow(m):
The same way the IMF said that removal of fuel subsidy and floating of the naira can improve the Nigerian Economy . Later baba at Aso rock adopted it and when things gone South, IMF will come to say they didn't tell the govt of the day to adopt such policy. Africans mumu never too much abo?
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by criuze(m): 9:39am On Nov 13, 2024
What are they doing with the ones they have collected
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by malali(op): 9:42am On Nov 13, 2024
Lithiumite:
If you would own properties you must be ready to pay taxes on them!! It's simple.....govt needs money and this money won't fall from the sky,we are a poor country as it is.

What I reckon with the IMF idea is the domestication of this revenue to the local government level where it can be used for development at that level ....there are heavily built up urban areas that lack basic amenities like roads,,schools and sports facilities,health care, security even public water.....many of these communities are already resulting to some self help initiatives which are never enough to do anything but if this revenue can be pulled to develop them,it is more than a welcome development.
Collecting revenue without creating complementary jobs.....is akin to a genocide. Where do you expect the citizens to get money to pay the taxes ? Do you know the homeowners will transfer he cost to the tenants ? The unemployment rate in Nigeria is over 50% and getting worse, thats why JAPA is on the rise....So where exactly do you expect people to get this money from ?
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by COMPAQ(m): 9:42am On Nov 13, 2024
ZaddyJ:
You guys should stop spreading confusion up and down naw. The Saudi Arabia,Qatar libya who use their oil money to better the life of their people do they impose property tax on them ?
When we are supposed to be learning from the Arab countries we will allow one IMf to dictate the state of the nation for us .
Stop all this confusion that breeds suffering its getting stale and nothing is working anymore with it . We are tired of all the gibberish u guys are selling and it's not making a headway
Im tired of this reference to Middle East Countries. The Whole indigenous population of Qatar is like 600k and they produce similar oil to Nigeria and like 6times more gas than NLNG.

That's like the entire Nigeria's wealth spent on an area the size of Lagos state with 1mln people living in it. Would such need property tax!!??
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by malali(op): 9:43am On Nov 13, 2024
ThunderfireNLMO:
What is the business of IMF with internal affairs of Nigeria?
I don't know...sometimes i wonder if Tinubu's initials is I.M.F

Because i am sure we didn't vote for I.M.F
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by COMPAQ(m): 9:44am On Nov 13, 2024
lucianohase:
This will result in another big problem for Nigeria which will make many homeless and will increase crime. Reason is, when u tax property owners, they will increase the price of renting out their properties, for those who have such. Then many who can't pay will be homeless. What do u expect, it will breathe crime, turn people to animals who will be easy and willing tools in the hands of all these sects since they will be told that the ruling class are their enemies. And they will start hunting innocent people and politicians who implement such policies. I pray that we don't get there, cos if we do, many people will carry sophisticated weapons and their target will be politicians. Just as boko haram have been doing . IMF should understand that the policies they have advised Tinubu and some other African nations to implement hasn't solved any problems at all, rather it has created more problems.
Focus on the wealthy in VI, Lekki Ph1, Ikoyi, Banana Island, GRA's and its less of an issue. Most houses in such areas a re owner occuopier and if you are renting there, then you are also wealthy and its not a problem. Will someone paying N10mln rent per year in Banana Island move to Gbagada because of N500k?
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by Nobody: 9:50am On Nov 13, 2024
Dear Mr Malali, well I reckon we would continue to explore until Nigeria gets better. Let LGAs tax property and collect taxes more efficiently, it is more money for the government. Our debt burdens are unsustainable, we need to have a timeline of say 10-20 years when we would achieve a budget surplus. So more taxes are welcomed and we need to broaden the tax bracket.

If the economy improved we would say the government has done well, and they'd get another four years - the day of reckoning is coming in three years (though it's arguable that four years are too short to see the full benefits of the economic reforms but we have see some quick wins that signifies the morning shows the day).



malali:
The Neo-Colonialists will not stop till every single Nigerian is DEAD.

1-Remove oil subsidy, the country will get better

2-Float the Naira the economy will be perfect

3-Now they are advocating for property tax on every house.

Why did we vote for legislators when fiscal policies are implemented on the directive of IMF and World Bank ? Removal of fuel subsidy and floating the Naira without a legislative debate and agreement by majority constituents in the house of rep and senate.....was an illegal and impeachable act.
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by kettykin: 9:50am On Nov 13, 2024
COMPAQ:
Focus on the wealthy in VI, Lekki Ph1, Ikoyi, Banana Island, GRA's and its less of an issue. Most houses in such areas a re owner occuopier and if you are renting there, then you are also wealthy and its not a problem. Will someone paying N10mln rent per year in Banana Island move to Gbagada because of N500k?
Most businesses occupying those buildings are on edge aside banks and oil company. First fix basic things in the economy like national grid, security, lopsided federal structure before this.

And if this happens, it should be spearheaded by states
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by Benekkk: 9:51am On Nov 13, 2024
I like it. Tax them to death to reduce population growth!
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by Nobody: 9:51am On Nov 13, 2024
well, I reckon we would continue to explore until Nigeria gets better. Let LGAs tax property and collect taxes more efficiently, it is more money for the government. Our debt burdens are unsustainable, we need to have a timeline of say 10-20 years when we would achieve a budget surplus. So more taxes are welcomed and we need to broaden the tax bracket.

If the economy improved we would say the government has done well, and they'd get another four years - the day of reckoning is coming in three years (though it's arguable that four years are too short to see the full benefits of the economic reforms but we have to see some quick wins that signifies the morning shows the day).



malali:
The Neo-Colonialists will not stop till every single Nigerian is DEAD.

1-Remove oil subsidy, the country will get better

2-Float the Naira the economy will be perfect

3-Now they are advocating for property tax on every house.

Why did we vote for legislators when fiscal policies are implemented on the directive of IMF and World Bank ? Removal of fuel subsidy and floating the Naira without a legislative debate and agreement by majority constituents in the house of rep and senate.....was an illegal and impeachable act.
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by Benekkk: 9:52am On Nov 13, 2024
criuze:
What are they doing with the ones they have collected
Good question.
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by baralatie(m): 9:53am On Nov 13, 2024
oluseyiforjesus:
Imf are not serious
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by Dokitto001: 9:54am On Nov 13, 2024
IMF don't care about Africans.
In fact IMF is a western tool to keep Africa and poor countries impoverished.

Here's how.

IMF gives federal government loan and insists they pay it back in dollars in about 10 or 20years times. ( let's say $5b) Today dollar is 1600 and that'll be about 8trn or so naira.

By the time Nigeria would have to pay back in 20yrs it'll have about 50trn naira due to inflation. And also remember that interests would be accrued and paid all these years.

Now IMF also pushes Nigeria to tax its citizens more and this leaves the citizen with little or no money for capital investments after tax.

And guess what happens to the IMF loan? The politician steal them and goes to give them back to those western nations in the name of buying houses, sending their kids to porche schools, health tourism, buying expensive jets and cars for politicians.

So in essence these guys gives us liabilities and leaves us and children with mountains of depts to pay.

Stop IMF or any external loans expect for named projects that has the capacity of paying it back.
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by baralatie(m): 9:55am On Nov 13, 2024
Believeintruth:
so what essentially is Land use charge?
That is why imf are not serious
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by mrvitalis(m): 9:58am On Nov 13, 2024
Believeintruth:
Bro must we depend on crude oil only? we have other resources, and we have vast arable land. These can make us earn as much as these Arabs, but greed is the in thing among our leaders.
Which resources do you have? Name them

Oga every serious country run on tax.. Tax and tax that's the way to go
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by malali(op): 10:02am On Nov 13, 2024
Tunaji:
well, I reckon we would continue to explore until Nigeria gets better. Let LGAs tax property and collect taxes more efficiently, it is more money for the government. Our debt burdens are unsustainable, we need to have a timeline of say 10-20 years when we would achieve a budget surplus. So more taxes are welcomed and we need to broaden the tax bracket.

If the economy improved we would say the government has done well, and they'd get another four years - the day of reckoning is coming in three years (though it's arguable that four years are too short to see the full benefits of the economic reforms but we have to see some quick wins that signifies the morning shows the day).
Asking your daughter to go and prostitute because your lender is suggesting thats another way to make money to pay back the loan you collected from him is not a good idea.
Nigerians are currently being raped by inflation, removed oil subsidies, and free floating naira...which might be good measures but you have to reduce unemployment to a reasonable extent before you kill all the vulnerable Nigerians and the rest japa abroad while collecting revenue for the government.
The same government we are collecting revenues for are buying private jets, renovating VP residence with 22 billion, allocating jumbo salaries to senators and furniture and housing allowances ?
You think Nigeria is Lagos, go to the core north...poverty is ravishing people, with malnutrition, high maternal mortality , illiteracy and unemployment. Are these the people that will pay revenue to the senators and house of rep and buy the presidents jet ?
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by kuntash: 10:07am On Nov 13, 2024
mrvitalis:
I have said it here for over 2 years , property tax is what is used to fund bulk of budget around the world

Every state can earn 300 billion minimum yearly from property tax

Lagos and Anambra can earn trillions


And this would always wake the people up and get them more involved in politics
you are not dealing with Machines.

why not wonder the reason IMF are not suggesting ways to curb stealing in governance? doesnt that bother you?

States A, B, C and Z would make trillions and the funds goes where ?
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by oyeb15: 10:10am On Nov 13, 2024
Those revenue goes to Ojuyobo personal account.

His achievement is revenue generation. This same revenue is shares with his cronies
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by Chuksgeo: 10:13am On Nov 13, 2024
We are Africans and there should be nothing concerning us with property tax especially ones in our native lands where we hail from. Useless IMF
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by descarado: 10:15am On Nov 13, 2024
mrvitalis:
I have said it here for over 2 years , property tax is what is used to fund bulk of budget around the world

Every state can earn 300 billion minimum yearly from property tax

Lagos and Anambra can earn trillions


And this would always wake the people up and get them more involved in politics
When you realise that the amount you pay for electricity is different from what north pays, what you pay as tax before pay is diff from what the north pays. Infact, tax in Nigeria is divided into 2, one on the high side for south and the other on the low side for north, you will always think twice before you come with this your economic projections. This property tax unless collected by state government will be another way to rub Peter to pay Paul
Don't be hasty. Nigeria's problem is how to demystify the north. Any president who can unchain the parasite called northern Nigeria will have his name written in gold.
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by Heffalump(m): 10:17am On Nov 13, 2024
IMF is a stupid organization. They're all mad there.
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by beejay85: 10:22am On Nov 13, 2024
Quelme:
Nigerians are chronic tax defaulters.

They don't want to pay tax but yet want their country to look like Germany.
How much of taxes does UAE,Saudis,Kuwaitis and other oil producing countries pay?
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by beejay85: 10:22am On Nov 13, 2024
Quelme:
Nigerians are chronic tax defaulters.

They don't want to pay tax but yet want their country to look like Germany.
How much of taxes does UAE,Saudis,Kuwaitis and other oil producing countries citizens pay?
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by Believeintruth: 10:24am On Nov 13, 2024
mrvitalis:
Which resources do you have? Name them

Oga every serious country run on tax.. Tax and tax that's the way to go
If it is property tax, we have land use tax already. you and i know the resources we have.
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by Nobody: 10:26am On Nov 13, 2024
Property taxes 🤣🤣🤣🤣


That means you will no longer own your home and at when you default and unable to pay within a grace period.

That tax is evil irrespective of the gains.
Re: IMF: Property Taxes Can Help Nigeria, Others Develop by W0rdOfYahuah: 10:29am On Nov 13, 2024
mrvitalis:
I have said it here for over 2 years , property tax is what is used to fund bulk of budget around the world

Every state can earn 300 billion minimum yearly from property tax

Lagos and Anambra can earn trillions


And this would always wake the people up and get them more involved in politics
I pray the scales of ignorance falls from your eyes. Have you wondered why despite having the power to print money, the Govt resorts to taxes for revenue?
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