₦airaland Forum

adenigga:
Source: https://punchng.com/BREAKING-Senate-approves-Tinubu’s-$2.2bn-loan-request

nairalanda1:
Nigerians are not seeing tangible results because the amount collected in tax is low plus oil revenue is also too low. Add looting and you get the Koko.

If government tried to deal with the above issues, it would lead to protests and riots. So the next thing is to borrow to fill up deficits.


Take our roads. South Africa has better roads than us because the roads are tolled. Nigeria? Apart from the Lekki road which is tolled, most of our roads are bad because no toll . Therefore not enough money for maintenance.

Also, most of you see government as a means to chop money. That is why holding government to account does not work here. Even of we were all the same tribe.

Willie2015:
D problem is not with the tax.....
D problem is the looting....at FG..SG..LG level... ....
There is enough money to handle projects if we cut wastages
D masses cannot do anything until we have good leadership...

GOFRONT:
Better put.........Senate approves Tinubu's $2.2Bn Lunch and Breakfast Money

Jimoh Ibrahim (2024)

BIinks:
Why do we keep borrowing the money in small ranks instead of borrow huge amount once

nairalanda1:
He is also partly responsible for the problems we have right now.

Throughout most of his regime, oil income was at an all time low, except for 2 years. And even then, it was never high enough. Meanwhile government revenue from taxes did not grow very much.

So, where do you think they got the money to pay salaries, keep fuel below N200 per liter, keep subsidising electricity, and a host of other things.

That is right, borrowing.

Because if he had done the alternative as prescribed by the experts, all Nigerians...rich and poor....would have been paying heavy duty taxes, and subsidy would have been removed totally on petrol, and electiricty.

It would have imporved our economy eventually, but it would have led to him being removed.

His acolyte...tinubu ...is doing what he did. He was forced to end fuel subsidy, because the buhari practice left Nigeria with a massive debt.

The thing you guys need to realize...something that the army and even people like Obj and GEJ tried to tell you....is that nothing is cheap. If someone is offering you bread at N10 per loaf, either that bread is fake or made of sawdust, or.....someone is paying heavily to keep that bread at N10 per loaf, and when the money goes out, or the cost rises, loans will be taken...and when that becomes difficult....the price of bread will go up, and we would call the baker lucifer.


The story of Nigeria, in brief.

Pacesetter123:
Yes,I agree with you that Buhari is part of the problem we are facing now.

But don't you think if Buhari borrowed to pay salary, subsidized fuel so we can buy fuel below #200 and electricity as you said,that his borrowing was very very beneficial to the masses?
Now tell me what this present one is borrowing the money for and how does this his continuous borrowing benefit the masses?
In this present administration,PBAT is not subsidizing any essential item for us..oo,but we are paying higher rates of taxes, price of fuel gone beyond the reach of ordinary Nigerians, electricity tariff is on high side while the power supply remains epileptic.

So what is his own borrowing for?

tundegan:
Tinubu is a man on a mission.

This loan will be used judiciously. I have no doubt about that.

nairalanda1:
Before looting, our budget for this year is 33 trillion naira. That's approx 30 billion dollars tops.

Not enough for a nation of 200 million people.


Before looting. Even if we stopped looting, money would still be limited.

We got work to do.

Willie2015:
We have got work to do
by cutting down on the size of govt ...
Oga President is buying new jet on top money borrowed ...
Madam First Lady is budgeting billions of Naira for cars and SUVs.. on top borrowed money...
National Assembly budgeted N2,2 trillion Naira on constituency projects
When we have a Ministry of Works...
We know say... na chop money for NA on top borrowed money
By the time you thrash out the whole budget ...
Na padding for elites boyz to chop ...
Its definitely not how huge a budget is ...
Its about intent... effective and efficient implementation...

nairalanda1:
In the same saner climes, the tax rate is very hefty compared to Nigeria, yet that is how they get the cash for all the things needed for saner climes.

Take the UK. If you are living in a citeh in the UK, you pay something called council tax which can be as high as 400000 naira or more monthly. And no, not everyone earns that much to pay, so..


Nigeria, only 30% of people pay tax to government. Most don't or they pay money to suspicious entities that do nothing. Oil money is not enough for 2 million people.

If government raised taxes, taxed the 70% not paying, ended illegal mining and cut subsides to raise the cash needed, you guys will call them oppressive.

So they borrow.

gammarays:
The tax paid in saner climes are accounted for. Here common allocation is looted talk more of tax.

Yes they should borrow more. I heard they're servicing debts with trillions of naira already. They can borrow more so they can service with 50% of their revenue.

The borrowing record set by Bubu must be shattered by Balablue. He should borrow more!

nairalanda1:
Well it isn't that tax isn't accounted for, it is also that the revenue from tax in Nigeria is not enough for a country our size.

That's why Nigeria borrows..and has been borrowing long before 2015. It's our leaders way of not facing reality. That includes tinubu and buhari especially

gammarays:
Yes Chief, we support their borrowing. I checked the last record it was above 50% of revenue used to service debts.
By the time this man is finished, more than 80% will be used to service debts while the remaining is split between bigger looting and small work.

The best gift I can give my family is a citizenship in a better country.

ednut1:
Democracy is a scam

billyG:
Haba!Whose fool dey borrow those people money sef.

nairalanda1:
He is also partly responsible for the problems we have right now.

Throughout most of his regime, oil income was at an all time low, except for 2 years. And even then, it was never high enough. Meanwhile government revenue from taxes did not grow very much.

So, where do you think they got the money to pay salaries, keep fuel below N200 per liter, keep subsidising electricity, and a host of other things.

That is right, borrowing.

Because if he had done the alternative as prescribed by the experts, all Nigerians...rich and poor....would have been paying heavy duty taxes, and subsidy would have been removed totally on petrol, and electiricty.

It would have imporved our economy eventually, but it would have led to him being removed.

His acolyte...tinubu ...is doing what he did. He was forced to end fuel subsidy, because the buhari practice left Nigeria with a massive debt.

The thing you guys need to realize...something that the army and even people like Obj and GEJ tried to tell you....is that nothing is cheap. If someone is offering you bread at N10 per loaf, either that bread is fake or made of sawdust, or.....someone is paying heavily to keep that bread at N10 per loaf, and when the money goes out, or the cost rises, loans will be taken...and when that becomes difficult....the price of bread will go up, and we would call the baker lucifer.


The story of Nigeria, in brief.