₦airaland Forum

Theflint1:
As far back as the 17th century, Lagos was already the most popular trading destination in the country, can't be compared to Warri that had a boom and bust cycle... Nothing concern people trooping into Lagos with Tinubu.

If Lagos was not maintaining the progress people will stop moving there, The same way they stopped moving to Warri in huge numbers

Theflint1:
Before Tinubu, Lagos was attracting Nigerians from across the country.

Does this mean you have gone back to edo?

raumdeuter:
If Lagos was not maintaining the progress people will stop moving there, The same way they stopped moving to Warri in huge numbers

New York and California would always attract higher migration than states like Idaho or Wyoming, and it's not because the quality of governance in New York or California is necessarily or always better.

In fact New York can be experiencing bad governance yet would attract more persons than states enjoying far better governance.

GloriousGbola:
Does this mean you have gone back to edo?

I didn't migrate to Lagos because of Tinubu or his boys, we full ground

Theflint1:
I didn't migrate to Lagos because of Tinubu or his boys, we full ground

Tinubus destruction of Lagos should have sent you back to edo na. Or maybe you came to lagos for the agege bread

GloriousGbola:
Tinubus destruction of Lagos should have sent you back to edo na. Or maybe you came to lagos for the agege bread

A diamond in the ruff is still a diamond, Tinubu and his boys should be doing better.

The leadership in South Korea suspended their constitution, imposed martial law on the State. US, IMF, EU, G7 none of them have issued ultimatum or imposed economic sanctions on Seoul because it did not happen in Mali, Niger, Iran or Georgia🇬🇪.

Nobody want to restore constitutional order in South Korea🇰🇷.

OkpaNsukkaisBae:
The leadership in South Korea suspended their constitution, imposed martial law on the State. US, IMF, EU, G7 none of them have issued ultimatum or imposed economic sanctions on Seoul because it did not happen in Mali, Niger, Iran or Georgia🇬🇪.

Nobody want to restore constitutional order in South Korea🇰🇷.

He has revoked it

nihilistjnr:
He has revoked it

The parliament did

Story this tax reform is just an attemptby the Yorubas to colonize the rest of the country.

semid4lyfe:
Lol.

It's amusing to me that some Nairalanders know more than Taiwo Oloyede (a renowned tax expert) and the other Tax Reform Committee members who are seasoned professionals from different fields, who have consulted far and wide, obtained input from different stakeholders, simulated different scenarios, crunched the numbers, and came up with the bill.

I've heard different criticisms of the TRB but this one that its implementation will make the country go broke takes the cake.

Another angle.

Wahala

nihilistjnr:
The FG is desperate in my opinion, and this looks like (to my layman eyes) a hail mary attempt to try to at the very least pacify the citizens for a little bit, and with a bit of luck stimulate busines investments.

This very week, it was announced that FG was borrowing 2.2 billion dollars to service a deficit in the current budget. That doesn't sound like a country that can afford to give away revenue in tax cuts, especially in corporate income tax.

I have checked and seen that apparently businesses with less than 25m in annual turnover already dont pay corporation tax (so I dont know why it's included in the bill), but the current corpration tax rate is 30% for companies with 100m turnover, which the bill is proposing to bring down to 25%, which is a 17% reduction in tax revenue from eligible businesses if my maths is correct.

Then they also put a line in that I found interesting.
Notwithstanding any provision of this Act or any other enactment, where,in any year of assessment, the effective tax rate of a company is less than 15%, such company shall recompute and pay an additional tax that makes its effective tax rate equal to 15%.

Now this rule apparently only applies to MNCs that turnover minimum of 20 Billion a year. The bill is basically saying you guys must pay at least 15% of that money. But the same bill proposes that that these companies should be paying 25% (currently 30%). Apart from the fact that the 5% difference on 20 billion revenue is 1billion naira in lost revenue - now companies know they are allowed to cook their books recompute their tax liability to hit minimum 15%, and I fail to see any incentives to surpass that threshold. I'll leave you to workout the difference between paying 30% of 20billion and 15% of 20 billion in tax

I'm not a tax guy, or an accounting guy, or even a maths guy...but I can see that a couple of things dont seem to add up. I would expect a cash strapped government to be raising taxes not cutting them, unless, at least in my head, government is getting ready for a major economic decline and is trying to soften the blow.

Edit :
Having done some additional digging, I see that Small company is defined in current CIT tax act as companies with turnover of 25m per annum.

The new bill proposes to change the defining threshold to companies that earn up to 50 million naira.

Currently, the government is entitled to 20% of that 50m in corporate tax - which is 10 million naira business. This bill is proposing that the government gets none of that revenue. LOL.

Omo e go be.

Actually No, At least not according to economics.

Raising taxes usually has an inverse effect on GDP and the converse is also true, at least theoretically speaking and if certain criteria's are met; which I believe is the reason why the categories and revenue turnover of those qualifying for this new tax scheme were elevated. In other words, the government is trading off some of its potential tax revenue for (increased) economic growth

The tax system is still clearly inefficient and very informal and I remember mentioning it here some time back that the problem isnt the rate but what is captured in the tax system; A tax base problem. So this is probably just the first step towards a major structural change that would be needed in the tax system.

reccy:
BREAKING: Kogi State Gov. Ahmed Usman Ododo Presents the budget proposal of N582,404,119,489 for the 2025 fiscal year to the Kogi State House of Assembly.

The governor disclosed that the 2025 “Budget of All Inclusive Development” earmarked N302,813,903,802 which is 48.01 for Capital Expenditure while N279,590,215,687 which is 51.99 is for Recurrent Expenditure.

The 2025 proposed budget, totaling N582,404,119,489 represents a 43.34% increase from the revised 2024 budget of N406,321,130,013.

#kogiglobalmedia

Cc: disstroy.


I want to keep many tabs on this man. He is acting funny these days

Create pseudoaccounts on Twitter if you have to and are concerned about your safety.

Whenever any issue of corruption is trending, ask questions about how your state is governed.

Specifically, target opposition handles which get a lot of traction/engagements. Pro-PDP or Obidient handles would easily pick up on issues to paint the APC black. Let the issues be real issues.

Pro-APC handles would easily pick up on issues to paint a PDP government black. It's not illegal as long as you aren't playing pushing falsehoods.

Anytime I ask these salient questions about the government, I notice APC guys and Independents pick up on it while PDP guys play blind. I'm no member of any party but anybody who'd soundboard my questions - these questions - is welcome.

See if you can get a full breakdown of the 2025 budget too. Use a cover if using your full identity is too much of a safety concern.

Keep questioning these state government crooks, bro.

User09:
Actually No, At least not according to economics.

Raising taxes usually has an inverse effect on GDP and the converse is also true, at least theoretically speaking and if certain criteria's are met; which I believe is the reason why the categories and revenue turnover of those qualifying for this new tax scheme were elevated. In other words, the government is trading off some of its potential tax revenue for (increased) economic growth

The tax system is still clearly inefficient and very informal and I remember mentioning it here some time back that the problem isnt the rate but what is captured in the tax system; A tax base problem. So this is probably just the first step towards a major structural change that would be needed in the tax system.

I understand what reducing tax is supposed to do, but this Government is completely cash strapped and desperate.

Liz Truss tried to do something similar here a few years ago and ended up as a the answer trivia question...and that's a wealthy member of G7.

Anyway back to your point, Nigeria has an energy problem, significant security problems, an import-dependent economy, and horrific purchasing power with regards to foreign produced goods.

Nigeria is a horrific place to do business as I'm sure you very well know. Reducing tax rate is never going to stimulate growth in a shithole economic wasteland lacking basic infrastructure, and so I dont believe the FG's true intention is to try and stimulate economic growth - it would also explain why the public discourse about the bill, even from the sponsor's end, is focused on personal income taxes to the common man, and VAT point of collection.

I suspect this is a tacit admission by the FG that the tax base as you described it, is now almost entirely non-existent. Which might explain why FG is proposing to make 90% of Nigerian businesses exempt from corporate taxation, and reduce the tax liabilities of the few remaining big fish so that at the very least, they don't pull out.

JUST IN: 🇰🇷 South Korean armed military forces enter parliament after the president declared martial law. pic.twitter.com/BP2REbOsdt

— BRICS News (@BRICSinfo) December 3, 2024

See South Koreans pushing and shoving armed military men who took over the parliament by virtue of the martial law declare in the country. Just look at that guy wounding up the military guy and shoving him back to where he was coming from.

If na Naija, we would've seen some Nigerians encouraging, defending and justifying the military to use lethal force against their fellow Nigerians.

I mean people still justified a major general brutalizing a citizen on the road few weeks ago. 🥲

DissTroy:
Create pseudoaccounts on Twitter if you have to and are concerned about your safety.

Whenever any issue of corruption is trending, ask questions about how your state is governed.

Specifically, target opposition handles which get a lot of traction/engagements. Pro-PDP or Obidient handles would easily pick up on issues to paint the APC black. Let the issues be real issues.

Pro-APC handles would easily pick up on issues to paint a PDP government black. It's not illegal as long as you aren't playing pushing falsehoods.

Anytime I ask these salient questions about the government, I notice APC guys and Independents pick up on it while PDP guys play blind. I'm no member of any party but anybody who'd soundboard my questions - these questions - are welcome.

See if you can get a full breakdown of the 2025 budget too. Use a cover if using your full identity is too much of a safety concern.

Keep questioning these state
government crooks, bro.

Thanks boss. I appreciate it.

The bolded is very important. My state is a tribal state. To keep the crook and corruption going, all they need to do is to hide under tribe and label you one hateful tribal bigot.

Although this Governor is averagely better compare to previous ones but he is acting funny these days and like you rightly said, we need to beam our torch on these crooks. They are becoming comfortable with their mismanagement.

Oshey gan ni🙏

BlueRayDick:

JUST IN: 🇰🇷 South Korean armed military forces enter parliament after the president declared martial law. pic.twitter.com/BP2REbOsdt

— BRICS News (@BRICSinfo) December 3, 2024

See South Koreans pushing and shoving armed military men who took over the parliament by virtue of the martial law declare in the country. Just look at that guy wounding up the military guy and shoving him back to where he was coming from.

If na Naija, we would've seen some Nigerians encouraging, defending and justifying the military to use lethal force against their fellow Nigerians.

I mean people still justified a major general brutalizing a citizen on the road few weeks ago. 🥲

i even learnt that their guns weren't armed with live bullets but rubber bullets, a pics I saw, the soldier,his handgun doesn't have any Armour in it..

BlueRayDick:

JUST IN: 🇰🇷 South Korean armed military forces enter parliament after the president declared martial law. pic.twitter.com/BP2REbOsdt

— BRICS News (@BRICSinfo) December 3, 2024

See South Koreans pushing and shoving armed military men who took over the parliament by virtue of the martial law declare in the country. Just look at that guy wounding up the military guy and shoving him back to where he was coming from.

If na Naija, we would've seen some Nigerians encouraging, defending and justifying the military to use lethal force against their fellow Nigerians.

I mean people still justified a major general brutalizing a citizen on the road few weeks ago. 🥲

what do you expect from a zoo like Nigeria where poverty, hardship and wickedness has taken over their brains 🧠.

Almost every Nigerian is angry by default.. the hardship and poverty over the years has done real numbers on their mental health that what they think 🤔 overtime is money,oppression, extortion, shortchanging etc especially in line of work..

Na the unfortunate situation we find ourselves, wetin man go do?

seankafor:
what do you expect from a zoo like Nigeria where poverty, hardship and wickedness has taken over their brains 🧠.

Almost every Nigerian is angry by default.. the hardship and poverty over the years has done real numbers on their mental health that what they think 🤔 overtime is money,oppression, extortion, shortchanging etc especially in line of work..

Na the unfortunate situation we find ourselves, wetin man go do?

For Naija, government apologists go tell u say the man in the video deserved to die just for putting his hands on the military man. 🤦‍♂️

And na educated people Dey talk this thing pass .

BlueRayDick:

JUST IN: 🇰🇷 South Korean armed military forces enter parliament after the president declared martial law. pic.twitter.com/BP2REbOsdt

— BRICS News (@BRICSinfo) December 3, 2024

See South Koreans pushing and shoving armed military men who took over the parliament by virtue of the martial law declare in the country. Just look at that guy wounding up the military guy and shoving him back to where he was coming from.

If na Naija, we would've seen some Nigerians encouraging, defending and justifying the military to use lethal force against their fellow Nigerians.

I mean people still justified a major general brutalizing a citizen on the road few weeks ago. 🥲

Imagine if na Okpa’s favourite Iran

obainojazz:
Imagine if na Okpa’s favourite Iran

Dead Body go surplus

BlueRayDick:
For Naija, government apologists go tell u say the man in the video deserved to die just for putting his hands on the military man. 🤦‍♂️

And na educated people Dey talk this thing pass .

The protesters should try that in America our favorite saner clime example

mhen catching up on this thread no easy. Thread is like flash

Is there any federal government worker here who can confirm this ?

I literally thought the minimum wage has been effected across board since ni o.

BlueRayDick:
Is there any federal government worker here who can confirm this ?

I literally thought the minimum wage has been effected across board since ni o.

False.

It has been implemented albeit fraudulently.

What FG did was to add #40000 across board instead of effecting the percentage increase on workers salary at all levels.

You can take this to the bank.

semid4lyfe:
False.

It has been implemented albeit fraudulently.

What FG did was to add #40000 across board instead of effecting the percentage increase on workers salary at all levels.

You can take this to the bank.

If that is the case, then it is not fraudulent implementation now.

What NLC negotiated is minimum wage to be increased to 70k from N30k. They obviously didn't negotiate the increment of salary for workers on higher cadres by any definite percentage.

It only means the labour leaders are poor at negotiation.

CEO of UnitedHeath gunned down in New York after coming out of his hotel in Manhattan

BlueRayDick:
If that is the case, then it is not fraudulent implementation now.

What NLC negotiated is minimum wage to be increased to 70k from N30k. They obviously didn't negotiate the increment of salary for workers on higher cadres by any definite percentage.

It only means the labour leaders are poor at negotiation.

Today na 4th December.

Dem talk say person wey never receive the previous month's salary na angry man.

Make e no be like say I dey transfer aggression for ya head

So

You're correct sir.

semid4lyfe:
Today na 4th December.

Dem talk say person wey never receive the previous month's salary na angry man.

Make e no be like say I dey transfer aggression for ya head

So

You're correct sir.

The Lord is ur strength sir!

raumdeuter:
CEO of UnitedHeath gunned down in New York after coming out of his hotel in Manhattan

who he offend?

What is happening with the exchange rate. This drop in one day is abnormal