₦airaland Forum

nairalanda1:
Tinubu should listen to the IMF and do it, and if he doesn't , whoever is taking over should listen to the IMF and do it, alongside fighting corruption

I know people will abuse me, and will call me names for my opinion, so let me drop some facts.

Our budget this year is: 68 trillion naira

Actual revenue available to fund this budget is : 33 trillion naira
Deficit: 35 trillion naira...and to cover that deficit, that is where the loans come in.

Yes, oil revenue rose, but remember that we have a debt of about 150 trillion naira to pay for.


People like to abuse me on this site and call me agbadoe, but if it was Peter Obi, or Atiku in charge, based on what I know, I would give them the same advice. We all shout that we want government to stop borrowing, but when it comes to measures to stop borrowing, we suddenly become allergic to good advice


Tinubu is a bad leader, and I am not voting for him next year, by the way.


Nigeria has had this deficit problem for decades. Everytime earnings do not meet up with the budget, meaning we have to borrow. This is because of the fact that we rely on resources WHOSE PRICES WE DO NOT SET. We cannot set oil above the international price to fund our budget because our buyers will go and meet the cheaper option. Back when we had cotton, cocoa, palm oil, same thing. (Ghana some years ago raised prices of its cocoa to meet up with budget funding and buyers went to other countries, Nigeria included, to buy cheaper stuff).

Most of the rich and poor do not pay taxes, only people in formal employment pay PAYE taxes, and revenue from VAT was about 8 trillion naira , plus revenue from bank charges was around 4 trillion naira...for this budget.

And the 68 trillion naira is not enough for a nation of 230 million people. You can abuse me, but we are too big for the budget. And that budget is the money available before stealing and looting happens.

Y'all can abuse me, but we have to face cold reality.

Either we start listening to the IMF and fighting corruption, as well as improving taxation, or else, even if we vote Obi tomorrow, as i hope we all do, or Atiku tomorrow, or even Sowore, I guarantee that our debt would be 800 trillion naira in eight years time.

You are free to abuse me and call me names now, thank you. I no longer care.
If una no wan hear, then that means you should stop complaining about borrowing, because refusal to support improved taxation and anti-corruption measures means you support borrowing.

Again, I am voting for Obi next year, and in reality, I don't care about all your politicans. IF Obi fails, out he goes in four years, and so forth, until we get sane leadership. Maybe we go wait till the debt is 10000 trillion naira before we get our own MIlliei and LKY...it took Argentina to get into such severe debt that it was defaulting on payments, for them to wake up. Now their currency is strong and fiscal performance better, and eventually other areas will improve.

The figures are mind-blowing! Buhari and his cohorts wrecked the country. Then again, Tinubu supported him in 2015 and 2019.

To add, even if oil rises to 140 per barrel, Buhari used future oil sales as collateral for greater loans.

this is a classic case of economic malpractice disguised as policy. The imf is essentially telling nigeria to double down on the same failed austerity measures that have crippled economies from greece to argentina. imposing fuel and telecom taxes on a population where 40% already live below the poverty line?

tinubu’s gubbmint should be investing in infrastructure not siphoning more money from the people who can least afford it. the imf's playbook is outdated neoliberal dogma that prioritizes debt servicing over human welfare. if nigeria follows this advice, it’ll just be another cautionary tale in the IMF’s long history of making crises worse.

this IMF people are real killers

There is nothing wrong in imposing sales tax on telecoms and oil. 5 percent is not too much but it can't add much to revenue. PMS can drop to 600, so how much is five percent on that? It can even drop to 200 if everything changes across the globe and oil crashes. Nothing wrong in paying 210 instead of 200 but the missing tax that can change everything in Nigeria is personal income tax. However there is also need for more VAT. VAT collection can triple what is currently being collected

Nobody will even know they are paying tax if minimum wage is high enough

Kaczynski:
this is a classic case of economic malpractice disguised as policy. The imf is essentially telling nigeria to double down on the same failed austerity measures that have crippled economies from greece to argentina. imposing fuel and telecom taxes on a population where 40% already live below the poverty line?

tinubu’s gubbmint should be investing in infrastructure not siphoning more money from the people who can least afford it. the imf's playbook is outdated neoliberal dogma that prioritizes debt servicing over human welfare. if nigeria follows this advice, it’ll just be another cautionary tale in the IMF’s long history of making crises worse.

So as all government tiers are paying salaries promptly and embarking on huge capital projects, it is a failure to you? As the naira is stable and forex is flowing in as a consequence, that is failure? Revenue has tripled is a failure?

shegoon:
Sentiments apart! I am a Yoruba man,the person you claimed built Lagos has destroyed the country with useless and needless policies.

Tell me a former Lagos governor who didn't perform? This is because it's the former country capital territory and the structure was already on ground, smaller geographical land mass,IGR, infrastructure and other factors.

Former osun state governor Aregbesola worked with Tinubu for years before he became governor but couldn't deliver in osun because of the large geographical mass land size, poor IGR and no existing infrastructure on ground to develop on, unlike Lagos state.These are the challenges been faced by other states in the country.

If Obi and Tinubu should swap state as a governor,it would amount to same performance metric you want to see.

The people funding Lagos budget are ordinary wage earners working in hotels, restaurants, gas stations, bakeries and etc. If their companies don't file PAYE the companies will be shut down. Tell me again what Lagos has that others don't have. Ports? You better wake up and stop deceiving yourself

lawani:
So as all government tiers are paying salaries promptly and embarking on huge capital projects, it is a failure to you? As the naira is stable and forex is flowing in as a consequence, that is failure? Revenue has tripled is a failure?

you're either a troll or a complete economic illiterate. first off, gubbmint paying salaries is the bare minimum. if that's your benchmark for success, you're celebrating the fact that the gubbmint isn't actively sabotaging itself. you think throwing money at infrastructure without proper execution is a win? that's like celebrating a man who burns down his house but rebuilds it faster.

the cbn is burning through reserves like a crackhead with a blowtorch just to keep it from collapsing. that's not stability, that's a controlled demolition. foreign investors are swooping in because they smell blood in the water. that's not economic growth, that's vulture capitalism. you're celebrating the fact that nigeria is now a discount bin for foreign speculators.

Revenue has tripled is a failure?

from the point where we were literally printing money to pay salaries? from the point where our gdp per capita was lower than a goat's IQ?

Misterone:
Stupid poll! Obi should end hardship how? How is he going to do it? Explain to us! You guys think we've forgotten that he was once a governor and he did nothing in Anambra state. Rubbish.

So the person that did something in Lagos what has he done to you,

Kaczynski:
you're either a troll or a complete economic illiterate. first off, gubbmint paying salaries is the bare minimum. if that's your benchmark for success, you're celebrating the fact that the gubbmint isn't actively sabotaging itself. you think throwing money at infrastructure without proper execution is a win? that's like celebrating a man who burns down his house but rebuilds it faster.

the cbn is burning through reserves like a crackhead with a blowtorch just to keep it from collapsing. that's not stability, that's a controlled demolition. foreign investors are swooping in because they smell blood in the water. that's not economic growth, that's vulture capitalism. you're celebrating the fact that nigeria is now a discount bin for foreign speculators.

Revenue has tripled is a failure?

from the point where we were literally printing money to pay salaries? from the point where our gdp per capita was lower than a goat's IQ?

If government were printing money to pay salaries it would be obvious in the exchange rate but you don't know this and neither do you understand anything about economics. The main area this government isn't doing enough is in security. Buhari was printing money to pay salaries and it was obvious.

You don't understand what GDP per Capita really means is why you think Nigeria needs ten thousand dollars in GDP per Capita for a family of five to have an income 50k dollars per annum in Nigeria. What do you understand by GDP per Capita?

Most of you here have zilch understanding of what you come out to discuss on a public forum
You are experts in emotional outbursts

FuglyGurl:
https://punchng.com/revenue-imf-asks-fg-to-impose-fuel-telecom-taxes/?utm_source=rss.punchng.com&utm_medium=web

The puppeteer has spoken, the puppet shall do accordingly.

@ nairalanda1

Our budget this year is: 68 trillion naira

Actual revenue available to fund this budget is : 33 trillion naira
Deficit: 35 trillion naira...and to cover that deficit, that is where the loans come in.
Nigeria has had this deficit problem for decades. Everytime earnings do not meet up with the budget, meaning we have to borrow. This is because of the fact that we rely on resources WHOSE PRICES WE DO NOT SET. We cannot set oil above the international price to fund our budget because our buyers will go and meet the cheaper option
And the 68 trillion naira is not enough for a nation of 230 million people.

With the points you have highlighted, don't you think it is wiser to live within our means? rather than constantly borrowing to keep up the jonnes?
Who spends more than what he earns if not a fuuulish person.

Exactly

SonOfWords:
Them don give amoda strong excuse to go borrow him elections money for next year😂.

This yoruba man go show una iragbiji pepper for this life.

Is the imf aware of how poor Nigerians are and the hardship they're facing. This same IMF is behind Naira devaluation to the dollar. They're are dictating the economy of Nigeria because of too much borrowing.

Iykenuwa:
Have you ever been to Anambra State? No

What do you know about the State? Nothing.


If he did nothing, how come he remains the most popular governor from that state? Even more popular that the current governor, Soludo who is even an ex-CBN Governor?


I know you guys can’t think deep, at least just make the attempt, it doesn’t hurt.

Most popular indeed! You forget that people laid curses on him while he was governor. Now, because you guys want a president either good or bad, you say that same person that was cursed is the best thing after fried rice!

Kaybaba5:
So the person that did something in Lagos what has he done to you,

The one that used your money to buy beer without being able to pay minimum wage, what has he done for you?

emmaodet:
@ nairalanda1


With the points you have highlighted, don't you think it is wiser to live within our means? rather than constantly borrowing to keep up the jonnes?
Who spends more than what he earns if not a fuuulish person.

In other words, you are suggesting that we don't pay salaries for most people at all, and no new projects or completion of existing projects., and salaries also get cut massively.

We are already earning an income that is not enough at all for all of us.

Fekumzi123:
World bank and IMF are blessed with genius like Dr Ngozi Okonjo Iweala, who are good in forecasting the future. So it will be good for Tinubu to win reelection so that he can introduce those taxes for the good of this country. Another good reason to vote Tinubu.

satan keep shut

Jorussia:
Some of u are so dull that I wonder if u take time to ever research in your life.Nigeria has never been a wealthy nation and as such we the citizens expect miracles that will never happen.In 2027,no matter who becomes president, another brave unpopular economic decision must be taken with regard to power distribution and taxation.

now you're very smart, ain't you?

You are so smart to say Nigeria is a poor nation, but fail to say that politicians should also be paid in same proportion. Why are our politicians being paid even more than rich nations?

nairalanda1:
Okay, I didn't expect you to agreement with me

I guess you support the usual borrowing to fund the budget then. It's your opinion, no disrespect. The problem is, it will worsen the debt and lead to the probelms you fear

And as I said, we should fight corruptioon at the same time, before you start.

Thanks. and good evening.

Where is these coming from, if not that you just like being mischievous

Have you seen any sane Nigerian support Tinubu reckless Borrowing ..no be apc urchins, sycophants and politicians they defend Tinubu borrowing

The things we borrowing for, in the next 10years have no ROI to contribute ...sey you see Tinubu & his team are very sick

donself9:
Where is these coming from, if not that you just like being mischievous

Have you seen any sane Nigerian support Tinubu reckless Borrowing ..no be apc urchins, sycophants and politicians they defend Tinubu borrowing

The things we borrowing for, in the next 10years have no ROI to contribute ...sey you see Tinubu & his team are very sick

Well, if government budgets 63 trillion but revenue from oil and vat can only cover all but 29 trillion, and at the end of the day, you guys resist the raising of the tax to gdp , that means you support borrowing.

Misterone:
Stupid poll! Obi should end hardship how? How is he going to do it? Explain to us! You guys think we've forgotten that he was once a governor and he did nothing in Anambra state. Rubbish.

They were thinking if obi becomes the president he is going to bring back subsidy ..

That's what delusional people like you always used as excuse. It's happening all over the world but can you compare other developed countries of the world to a country like Nigeria? The hardship, the unemployment rate, insecurity, low production rate and so on? If he knows that he can't fix the problem, why come into power? He only make it worse with stupid policies. The worst government so far.

Misterone:
It's not only in Nigeria. It's everywhere

Tommydare:
That's what delusional people like you always used as excuse. It's happening all over the world but can you compare other developed countries of the world to a country like Nigeria? The hardship, the unemployment rate, insecurity, low production rate and so on? If he knows that he can't fix the problem, why come into power? He only make it worse with stupid policies. The worst government so far.

Only a lazy and incompetent man will wait for another man to better his life. It's the citizens that uplifts a country not the other way round. You want to sit down in the morning with your blokos in hand and ogogoro in the other , then complain of government! Ok. Continue

Misterone:
The economy is not about the price of rice and beans! It's far more than that! Tinubu has done well.

What has he done bros, which of his promises has he kept ?