₦airaland Forum

Well with a poorly diversified economy and a poor tax base plus oil.not being at the price it should be, what did we expect.

Ah well, the government and people know what to do but won't do it

Una never see anything

Our darling daddy is trying!

:

elmessiahs:
both Buhari and Wike my State governor are highly guilty of this act. Today fuel price have sharply ascended in bid to extort wealth from the poor to finance the luxury of the rich, this country's challenges is majorly caused by our irrational political leaders who does understand economic management. As for Rivers state we are gasping for breathe, if we can have an institutions that will teach gubernatorial aspirants economic management and policies before the elections I tell you, it will go a long way. Wike is a misfit

majority of them are opportunist. they want to steal and run down to Europe and America

Godarz:
Basically if we want to stop borrowing...we have to

1.Remove subsidies on fuel and power

2.Widen the tax base so that we can raise our tax to gdp ratio from 6.1% to 23-30% to put us on par with Ghana and SOuth Africa. (Even Niger has a tax to gdp raito of 15%)

3.Diversify..

Oga a, you sound like someone well educated who understands economics but economics of western or proper countries (heads tightly screwed) ie the way it should be in text books.
Nigeria is different. We are a country being run by abokis with a different mentality. See those days as a child, if you spend pocket money recklesly without savings or accountability, parents especially igbo parents will tell you not to be like malam that will spend all today saying Allah will provide for tomorrow.
This is the case of Nigeria. See, raise taxes, remove subsidy of fuel, let oil prices be $500 per barrel, you will still have the same stories and even new stories why the country cannot perform as its peers.
Are you saying if people like Peter Obi, adesina, fola adeola, Tony elumelu etc had been president, this country will be in the present mess?
My top banker friend the other day was telling me he was making arrangements to get his family out of naija, in his words, malam have destroyed this country finally!

adenigga:
• Minister insists on borrowing to finance budget deficit

https://m.punchng.com/Business/Nigerias-rising-debt-servicing-an-economic-threat-SEC

I bet u this woman is overwhelmed by Nigeria's directionless leadership that she doesn't know wat else to do than just borrow! She doesn't know wat she's doing there, more like a rubber stamp

Godarz:
Basically if we want to stop borrowing...we have to

1.Remove subsidies on fuel and power

2.Widen the tax base so that we can raise our tax to gdp ratio from 6.1% to 23-30% to put us on par with Ghana and SOuth Africa. (Even Niger has a tax to gdp raito of 15%)

3.Diversify..

Haha, I'm sure u were clapping for yourself after u wrote this, u were thinking oh god I'm so smart mehn! Sorry to burst ur oozing smelling bubble, u no make sense at all,
For how many yrs have they been talking of diversification and fuel subsidy?? How many years have they increased taxes on everything u buy and own and do business with, how many yrs?

Rugaria:
Tax, borrow and spend. That's the mentality of those in government. If the spendings are done judiciously, it would have made things easier to understand. But what we have here is a situation where a thoroughly confused government is desperately borrowing the country to death while using the same borrowed funds to award some overwhelmingly alarming contracts that are riddled with corruption and typical over-invoicing. Take for example the infamous Abuja-Kaduna-Zaria Road Contract that was awarded for nearly 1 trillion naira by Fashola and the gang.., at over 2 billion naira a kilometer! A project that has now won the Guiness world record for the highest amount spent on a kilometer of road anywhere in the world! Isn't that vicious? Can any patriot who genuinely loves his country be this wrechless with scarce funds? How can their salaries, estacodes, emoluments and other corrupt remuneration still be the same when they even borrow to pay workers meagerly!??

It obviously tells you that even those who run this country on day to day basis don't believe in the country! They actually hate this country! No president who has an iota of affection for his country runs it down this inglorious way! What will the next administration do after the economic crimes being committed by Buhari? The next president will then have to spend his four year term servicing and paying debts incured by the last administration? Funds borrowed to build railways and power stations in Niger republic!? Put bluntly; maladministration is cultural to some thick heads in this country! Or how else would you explain a situation where a presidents daily routine simply revolves around increasing taxes, borrowing billions, spending mainly on projects in other countries, appointing cronies and ethnic henchmen to strategic positions and then making sterile speaches before disappearing into Aso rock for sleep!? Isn't that the height of administrative delinquency??

You've spoken welly bro.
Buhari came to kill to steal and to destroy this country.

Macphenson:
All thanks to the vegetable in Aso Rock and hat can't think of how else to create wealth but to borrow and tax.

Buhari has plunged generations into debt.

It's unfortunate how educated people in this contry elected a dullard to rule them remains a mystery.

This man just come kill this country.
Nigeria as a nation has gone into recession 4 time since I dependence, of this four PMB led us to recession thrice. This man's administration doesn't have anything to offer.

Fact

Heathrow44:
l,
For how many yrs have they been talking of diversification and fuel subsidy?? How many years have they increased taxes on everything u buy and own and do business with, how many yrs?

They haven't removed subsidy at all, in case you noticed.

As long as government still sets the price of fuel, there is a subsidy in place.

Plus our tax to gdp ratio is 6.1%...one of the lowest in Africa.(For Niger it is 15%, Ghana 23%, South Africa 28%)

Buhari is the problem. Buhari must go

Karlovych:
From all of us at vulturebbqrillz we thank you our darling daddy for transforming the country into a great one. We humbly support your reelection for a 3rd term
Sai Baba
Sai 4+4

Where is even the guy vulturebbqrillz, sorry mannerqrill or something. It seems buhari hardship no allow am breathing space.

Godarz:
They haven't removed subsidy at all, in case you noticed.

As long as government still sets the price of fuel, there is a subsidy in place.

Plus our tax to gdp ratio is 6.1%...one of the lowest in Africa.(For Niger it is 15%, Ghana 23%, South Africa 28%)

OK let me tell u in clear terms, none of ur solutions is a clear feasible solution to debt servicing, Nigeria need to employ services for good accounting firms to help solve our problems, is obvious we need fresh ideas and expertise and we can't solve it within ourselves

Heathrow44:
OK let me tell u in clear terms, none of ur solutions is a clear feasible solution to debt servicing, Nigeria need to employ services for good accounting firms to help solve our problems, is obvious we need fresh ideas and expertise and we can't solve it within ourselves

No, we just need to rejig our economy to be more productrive

And it starts with removing subsides on fuel and power...so that both sectors can earn enough profit to fix themselves, and at the end of the day, we have the energy to power an indstrial economy...which is where we should be going...because oil revenue is not enough even for the ND.

Godarz:
No, we just need to rejig our economy to be more productrive

And it starts with removing subsides on fuel and power...so that both sectors can earn enough profit to fix themselves, and at the end of the day, we have the energy to power an indstrial economy...which is where we should be going...because oil revenue is not enough even for the ND.

Do u knw one thing that needs to change before we make an meaningful headway, the citizens are d problem of Nigeria, u and I, are d problem everything will change once we decide to question the status quo, rather than fight gender frivalities, let's all fight a common enemy, until we demand accountability from the government we would continue running in circles! First of all the people are the problem of Nigeria

MansoryMX:
The broda above me is talking about Tenth Generation. Even this present generation kpa kpa has no future not to talk of tenth generation. That confused Clown in Aso Rock and his Hyenanas has not only looted Nigeria dry, they are milking us day in day out as if na cow breasts them dey milk. Where are all the Revenues gotten from Immigration, SEC, FIRS, Custom, Power, Minerals, NNPC and other Federal Institutions? God is just too merciful if not!! Nigeria case! People looting this country suppose to dey sleep and not wake up one by one everyday for this country!


Not one single basic amenities Nigerians dey enjoy! Not ONE!

Electricity - 0%

Security - -0%

Road - 0%

Infrastructure - 0%

Employment - 0%

Healthcare - 0%

Portable drinking water - 0%

Public Transportation - 0%


What is the definition and functions of government again

The picture in your post says it all..

Obasanjo for all his sins, paid down our debt. Only for the Daura President and his cabal to plunge us back into debt with little to show for it.

Mtcheww..

Godarz:
Basically if we want to stop borrowing...we have to

1.Remove subsidies on fuel and power

2.Widen the tax base so that we can raise our tax to gdp ratio from 6.1% to 23-30% to put us on par with Ghana and SOuth Africa. (Even Niger has a tax to gdp raito of 15%)

3.Diversify..

Las las u nor come get sense ....dem never remove subsidy already?increase tax base the tax they have collected so far wetin dem Dey use am for? Hospitals down security zero the rate of crime would be sky high very soon I just heard fuel would be 211...meaning transport and food stuff go increase very soon the two countries you mention they are less corrupt

adenigga:
• Minister insists on borrowing to finance budget deficit

https://m.punchng.com/Business/Nigerias-rising-debt-servicing-an-economic-threat-SEC

Continue to borrow.
In five years of Buhari cabal, Dollar exchange rate against the Naira has doubled. You no shame for mismanagement of the economy.

What type of inflation comes with that?

Fulani are holding two hundred million people hostage in one Nigeria.

When the DEAD is in charge' what else do you expect? it might take NIGERIA another thirty years or more to recover from the damages of Mal-adminitration of this Government.

blaqtom:
Las las u nor come get sense

You are an adult. Don't use childish language please.

....dem never remove subsidy already?increase tax base the tax they have collected so far wetin dem Dey use am for? Hospitals down security zero the rate of crime would be sky high very soon I just heard fuel would be 211...meaning transport and food stuff go increase very soon the two countries you mention they are less corrupt

Subsides have not gone

Tax to gdp is one of the lowest in Africa

And as a result there isn't enough funds for the police...we fund the police 1.3 billion dollars to police 211 million people. New Yourk spends ten times that to police 25 million people.

If the subsides went, there would be enough profits to build more refineres, and earn more income and jobs.

Godarz:
Basically if we want to stop borrowing...we have to

1.Remove subsidies on fuel and power

2.Widen the tax base so that we can raise our tax to gdp ratio from 6.1% to 23-30% to put us on par with Ghana and SOuth Africa. (Even Niger has a tax to gdp raito of 15%)

3.Diversify..

which subsidy again? how much is fuel sold today? are we not already paying multiple taxes? 100 units of powder (electricity) has gone from N2000 to N6000, "x3" my neighbor here that doesn't have pre-paid meter pays 30k a month, just two bedroom apartment while another collected 54k just for one month, and the worst is that after crying and complaining you must pay, what else does these useless shameless GOVERNMENT want? our lives?

Sonn:
which subsidy again? how much is fuel sold today? are we not already paying multiple taxes? 100 units of powder (electricity) has gone from N2000 to N6000, "x3" my neighbor here that doesn't have pre-paid meter pays 30k a month, just two bedroom apartment while another collected 54k just for one month, and the worst is that after crying and complaining you must pay, what else does these useless shameless GOVERNMENT want? our lives?

Actually power bills at N2000 per month means you were paying N20 per unit...meanwhile it was costing the GENCOS N53 per kwh to make that same unit.

(Here in the FCT , it is N51 per unit now, up from N23 per unit.).

There is a reason why you had no power....every time you bought 100 units for 20 naira, the power sector was losing N30 or more naira. The government subsidy that was being paid did not cover losses...

Add the fact that we have 40% of customers in the power sector not paying at all for power.

Thus the power sector operates at a loss...and here we are.

Also, the fact is, do you control the amount of power you use? I have had to watch my power usage since I got metered.

Your comments ooze of insensitivity. The so-called little they are making, how well have they been utilized? They claimed more funds are now allocated to capital expenditures, but go round the country and tell me if what's on ground is enough justification. We are paying more taxes now and getting more revenues from non-oil sources yet the economy growth is at it's lowest since the beginning of this administration. Is it inflation you want to talk about or the senseless increment of the exchange rates? Barrel of crude oil has been above the budget benchmark price for a while now yet no effect on the exchange rate or on economic growth. Please stop defending the undefendables.

Increase the taxes by more than double, increase the pump price to 1k per litre, the unfortunate Nigerian government will still give flimsy excuses why things are not improving as they should.

Godarz:
You are an adult. Don't use childish language please.




Subsides have not gone

Tax to gdp is one of the lowest in Africa

And as a result there isn't enough funds for the police...we fund the police 1.3 billion dollars to police 211 million people. New Yourk spends ten times that to police 25 million people.

If the subsides went, there would be enough profits to build more refineres, and earn more income and jobs.

Sharmeenator:
Your comments ooze of insensitivity. The so-called little they are making, how well have they been utilized? They claimed more funds are now allocated to capital expenditures, but go round the country and tell me if what's on ground is enough justification. We are paying more taxes now and getting more revenues from non-oil sources yet the economy growth is at it's lowest since the beginning of this administration. Is it inflation you want to talk about or the senseless increment of the exchange rates? Barrel of crude oil has been above the budget benchmark price for a while now yet no effect on the exchange rate or on economic growth. Please stop defending the undefendables.

Increase the taxes by more than double, increase the pump price to 1k per litre, the unfortunate Nigerian government will still give flimsy excuses why things are not improving as they should.

It is insensitive, but it is the sad truth

Lying to ourselves is why we have economic cirisis, our economy is vulnerable to oil price fluctuations, and we are in debt.

Good morning.

MansoryMX:
The broda above me is talking about Tenth Generation. Even this present generation kpa kpa has no future not to talk of tenth generation. That confused Clown in Aso Rock and his Hyenanas has not only looted Nigeria dry, they are milking us day in day out as if na cow breasts them dey milk. Where are all the Revenues gotten from Immigration, SEC, FIRS, Custom, Power, Minerals, NNPC and other Federal Institutions? God is just too merciful if not!! Nigeria case! People looting this country suppose to dey sleep and not wake up one by one everyday for this country!


Not one single basic amenities Nigerians dey enjoy! Not ONE!

Electricity - 0%

Security - -0%

Road - 0%

Infrastructure - 0%

Employment - 0%

Healthcare - 0%

Portable drinking water - 0%

Public Transportation - 0%


What is the definition and functions of government again

This ur comment make me want to cry for my future aswear.

Check my signature if you need a quick loan at low interest rate

Minister insists on borrowing to finance budget deficit.

Wrong.

Nigerias-rising-debt-servicing-an-economic-threat-SEC.

Yes.

Baboon is old and should be put in old PEOPLE'S HOME. That's why he's borrowing to impoverish the ECONOMY.


Let THE MONKEY 36 CONSTITUTIONAL STATES WORK AND CHOP VOLUNTARILY, EFFECTIVELY AND CONTRIBUTE TO SECURING BABOON F.G THEN WE SHALL HAVE A COUNTRY WE ALL CAN BE PROUD OF.

Godarz:
Actually power bills at N2000 per month means you were paying N20 per unit...meanwhile it was costing the GENCOS N53 per kwh to make that same unit.

(Here in the FCT , it is N51 per unit now, up from N23 per unit.).

There is a reason why you had no power....every time you bought 100 units for 20 naira, the power sector was losing N30 or more naira. The government subsidy that was being paid did not cover losses...

Add the fact that we have 40% of customers in the power sector not paying at all for power.

Thus the power sector operates at a loss...and here we are.

Also, the fact is, do you control the amount of power you use? I have had to watch my power usage since I got metered.

before I got metered' I was paying N27k per month, a times N25k depending on what they the "PHCN" feels like giving me, as a matter of fact' my last bill was 54k before the installation of the meter, and when I got metered' i was buying 100 units for N2k, but now 100 units is N6k, i do manage my power usage of course because times are difficult for all of us, people are suffering and crying without end in sight.

It is a giant of Africa be people for jobs and that's a good sign.