grandstar:


Higher tax rates aren't really necessary. The real problem in Nigeria is the tax base. Most people do not pay taxes.

This government is not pro-business enough and it's disappointing. They seem to be managing the centre the same way they managed Lagos. Tax , borrow and spend. As long as the debt is sustainable, all is good. Their economic policies aren't far reaching enough.

If I were the government, I'd slash corporate tax to no more than 13%. India discovered in the 1990s that any time it reduced taxes, tax revenues increased. People are more readily to pay their taxes if it is low. The tax base increases. In Russia, when personal incomes taxes were slashed to 13%, tax collection picked up and many employees wanted their employers to formalize their operations so they could access consumer loans from banks.

If I were the government, I'd slash corporate tax to no more than 13%. This would not only boost investment, but also tax compliance. It would trigger an investment boom, especially Foreign Direct Investment. The federal government has no business with personal income taxes, so I won't discuss that. That is in the hands of the states.

Also end petrol and kerosene subsidies. This would reduce the size of the budget deficit. Replace it by lifting the ban or the huge protective walls on agricultural commodities the country lacks competitive or comparative advantage and place low import duties on them such as rice, wheat and poultry. Simply taxing these products (import duty) would yield at least $500m a year.

In addition, launch a massive privation programme. Privatize all international airports and seaports. It is a shame all privatization and commercialization would be postponed to Tinubu's presumed second term. I doubt whether any privatization will be free and fair, which will be troubling. One just has to look at the PHCN partial privatization programme which brought in some undercapitalized and inexperienced companies. This will leave a bad taste with the global community.

Corruption may be a big problem in this country but one must not throw the baby out with the bathwater. That is actually what many opponents of increased tax revenues focus on.

Imagine if 2024, tax revenues equals 10% of GDP and government spending is 15% of GDP leaving a deficit of 5% of GDP. By 2030 revenues increase to 15% of GDP, the deficit has been closed. Those who want to steal will do so within the 15% of GDP that accrues to the government, and not outside it.

What is important here is fiscal discipline defined by low budget deficit, or zero deficit or even a budget surplus as a percentage of GDP. Poor fiscal discipline does far more damage than corruption.

Russia for instance is a very corrupt country but it had fiscal discipline. Ghana under Rawlings had tolerable levels of corruption but it had poor fiscal discipline exposed by its high levels of budget deficits which caused the Cedi to disastrously lose its value year after year.

If Jonathan had won a second term, he would have run a more prudent economy rather than the absolute mess Buhari did. Buhari was just a complete disaster.

Kenya’s second-hand cloth dealers are lobbying against a proposal by France, Denmark, and Sweden to ban the export of second-hand clothes from the European Union (EU).

According to Reuters, the second-hand cloth trade in Kenya employs about 2 million people and provides their livelihood hence the protest against the proposed ban by the EU.

According to UN trade data, the EU exported 1.4 million tonnes of used textiles in 2022, more than twice what they exported in 2000. The three countries argued that much of these exported textiles when they cannot be resold end up as waste in their host countries adding to pollution.

They also propose that the EU apply the Basel Convention to used clothes, banning exports of hazardous textile waste and requiring informed consent to be obtained before importing textile waste.

[b]“The export of textile waste from the EU to developing countries causes significant environmental, social, and health problems. The EU has to put an end to this practice,” Denmark’s deputy permanent representative to the EU, Soren Jacobsen, told an Environment Council meeting in Brussels.
The aim of including used clothes in the Basel Convention would be to reduce or even end exports of used clothes from the EU, and instead promote the development of textile recycling within the bloc, Cyril Piquemal, France’s deputy permanent representative to the EU, said.
In Response to these Proposals, Teresia Wairimu Njenga, chair of the Mitumba Consortiumz Association of Kenya, which represents sellers of second-hand clothes told Reuters that the importation of used clothes from European countries sustained livelihood for millions of Kenyans and also generated tax revenue for the country.
Njenga denied that second-hand cloth imports contain a large batch of unusable items that end up as trash adding to pollution.[/b]

“Nobody is giving us trash by force — what we are buying is good quality clothes, and if a supplier wants to sell us trash, we would be happy to refuse their consignment,” she said.
Njenga has paid a couple of diplomatic visits to people who can influence and overturn the proposed ban on the exportation of second-hand clothing by the EU.

She has met officials in Lithuania, Finland, and Sweden to argue against the proposal.

She also planned to meet officials from the European Commission’s Directorate-General for Trade and the Directorate-General for the Environment to further push for an overturn of the proposed ban.


What To Know
Kenya imported 177,386 tonnes of used clothing in 2022, a 76% increase from the amount imported in 2013, according to U.N. trade data.
African countries including Ghana, Senegal, Nigeria, and South Africa are also significant importers of used clothing, the data shows.
Around 1%-2% of each imported bale of used clothes ends up as waste, according to research commissioned by the association and published in September last year, based on 120 interviews with importers of second-hand clothes in Nairobi.

codemaniacs:


semid4lyfe
 honeric01
airmark
naijacutee
 FOD
puskin
dominique
mukina2
OAM4J
 Mynd44
uboma
 davide470
lawyer
Sissy3
 justwise
DisGuy
Pavore9 
FarmTech

This is character assassination and libel against the lady by the OP nairaocean who has no proof that the said lady stole the phone.

Such posts should never make front page.

Codes151:
and you think removing fuel subsidies is the reason the economy is down? What is fuel subsidy? Should subsidy affect economy or fuel? Make una Dey think na.

All what we are facing are bad Buhari policies.

So far Tinubu hasn’t made any policies that should go against the economy. All they doing is trying to savage the economy. Simple. Economics

NLCreator:


https://gazettengr.com/offer-tinubu-ideas-to-run-economy-governance-apc-tells-atiku-obi/

ppogba:


I know your type.
You took time to exhibit all the banking terms you picked on the floor without defining what capitalisation is. What a shame.
You took time to try and explain what FUGAZ is but could you explain why your dear STANBIC that is amongst the top three banks in Nigeria isn't amongst them despite the qualities of FUGAZ.

I did not know FUGAZ. Wonderful!
You want to school me? That is typical on Nairaland.
The strength of a financial institution is in its capital adequacy. Clap for your self.
What them is the relationship between the capital adequacy and capitalisation?

Abeg, look for people in the beer parlour you can bamboozle with terminologies.

I am waiting to be schooled anyway.

Itzteewhy:
Nairaland is arguably the most toxic and vile forum filled with sadistic, uncouth and hateful peeps....

How can you defend these crimes perpetrated by Israel?? Most of those foolish people defending them have not even lived in Palestine to see how those Palestinian have been subjugated all these years..

Alot of sane minds are behind Palestinian and nobody give an eff about y'all opinions

jrusky:
F u c k you Nnwanem Obi and
Fu-ck you seriously you bastard.

You destroyed everyhing Nigeria just because you lost election and now blaming someone and given conference talk shit may amadioha plus Ogun strike you, son of bitch.

BOSSkesh:
All the saboteurs of our economy will face the wrath of tinubu and Allah

caleboxylic:



Shut up. The world won't intervene this time around.

This attack marks the end of Hamas.

Land invasion to occur in days to come and everthing about Hamas will become history.

Killing civilians, children and women won't help their agitation. It has worsened the situation already as world powers won't intervene.
Russia won't even discuss this issue as it's terrorism. Full stop as Biden said.

oyoofong:




Folks like are dangerous. Giving the same opportunity because of the poverty of your mind you'd become the very thing you despise.
I share my thoughts based on the trajectory of Nigerian politicians, I have seen since the advent of this democracy. Your response is a reflections of your reasoning. Reading your poorly drafted write-ups, I feel sorry for folks like you who lack proper home training. Get a life!

Reference:
The most annoying thing about all this is that the necessity for so called palliatives is not as a result of natural disasters. It is not as a result of a pandemic, earthquake, floods, or war. It is a DIRECT result of mismanagement of the economy and serial corruption in government.

Entirely man made. Of which the governor who has his picture on the goods was parcel and parcel of. He was in the Council of State, has been a prominent personality in government and has had access to the highest powers of state for long without any evidence he ever opposed the policies of government that brought this nation to where it is today.

Yet he wants to profit from a tragedy he was part of and in doing so figuratively 'dance on the grave of the deceased'.
If this will not generate anger amongst the citizens, amongst the victims then it unfortunately means they have lost their humanity, have been completely stripped of their pride, completely conquered.

When you see people on welfare in other climes or on lines at food banks they are deeply pained and hide their faces. They are not proud to be there because their souls are alive to the fact that they should be in charge of their lives and that they are equal to those who provide those reliefs.

Is it in the midst of that that one politician will put his face on packs of food bought by taxpayers money after messing up their lives with bad governance.

They will eat him alive.

onotiemoria:
Another one

franchasofficia:
The truth is, APC as a party and Tinubu as a person does not have the capacity to lead Nigeria to prosperity as a nation. They are only recycling the same criminal politicians to reduce opposition and to solidify their hold on government to continue the looting and stealing they started since 1999. If you check the ministerial list, it's more of a list of loyalists Tinubu wants to reward for helping him steal mandate at all cost. The list has nothing to do with building a great nation. Its all about building political bridges to weaken opposition, increase political sycophancy and support base at all cost.




If Tinubu refuses to return petrol subsidy, Nigeria will experience a devastating economic recession that will affect even the super rich.


The effect of this subsidy removal will be felt in 6 months time as it will gradually render private businesses, etc unproductive.



Nigerian government must find way to subsidize petrol back if not the economy will crash. Poor Nigerian citizens cannot be the ones to bear the burden of failures of successive government of Nigeria that failed to fight whatever corruption they said was ruining the petrol subsidy regime.


The way Nigerian media and all the Presidential candidates projected petrol subsidy removal, it made it look like the major problem holding Nigeria back was petrol subsidy and that once it was removed Nigeria will turn to New York, all na wash. Even Obi was wrong and by now if he was the President and did removed the subsidy as promised, we would have pressured him to see reason why petrol subsidy must not be removed in Nigeria because that is the only thing all Nigerians benefit from Nigerian government equally without bias.


Energy plays a keyrole in every nation's progress, that was why God first created light to see clearly first before starting any other creation. Every serious nation that wants national prosperity don't joke with their energy, especially the cost of energy because it is the number one cost that affects every other thing in the economy.



It is government's responsibility to tighten our borders to avoid smuggling subsidized petrol out of Nigeria.



It is government's responsibility to ensure transparent procurement and payment of subsidy on exact petrol consumed in Nigeria.


It is government's responsibility to fix our dead refineries and stop importation of petrol.


It is government's responsibility to stop oil theft and bunkering to increase our national crude output.



Instead of facing their responsibilities as government, they push the burden to already dejected citizens that benefit nothing from government.



Increasing the minimum wage will not solve the awaiting recession that will come with this brutal petrol subsidy removal.


Paying households 50,000 naira every month won't solve it because more than 60% of the fund will be looted and only party members and few highly placed families in their communities will benefit.


Nigerian government must revert back the petrol subsidy and face their failures in tackling the issues that made the petrol subsidy programme to fail by tightening our borders and criminalizing smuggling of petrol products, revamping the process of subsidy payment to ensure we pay for exact petrol imported into Nigeria. Urgent revamping of our national refineries to start working soonest. Beefing up security on our waterways to end crude theft.



This is the only way out if not, Tinubu or any other President that insist on removing subsidy is wasting time cos Nigeria's economy crash without petrol subsidy.



Buhari partially removed subsidy on petrol in 2018 when he increased pump price from 97 naira per liter to 145 naira per liter and later to 196 naira per liter and they said the price will crash with time. Till date the price hasn't crashed and we can't account for the trillions he saved or made from partially removing subsidy then, the same thing will happen under Tinubu

FairlyUSEDpussy:
Why is both Ukraine and Russia always promising Africa jux grains??

President Vladimir Putin has pledged to deepen relations with African countries across several spheres, promising a free supply of grains to the continent to tackle food insecurity.

Putin made this known on Monday in a statement themed “Russia and Africa: Joining Efforts for Peace, Progress and a Successful Future” ahead of the second Russia-Africa Summit and Russia-Africa Economic and Humanitarian Forum.

The Summits scheduled to hold on July 27 and July 28 in St. Petersburg, Russia, seek to strengthen relations between Russia and Africa, outlining priority cooperation areas for the coming decades of the 21st century.

Putin stated that Russia attaches great importance to the Summits, with expectations of adopting a comprehensive Declaration, a number of joint statements and approval of the extension of the Russia – Africa Partnership Forum Action Plan to 2026.

According to Putin, Russia has strong, deep roots, with Russia’s support to African countries in education, infrastructure, power, health, defence and security, among others, since the times of the Soviet Union until the present day.

This is also as he pledged Russia’s continuous and free supply of grain to the continent to tackle food insecurity in some countries of Africa, understanding the importance of uninterrupted food supplies for the socio-economic development and political stability of the African states.

Putin, however, noted that Russia would be boycotting the “grain deal” it hitherto facilitated, which ended on July 18, for the failure of the deal to meet humanitarian purposes and supply the grains to Africa free of charge.

The Kremlin’s leader faulted the implementation of the grain deal, asserting that none of the “deal” provisions relating to the exemption from sanctions of Russian grain and fertiliser exports to world markets were fulfilled.

“On this basis, we have always paid great attention to issues related to the supply of wheat, barley, maize and other crops to African countries.

“We have done so both on a contractual basis and free of charge as humanitarian aid, including through the United Nations Food Programme.

“I want to give assurances that our country is capable of replacing the Ukrainian grain both on a commercial and free-of-charge basis, especially as we expect another record harvest this year.

“Notwithstanding the sanctions, Russia will continue its energetic efforts to provide supplies of grain, food products, fertilisers and other goods to Africa.

“We highly value and will further develop the full spectrum of economic ties with Africa—with individual states as well as regional integration associations and, naturally, with the African Union.

“We welcome this organisation’s strategic course towards further economic integration and the formation of the African Continental Free Trade Area.

“We are ready to build pragmatic, mutually beneficial relations, including within the framework of the Eurasian Economic Union.

“We are also willing to step up cooperation with other regional integration organisations on the continent,” Putin stated.

On deepening relations with Africa, Putin stated that Russia has always strictly adhered to the “African solutions to African problems” principle, standing in solidarity with Africans in their struggle for self-determination, justice and their legitimate rights.

“We stand for granting African countries their rightful place in the structures that determine the world’s fate, including the UN Security Council and the G20, as well as for reforming the global financial and trade institutions in a way that meets their interests.

“Regrettably, we see that the situation in the world today is far from stable. The long-standing conflicts that exist in nearly every region are deepening, and new threats and challenges are emerging,” Putin added.

Putin also stated that in keeping with the existing tradition, Russia intends to continue providing assistance to African states in building their national human resource capacity.

He stated that there are currently about 35,000 students from the continent in Russia, with more than 6,000 of them receiving Russian government scholarships.

The Russian President noted that each year the country increases the number of scholarships, promotes paid higher education options and facilitates inter-university ties, which have gained significant momentum in recent times.

The News Agency of Nigeria reports that President Bola Tinubu would be represented by Vice President Kashim Shettima at the Summit.

A large delegation of Nigerians from the government, private, business sectors would also be represented at the Summit.