₦airaland Forum

lexy2014:
Which increase in "their market share in the supply chain logistics business" that they didn't have before? What was "their market share in the supply chain logistics business"? What makes u think they are interested in that market share u are referring to?

Our population provides opportunity for them to do what?

You don't have to argue for the sake of it. If they are interested in this market, they will do the needful. If they are not, all well and good. Point is, there is an opportunity to increase our revenue base and nothing wrong in exploiting it. We can have another debate on spending judiciously but that is a separate discussion

CsRockefeller:
This population theory has been debunked a long time

That a country has a huge population doesn't make them attractive for investment. That's old school Economics nau

Debunked by who? Are you saying we don't have the population? We have the biggest GDP in Africa, how do you think that came about?

lexy2014:
All the one that the country has been earning, what has it done with it? Has it positively impacted Nigerian lives?

What will the impact of this tax be on the income of Nigerians who use these platforms? Is it the platforms that will pay the taxes or is it the already over taxed Nigerians who will pay the taxes?

What will be the consequence of such taxation on the prices goods bought from Amazon but that will be sold in Nigerian market?

Nigeria has the lowest tax to GDP ratio in Africa at 6%. We complain we don't earn enough revenue to fund our budgets hence resort to borrowing. Well, this is one of many ways to increase our revenue. Spending it right is a different issue. We won't because of that refuse to collect revenue

lexy2014:
You say it is a good step. How is it a good step? Why should they register and open offices in Nigeria? Of what benefit is it to them?

Significantly increase their market share in the supply chain logistics business in Nigeria that allows them reach many more customers. Our population provides that opportunity for them. Except of course they don't see Africa and Nigeria in particular as a useful market.

NGpatriot:
Best news so far in 2022.

The FG is finally going after the foreign profiteers getting rich off Nigerians without paying taxes on goods sold in Nigeria.

We've lost trillions in uncollected revenue, but better late than never.

Absolutely the right thing to do. However as noted by others, these companies will just add the 6% VAT on top of product price and remit to govt. It even gives them some stream of income as they will likely keep and trade with the VAT money collected and only remit by year end.

As Non Resident Companies not registered in Nigeria, unfortunately they can't pay company income tax. However this is still a good step. Next is to encourage them to register and open offices in Nigeria and expose them to the potential of our large population. If only FG can see the win-win in this and do all it can to make it happen.

ebufa:
oga ........no serious nation does that anymore! those cash calls are a highway to massive corruption! the joint oil ventures is an opaque abyss and cesspit of graft! If these joint ventures were transparent, the FG should mandate the JVs to list their shares on the Nigerian stock exchange and the New York Stock exchange, let us see if the integrity of their accounts will survive the scrutiny of investors and analysts! am no spring chicken jack!

You are mixing up two issues. Transparency and governance in business is your grouse, fair enough. NLNG model is similar to what you advocate. SEPLAT is a publicly quoted company in a joint venture with NNPC, same model. They both raise funds from the market for their operations. The issue on ground is clearing of legacy debts from the past. 2 separate issues

ebufa:
I have said it that some of you people in this forum are irredeemably dumb, what kind of foolishness allows Nigeria to pay IOCs cash for capital expenditure for the privilege of producing our own oil.........these Fulanis are only wise and smart at selling our collective future for crumbs. Saudi Arabia produces her own oil, the Saudi national oil company( Aramco) is run by Saudi Arabians but they buy the best technology and hire the best oil engineers from the world and pay them handsomely to work in Arabia...........meanwhile Fulanis have turned NNPC into another Arewa parastatal....were they dump their lazy and ill-educated children. if Fulani-led NNPC cannot run ordinary refineries, is it the extra ordinarily complex task of oil exploration and exploitation that they will be able to handle?

Fascinating that you call people dumb when you yourself don't understand the mechanism of how Joint Venture partnerships work whether here in Nigeria or elsewhere in the world.

The Buhari administration did very well here. These are cash call debts owed IOCs pre 2015, at a time of record oil revenues. To be fair, the pay back mechanism started before 2015 but the main implementation was carried out by this regime. That scheme should be expanded to sustainably solve this perennial cash call debt issue by NNPC on behalf of FG.

itsme01:




Baba is a die hard Osinbajo fan, Baba supports his spiritual son but won't come out to say it as an elder

RIP TB Joshua, he would have given us a clue


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This is the true reflection of Pastor Adeboye's stand. He is silently working for his spiritual son VP Osinbajo to become next President. This is the reason he has been in tacit support of PMB. He has work to do in convincing Tinubu to drop his ambition and rally round the VP

Political season in full swing...good luck to him and other aspirants who will throw their hats into the ring. Let them all slug it out.

This is not well thought out by Ohaneze.

PMB should not succumb to threats concerning release of Kanu or Igboho. A political solution can be reached with FG extracting commitments that both will not constitute themselves as enemies of peace ahead of elections.

A thorough job was done by the Executive to unearth the unjustifiable insertions into the budget by NASS. I bet most of those inserted projects are self serving. As rightly noted by PMB, there was no proper consideration for funding these new projects let alone executive capacity to implement them. Makes no sense to increase the budget by a whopping N500bln to fund inconsequential projects, raising the budget deficit while denying critical projects funds up to N186bln to enable their completion.

It is right that PMB signed the budget nonetheless while pursuing an amendment or virement later. Both the Executive and Legislature should find a middle ground.

As an aside, many will question why PMB didn't sign the Electoral amendment Bill with its flaws and seek to amend later, same with what he has done with 2022 budget. Anyway, I believe once the bill is represented to the President with the direct primaries section removed, he will sign.

JeffreyJunior:
I never imagined it'd be this stressful to visit Nigeria now. It's really not worth it if it's just to visit and spend time with family.

Other countries are preventing coronavirus but our dear country is cashing out on it.

What's the idea behind the useless travel certificate that I've just paid $100 for?

The European country I will be transiting from only demanded my vaccine certificate but Naija wants people to go to one useless website to fill out form, upload documents and pay money. They don't even bother to know whether one is internet savvy or not.

I've told my people, if anyone wants to see me again, I'll rather spend $1500 on their ticket than for me to stress myself like this. I hate unnecessary stress.

Really unfortunate that you had the experience you narrated. My observation in general is that once you follow the rules and do things right, you cut out or reduce the stress. The Nigerian CDC has handled the pandemic well. The requirements for in bound passengers is no different from other countries' requirements. You get a negative PCR test from the outbound country before boarding. You fill in the CDC form online and pay for a day 3/7 test to be done on arrival in Nigeria. I have done this 3 times and process was smooth. Other countries demand same. The UK demand you fill a passenger locator form online providing data about your vaccination status, provision of paid day 2 and 8 tests etc, no complains. Advice is not to leave things to 3rd parties to do for you. Do it online yourself and follow the rules, it is easy.

Nigeria is passing through challenges but things are looking up. Once the new Lagos airport terminal becomes operational, the horrible experience at this current terminal will be a thing of the past. I will wait for that. Ambode did the airport road. With a little more enhancement and beautification, that stretch will be great to drive on. The Apapa Oshodi expressway is nearing completion. When completed, it will be a good experience driving through. Yes power situation, overzealous police and aggressive/generally angry nature of Nigerians can put one off, it is good to put yourself in their shoes to understand them. Ultimately, we are a fun loving people. Nigeria is my country and years spent abroad cannot replace that.
Happy New Year to everyone.

Happy new year to the President and to Nigerians. Clearly there are challenges in the areas of security and economy as highlighted. Good to follow up on the promises to tackle both head on in 2022 and return hope to those feeling hopeless at the moment.

God bless Nigeria!

CSTRR:
And yet Buhari supporters will say price of oil was low compared to Jonathan.

The money this man has borrowed has surpassed all the money that Jonathan had to work with it.

Below is a summary of revenues accrued from oil and borrowings by GEJ and PMB over their respective 6 years rule:

GEJ earned N51trn in oil revenues and borrowed N3.63trn, total is N54.63trn

PMB earned N26trn in oil revenues and borrowed N17trn, total is N43trn

Understandably, the emotions around Nigeria's borrowing run high simply because we the people have been shortchanged over the years by various leaders. However, it is good to look at the numbers in comparison to others especially in Africa. Below is current data on debt to GDP ratios;

*Debt to gdp ratio*
SA 80%
Egypt 88%
Zambia 96%
Rwanda 61%
Ghana 78%
Angola 120%
Nigeria 35%

From above data, it is clear that though our debt profile is growing, when measured as a % of GDP, we are not in a critical position yet (we have a low enough number). However people rightly argue that we should rather look at debt to Revenue ratio where we are not doing ok with respect to others. Average tax to GDP ratio for Africa is 16.5% but Nigeria has the lowest ratio of 6% (way too low for a big economy like ours). By just pushing our revenue ratio up to 10%, we would have solved most of our immediate revenue problems.

The problem has been our over reliance on oil revenues which mostly encourages a rent seeking, lazy and corrupt system. With fluctuations in oil price as we have seen over the past 7 years, you suddenly find that not diversifying away from oil has been catastrophic. We didn't prepare for this. If you don't do anything, there will be no money to pay salaries, do maintenance activities talkless of doing a single capital project. On the other hand, we can borrow to invest in infrastructure that will support growth. The result will not be seen in 2-4 years but over a longer period if borrowed funds are well spent.

To support its continuous borrowing, this govt has to do the following;

1. Spend borrowed funds wisely on capital projects that will grow and diversify the economy. No room to borrow for recurrent expenditure, embezzle borrowed funds or spend on non impactful projects

2. Widen the tax base by capturing more tax payers, not necessarily taxing the same group more. Just too many persons and businesses are outside the current tax paying bracket. Reform the tax system and rid it of corrupt and deadwoods

3. We have to really take the difficult decision of removing fuel and power subsidies. Spending over N2trn on subsidising consumables is not sustainable no matter how sincere a govt is. Govt can ensure the most vulnerable among us are protected from the impact

4. We need to diversify our economy and get our young population to be more productive

In summary, the problem is not about how much we borrow, it is about how to bump up our revenue, support growth and diversify the economy.

Waoh, 5 boys. Children not finished, a girl at least must be added so madam can't hang her boots yet

CoolAmbience:
Dem go gree say Baba dey do anything?

For 16 years, not one of such picture...

I will keep saying it...while acknowleding that more is left to be done, Buhari has done well.

Much of the gaps we still see today, stem from PDP's 16 years of crass cluelessness and financial recklessness.

Do you know why there is serious and rising insecurity in Nigeria? It is because of the lack of employment creation (infrastructure) roadmap(s) by successive administrations..

Judiciously implementing infrastructure (including a culture of periodic maintenance & renewal of critical assets) roadmaps, translate to employment generation naturally, and of course, eases life for the populace.

Imagine if Obasanjo had solved our power issues, and Jonathan addressed healthcare and education... add them to wetin Buhari don achieve, especially in the rail, aviation and agriculture sectors, we for don move much more farther away from where we dey today.

I am really glad that you see the greater good in what Buhari is doing. Most people only judge from 'cost of garri and maggi', while deliberately refusing to acknowledge the widespread greed in the average Nigerian trader, especially those from the Southern part of the country. Importantly too, rising commodities costs is a global issue, which is mainly a direct fallout from the ongoing Covid pandemic.

Well said. Much has been done and we all agree more can be done. That should be the spirit. There is an infrastructure revolution ongoing whether people accept it or not. 2022 and first half of 2023 will witness the commissioning of many ongoing projects. Security is the biggest challenge and we should support our force men and women to overcome.

Lastly, you mentioned food prices. When I reviewed the disparity in food prices between the North and South, I couldn't help but wonder what was going on. Insecurity is mainly in the North but impact on food prices is felt more in the South. Could there be other reasons?

blackpanda:
Exactly
Nicely written for the gullible mumus to swallow

Once I saw the headline, I knew it was written to slander. Once an appointment is due, you see all manner of people lobbying and using all sort of strategies to get the job, this one is not different. People should read between the lines, seek more info before going off the track

Two key reasons for lingering issues;

1. Discos that have not kept their side of the contractual bargain. Little investment by them contrary to contractual expectations. Govt has to continually intervene by subsidising them. I say FG should revoke contracts of underperforming discos and damn the consequences

2. Non cost reflective tariffs. I dont understand what Labour means by commercial prices with human face. I say remove subsidy but tax richer communities and enterprises more to subsidize lower income customers. Of course such higher taxed customers will enjoy benefits like giving them priority when rationing power for instance. This will drive investments that in no time everyone will enjoy benefits of uninterrupted power. A bit of this is happening but should be vigorously stepped up

seunmsg:
Exactly what i have been saying since yesterday. The challenge will be from the House of Reps since the senate can't do it alone. Getting the required number to override the president will be a big challenge. I will advice they remove the controversial direct primary provision and send the bill back to the president.

This is the right thing to do if all parties are sincere. Direct primaries though good is not the silver bullet to our political problems. What stops political parties from setting ridiculously high ticket entry prices for those wishing to contest any of its positions thereby excluding a lot of people? Let us focus on the key area of that bill which is electronic transmission.

Just expunge the direct primaries section from the bill and represent for assent. Anything else is running around in circles.

Commendable from Pastor Kumuyi. However he could have encouraged people to take the vaccine assuming he has taken it. He could also have outlined measures to stop the spread of the disease at the upcoming 6 days crusade or even cancelled it altogether for safety reasons.

President witholding assent to that bill is a big disappointment. That said, the key revolutionary aspect of that bill is the electronic transmission which is now in limbo. Direct primaries though good is not the silver bullet. Recall Lagos APC used direct primaries in the last gubernatorial election, same with Anambra APC in this last election. Both direct primaries were manipulated with predetermined outcomes. Whether delegates or entire party membership, money still plays a big role. How many Nigerians themselves belong to political parties? The key thing is electronic transmission so let NASS expunge direct primaries sections from that bill and represent. I believe the President will then assent.

Shikini:
I now believe Gov Wike.

In his interview with Channels, Wike said Buhari is not comfortable with Electronic Transmission of results so some APC juggernauts deliberately smuggled in direct primaries for political parties to provide Buhari a reason to reject the entire electoral amendment Bill.

Brethrens, the main reason for rejecting the bill is "Electronic Transmission of results" and not the so-called direct primaries.

President Buhari is a scam. Remember, his lackey, the Senate President had earlier rejected Electronic Transmission of results but only succumbed after widespread condemnation.

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Gov Wike may be right but he forgets that majority of NASS members (PDP members inclusive) supported the direct primaries inclusion primarily for political survival and a fight against the Govs' stranglehold on party structures at state level. Also, most governors (PDP Govs inclusive) also fought direct primaries. It is convenient to blame it on APC now but it is pure politics of survival by politicians as usual

Reference:
Have you asked yourself how other nations get their citizens to willingly 'pay for things', public services including taxes and levies. Do they put a gun to their heads?

Have you not seen goverments in the west rise and fall on just the back of tax rates. No one in the world wants to pay taxes. And no one in this world I know will be willing to pay for anything he can get free.

So once again how do governments in othe climes get their citizens to pay 'through their noses for stuff'

Think about it. For therein lies our failings as government and as a people.

Yes, a gun is put to their heads. Try evading tax over there and see how far you go. Things are not as simple as many people think. Bad as the Niger Republic train track building project is, it is not a fatal flaw. The decision is based more on sentiments than anything else. However we still see things from an ethnic prism than anything else. People in the NE-SE-SS corridor complain about narrow train tracks ongoing, those in the South complain that the coastal line is not prioritised, those in the far North West don't even have any rail of any kind to talk of. The Anambra person boasts that his/her GDP is higher than Niger Republic's GDP but ask about commensurate IGR, no way.

backbencher:
Which is why Buhari had to diversify the economy short term by increasing the tax to gdp ratio to something like 40% or more from its 6.4% , long term by finding side hustles like industrialization and alternative sources of income.

Simple

People don't understand that we have a revenue problem. We want to buy fuel cheaply with Govt continuing to subsidize to the tune of trillions of naira yearly. We want uninterrupted power supply but don't want to pay the appropriate price. We want to buy gas cheaply never minding that the international price for gas has more than doubled over the past year. Tax to GDP ratio at 7% is one of the lowest in Africa, normal ratios are like 20-35%. We want world class health facilities but we want it for free. I ask us all, who pays for all these?

backbencher:
The harsh reason why Buhari is borrowing is simple

The oil price is and has never been at the level we need it to be to adequately fund our budget.

Oil amounts to a small percentage of our GDP but a large percentage of our budget revenue.

In 2012, our breakeven oil price was 122 dollars per barrel. In 2017, it had gone up to 139 dollars per barrel. Now it is 133 dollars per barrel

Oil prices were at 75 dollars per barrel in 2015 when Buhari took over, and have been as low as 20 to 30 dollars at some points since then.

Meanwhile our population and by extension our Forex needs have been growing

The alternative is to raise our tax to gdp ratio from its 6.4% to fund the budget. But that means taxing the 70% of Nigerians who don't pay income taxes due to working in the informal sector.

So we take loans to fund the budget.

Now oil is below 70 dollars per barrel, breakeven is 133 dollars meaning we lose 60 dollars per barrel of oil sold
At one point under Buhari it has been as high as 80 to 100.dollars below the breakeven.

At the end of the day, we tax everyone in this country, including beggars, farmers, and even hawkers, to raise the tax to gdp ratio drastically, or we take loans and more loans to cover the difference between the actual crude oil price and the price it should be at to sustain us.

Because taxing everyone is not politically popular, we take loans instead.


( Buhari is a bad leader, and not someone I would vote for ever, so don't go there. I wish we could get some technocrats in office really


Again, Buhari is a bad leader who has failed in diversifying the economy which could have helped.)

Balanced view. This and your later rejoinders are spot on. Nothing more to add

Legendguy:
Who have noticed that fulanis herdsmen killings and farm encroachment is hardly Reported this days unlike in the past where days won't pass without hearing of fulani herdsmen for the wrong reason.
Even nairaland is no longer reporting their atrocities.

Could this be as a result of recently passed anti grazing law?

Or they calmed down cos of election?

Curiously coincides with the arrests of Igboho and Kanu. Good to dig into this further

Let her lawyers produce the court order. I think the bone of contention is the location where she will see her kids. While FFK maintains that Precious should see her kids at his place, she maintains that his house is not conducive for her. She should explicitly get a court order that specifies a neutral venue otherwise she will be going round in circles.

Mercy, did you raise your voice when Tonto denied Churchill access to their son till date? There are countless fathers denied access to their kids by mothers. We hardly hear about those cases.

If you want to help Precious, advise her to go and see her kids at FFK's house for now while still fighting for custody in court. She can go with trusted family members if she doesn't feel safe enough.

A bit hollow and thin on details. Since Abba Kyari died, this project seemed to have hit the rocks. What the Power Minister should do is prepare a simple 1 page roadmap to achieving 25000MW with key milestones and who to hold accountable for each phase. There is no visible coordination or competency displayed so far to make this a reality. Why can't the Egyptian model be adopted with slight tweaks to suit our local peculiarities? This is the reason the late Kyari took it away from Ministry officials and people were lambasting him. Now they have the opportunity but are slacking big time.

CSTRR:
Ngozi is the only exception there.

She lived and worked in America, long before she entered Nigerian politics.

Her roots are there. Her family are established members of the society there doing very well in their chosen fields.
Her relevance was never because of Nigeria.
American education gave her everything.

She was doing her thing in the world Bank when OBJ came to pick her.

The other two clowns you listed are parasites that benefitted everything from Nigeria, without giving back.

Ngozi's parents are here in Nigeria. Her siblings are mostly in Nigeria. She did her early schooling here. She took advantage of schooling and working abroad to better her life and increase her worth, nothing wrong in that. Her US citizenship was even a more recent affair. My point is that people make personal choices for whatever reason. The constitution allows dual citizenship. As long as such a person is committed to service to motherland and can demonstrate it, I have no issue at all.