WEBVTT

1
00:00:01.120 --> 00:00:06.719
Hey folks, I'm good evening and
welcome to another spaces with me. My

2
00:00:06.879 --> 00:00:11.000
name is klu Laja and this will
cause some money space. And of course

3
00:00:11.039 --> 00:00:16.160
here we're talking money, the economy, personal finance. I want to make

4
00:00:16.199 --> 00:00:19.839
the topics of money relevant to you, to your wallet, make it easy

5
00:00:19.960 --> 00:00:23.480
so we can understand it and then
we can use it to our advantage.

6
00:00:23.559 --> 00:00:28.160
Right this week, we're talking taxes. And if you've been in Nigerian or

7
00:00:28.160 --> 00:00:31.719
if you've been listening to the Nigerian
news, you've heard about the slew of

8
00:00:31.879 --> 00:00:36.520
tax that have been imposed on our
budgets, right on our own personal budgets

9
00:00:36.520 --> 00:00:41.159
and wallets. The latest, of
course last week was the so called Nigerian

10
00:00:41.320 --> 00:00:49.560
cyber Security Tax that was asked to
be implemented across the board. And that

11
00:00:49.399 --> 00:00:54.119
was that was a regressive tax.
Essentially, the summary of that tax was,

12
00:00:54.880 --> 00:00:59.320
if you do an electric transfer,
you would pay a tax. It

13
00:00:59.359 --> 00:01:03.520
doesn't matter how how much you earn
or what your need is. Once you

14
00:01:03.560 --> 00:01:06.879
do a transfer, you pay tax. The tax would go to a fund,

15
00:01:07.519 --> 00:01:12.359
the Nigerian Cyber's Recurity Fund, also
managed by the NSC or all of

16
00:01:12.359 --> 00:01:19.519
the niger Secretary Advisor who would then
supposedly use this fund to protect us from

17
00:01:19.680 --> 00:01:26.159
cyberst secuity treads. This is a
point five you know, a percentage point

18
00:01:26.359 --> 00:01:30.719
on the trans pers that you make. Huge amount of money would have flowed

19
00:01:32.519 --> 00:01:36.560
to that fund. I say,
you would have flowed because just yesterday we

20
00:01:36.719 --> 00:01:42.519
got use that the President had asked
them to step down the implementation. Just

21
00:01:42.599 --> 00:01:49.400
the leader stage guys. The act
itself, the Cyber Secreted Act itself is

22
00:01:49.799 --> 00:01:53.959
new. People are telling you online
that it was past twenty twenty fifteen.

23
00:01:53.120 --> 00:02:00.920
No, the twenty to fifteen Act
tax businesses. So it was some business

24
00:02:00.079 --> 00:02:05.760
tax, and it literally listed the
business I was going to pay. You

25
00:02:05.920 --> 00:02:09.520
had the telecoms, you had,
the banks, you had I believe who

26
00:02:09.560 --> 00:02:13.800
else? Was it? The belief
they did not? They stopped working firms

27
00:02:13.879 --> 00:02:17.000
right, the guys that do capitol
market transactions, they are literally listed.

28
00:02:17.680 --> 00:02:21.759
Those are the guys that were going
to pay this tax. So that the

29
00:02:21.840 --> 00:02:27.240
idea being, as they do their
services their electronic means, they pay a

30
00:02:27.439 --> 00:02:34.719
tax, and then the NSSA is
to protect them from cyber crime and all

31
00:02:34.759 --> 00:02:37.759
that kind of stuff. Not you
and I. We were never supposed to

32
00:02:37.840 --> 00:02:44.000
pay the new Act. What they
simply did with the substituted businesses and got

33
00:02:44.080 --> 00:02:46.840
business and they now said we are
to pay. Only put it on one

34
00:02:46.919 --> 00:02:51.680
line there that we are to pay
and we were listened as a customers but

35
00:02:51.800 --> 00:02:54.840
they still listed with the businesses.
There, so lots of confusion there.

36
00:02:55.319 --> 00:03:00.199
It will stepped down. But that
leaders to our topic at the experience over

37
00:03:00.360 --> 00:03:04.120
tax. The answer is yes.
You don't need to be. The answer

38
00:03:04.280 --> 00:03:07.719
is yes. And if you look
at the I know the last post that

39
00:03:07.800 --> 00:03:10.199
I did is sort of I don't
know what's happening to Twitter. I sort

40
00:03:10.199 --> 00:03:15.319
of went away, but I tried
to list for you guys the debt to

41
00:03:16.080 --> 00:03:21.800
the should say GDP to tax for
Nigeria and compared it across the board with

42
00:03:21.919 --> 00:03:27.080
other African countries even the US,
and to see if we are actually paying

43
00:03:27.280 --> 00:03:31.319
our fair share. The longest shot
is this, nance are not paying the

44
00:03:31.479 --> 00:03:38.639
Look at tax to GDP. Our
tax rate or our tax collection is lower

45
00:03:39.319 --> 00:03:45.479
than all African states I think apart
from the Congo or something like that,

46
00:03:45.680 --> 00:03:49.479
where this were the second to lowest
I think in Africa. I think it's

47
00:03:49.520 --> 00:03:53.360
that we just beat Equatorial Guinea and
of course electoral Guinea has a lot of

48
00:03:53.479 --> 00:03:57.879
crude oil, so they only care
about taxes. But number two or on

49
00:03:58.039 --> 00:04:00.840
that slot, we just pick Etolar
Guinea. Their average for night for Africa

50
00:04:00.919 --> 00:04:04.719
is about thirteen percent, the average
for the wars about thirty four percent.

51
00:04:04.800 --> 00:04:09.840
That's GDP to tax and I just
give will take about six percent. Now

52
00:04:09.879 --> 00:04:14.520
this figures are tax GDP issue as
at twenty twenty one. So if you

53
00:04:14.599 --> 00:04:19.439
look at overall and you say our
Nigerians as a tax pain, should we

54
00:04:19.560 --> 00:04:25.079
say population, do we pay taxes
when you're competed to our GDP? Of

55
00:04:25.160 --> 00:04:27.759
course the answer is going to be
no, we don't pay as much.

56
00:04:27.800 --> 00:04:31.519
What the data has to be nuanced. But to go into the data to

57
00:04:31.600 --> 00:04:35.399
see why do Nigerians not pay taxes? I mean one reason is simply this.

58
00:04:35.759 --> 00:04:41.839
When Nigerian builds a house, he
provides everything that house. He provides

59
00:04:41.879 --> 00:04:46.720
a water, their ballhole generator provides, provides power even if those security has

60
00:04:46.720 --> 00:04:54.040
got iron bars, high walls,
electric fancies. So Nigerians spend more doing

61
00:04:54.160 --> 00:04:57.639
what the government, the local government, the state government should have done for

62
00:04:57.800 --> 00:05:02.120
them. So invariably this is people
could say the formal taxes Nigerians don't pay,

63
00:05:02.360 --> 00:05:08.839
but the informal taxes Nigerians do pay
a lot because the social services and

64
00:05:09.000 --> 00:05:13.240
non existence. We don't have social
security, we don't have free medical care

65
00:05:13.360 --> 00:05:17.399
in most states. So the Nigerians
salary and ers have got to provide their

66
00:05:17.480 --> 00:05:23.680
own basic services across the board.
But let's go deeper into this thing and

67
00:05:23.759 --> 00:05:28.360
say, okay, where should these
taxes go? With said that they don't

68
00:05:28.480 --> 00:05:32.800
provide social service? But way do
the taxes that Nigerians pay actually go to?

69
00:05:33.480 --> 00:05:36.160
Again, I'm going to share it
again in case you can find it.

70
00:05:38.120 --> 00:05:42.360
I just shared something on when nice
you just spend her taxes? And

71
00:05:42.439 --> 00:05:46.720
I'm picking the actual figures. This
is not the budget. There's the actual

72
00:05:46.839 --> 00:05:50.560
figures from the federal government. So
if you look at that that suite,

73
00:05:50.759 --> 00:05:55.160
if you look at my appropri you
see it, how nice you just spend

74
00:05:55.240 --> 00:06:01.040
her taxes? If we simply take
salaries, pensions and overhead. I just

75
00:06:01.120 --> 00:06:05.360
stopped there. I didn't go down
to the entire recurrent expansion. I just

76
00:06:05.439 --> 00:06:10.800
picked from the requireted expenditures. I
just picked salaries to this personal cost,

77
00:06:11.279 --> 00:06:14.800
I picked pensions, and I picked
overhead costs. If you add up this

78
00:06:14.959 --> 00:06:19.360
three just this tree alone on the
actual revenues Nigeria, I get there were

79
00:06:19.560 --> 00:06:28.839
spending ninety five percent of the taxes
that we earn on salaries, pensions and

80
00:06:29.040 --> 00:06:34.240
overhead of only civil servants in Nigeria. Left it again, ninety five percent

81
00:06:34.360 --> 00:06:41.000
of the total revenues, total revenues
in Nigeria, I get, is spent

82
00:06:41.160 --> 00:06:47.199
on only salaries, pensions and overhead
of only civil service workers. Forget about

83
00:06:47.360 --> 00:06:54.839
social security, forget about roads,
capital expires, forget about debt. Tax

84
00:06:55.079 --> 00:06:59.240
The salaries alone take all the revenues, supposes, so how do we build

85
00:06:59.319 --> 00:07:03.519
rules where we That's what we're borrowing
so much, and that's why your taxes

86
00:07:03.560 --> 00:07:08.639
are going up because your taxes are
borrowing. When you borrow and when you

87
00:07:08.720 --> 00:07:13.639
increase the taxes, it's the same
effect. Taxes are just easier because they

88
00:07:13.879 --> 00:07:17.480
sort of the borrowings are easier because
you hide the borrowings, but taxes affect

89
00:07:17.560 --> 00:07:23.600
you immediately, but the same effect. So the government is basically borrowing to

90
00:07:23.800 --> 00:07:29.360
do more stuff. We have a
blueted civil service and we have huge expenditures

91
00:07:29.399 --> 00:07:32.759
that we spend money on fuel subsidy, as you guys know now is back

92
00:07:33.600 --> 00:07:38.160
and first off is taking away half
of the dollar revenues and that you guys

93
00:07:38.199 --> 00:07:42.439
making so even when we sell crude
oil, we're pain reviews in dollars or

94
00:07:42.720 --> 00:07:46.480
pain expecting dollars to fun our crude
oil. And that's where we are.

95
00:07:46.560 --> 00:07:51.000
We find ourselves that the government is
ending money, spends all the money on

96
00:07:51.160 --> 00:07:57.879
salaries and then has got to tax
or raise those taxes to then pay itself

97
00:07:58.079 --> 00:08:01.759
in for the other sellers that they
want to provide. And that's the genesis,

98
00:08:01.800 --> 00:08:05.160
guys, of your taxes. So
if you just take a quick just

99
00:08:05.399 --> 00:08:07.639
on top of your head, what
are the taxes you have seen? Increen

100
00:08:07.920 --> 00:08:11.879
for just top of your head.
I mean we've seen you shoot tax you

101
00:08:11.920 --> 00:08:15.360
know, that was last year we
had the budget. Now we've seen a

102
00:08:15.439 --> 00:08:20.519
cybersecits levee that's been stepped down.
We've seen the stamp duties right, it

103
00:08:20.680 --> 00:08:24.720
is there. We were also sing
a telecom tax that has gone away,

104
00:08:24.120 --> 00:08:28.759
but I'm here that's going to come
back because the parlragment wants to borrow money

105
00:08:28.800 --> 00:08:33.879
from the World Bank and as to
introduce that telecom tax. There's there's a

106
00:08:33.039 --> 00:08:37.879
processing fee on large deposits. I
saw it come back. I'm not sure

107
00:08:37.919 --> 00:08:43.519
if it's taking it away right.
Vieity has gone up lots of multiple levees

108
00:08:45.240 --> 00:08:48.679
that not to requided as taxes have
posically gone up. If you want to

109
00:08:48.799 --> 00:08:52.799
import because the niner, the customs
fee has gone up. If you want

110
00:08:52.840 --> 00:08:54.559
to pay saying knafa, the feed
has gone up, things like that.

111
00:08:56.159 --> 00:08:58.720
So when you don't even have the
real taxes going up, taxes have said

112
00:08:58.720 --> 00:09:05.240
the same, but your cost of
doing business in Nigeria have grone up considerably.

113
00:09:05.120 --> 00:09:09.759
So why is this topic important?
Because if you tax Nigerians and you

114
00:09:09.879 --> 00:09:13.480
take away their revenue, you take
away there there are business to spend and

115
00:09:13.600 --> 00:09:16.919
ignize. You have to not spend
in any economy. If the citizens do

116
00:09:18.039 --> 00:09:22.840
not spend, of course, the
economy can grow because then no company would

117
00:09:22.879 --> 00:09:26.320
produce goods. Nobs would produce goods
if they can't sell it to any more.

118
00:09:26.639 --> 00:09:30.039
So if I have an SME in
my town and I produce goods and

119
00:09:30.120 --> 00:09:33.720
nobody can buy it because they're paying
taxes or they're buying only food, then

120
00:09:33.799 --> 00:09:37.559
I can be in business for long. So high taxes take away your disposable

121
00:09:37.600 --> 00:09:41.440
income. And when disposing income goes
the way, you don't spend, and

122
00:09:41.559 --> 00:09:45.679
then the economy starts to shrink and
shrink, and then the tax revenues itself

123
00:09:46.080 --> 00:09:50.120
shrinks such of vicial circle that the
more you tax, the more you reduce

124
00:09:50.240 --> 00:09:56.840
and shrinking economy. The more you
reduce taxes and expand the base, the

125
00:09:56.080 --> 00:10:00.480
more you gain taxes. And if
you want to googles this some only called

126
00:10:00.480 --> 00:10:03.080
the laugh of c I've trying to
push it up. The laugh of curb.

127
00:10:03.360 --> 00:10:07.879
La f FR talks about if you
increase taxes, your revenues from those

128
00:10:07.919 --> 00:10:13.440
taxes actually go down because the capitalize
move but just simply goes aways on height.

129
00:10:13.279 --> 00:10:16.879
So the longest shot is this.
And again guys, if you want

130
00:10:16.879 --> 00:10:18.559
to speak, you know the drill
you want to speak and the dm or

131
00:10:18.639 --> 00:10:28.279
requests to speak. The Nigerian households
have overtaxed over tax and their revenues have

132
00:10:28.480 --> 00:10:33.600
not gone up, which is their
wages they are what they earn hasn't gone

133
00:10:33.679 --> 00:10:35.759
up. And the next effect of
this is going to be that we will

134
00:10:35.799 --> 00:10:41.120
see that the economy will keep on
shrinking because you've not increased the minimum wage,

135
00:10:41.600 --> 00:10:46.000
but you have increased how much taxes
you want to take from the people.

136
00:10:46.759 --> 00:10:50.759
Hence, you are shrinking the economy. You are courting consumption and you

137
00:10:50.840 --> 00:10:56.000
are going to re contail GDP with
had the subspecial stand attacks. Why can't

138
00:10:56.039 --> 00:11:03.159
we suspend every tax for the next
six in this quote unquote recessionary period?

139
00:11:03.559 --> 00:11:05.559
What als to allow folks to recover? That's the question. Why can't we

140
00:11:05.600 --> 00:11:09.919
suspend everything? And everyone starts to
cut down on the spending. The governments

141
00:11:11.000 --> 00:11:15.159
cut down the spending, and we
trying to reflect this economy because you can't

142
00:11:15.279 --> 00:11:18.720
tax the unemployed, you can't tax
foods are not making appropit your tax incomes.

143
00:11:20.039 --> 00:11:22.519
If I'm not making an income,
whether we're going to pay the taxes

144
00:11:22.559 --> 00:11:26.399
for and that, guys, is
my is my take of my opening take.

145
00:11:26.440 --> 00:11:30.919
I like to get the data to
guide us. And again, if

146
00:11:31.000 --> 00:11:33.440
you can't see all that information,
I think just go to my page look

147
00:11:33.519 --> 00:11:37.720
on the pain twit right there you
would see most of the data that I

148
00:11:37.759 --> 00:11:41.679
was speaking about on it. So
it's back to you, guys. I

149
00:11:41.759 --> 00:11:45.639
mean, this is my take.
Maybe you guys have a different take on

150
00:11:45.720 --> 00:11:50.759
this. Are you overtaxed? Do
you pay more on taxes? Remember when

151
00:11:50.799 --> 00:11:56.679
you buy PMS and the PMS is
quote unquote subsidies, there's no subsidy.

152
00:11:56.159 --> 00:12:01.279
You are paying a tax on the
inefficiency of the fact government. If the

153
00:12:01.320 --> 00:12:05.120
development did not run fuel importations,
storage and distribution, you will not pay

154
00:12:05.200 --> 00:12:11.679
what you are paying. The huge
cost you're pain is because of the inefficiency

155
00:12:11.159 --> 00:12:16.039
of the government in running that sector. So you are pain and inefficiency tax

156
00:12:16.720 --> 00:12:22.759
your inflation. Food is expensive wherever
you live in Nigeria's forty percent. That

157
00:12:22.960 --> 00:12:26.799
is the biggest tax in Nigeria inflation
because you can't avoid it. So everybody

158
00:12:26.840 --> 00:12:31.440
in Nigia is paying inflation tax of
forty percent. So if you just start

159
00:12:31.519 --> 00:12:37.559
off from there and you say whatever
income you earn, you have already paid

160
00:12:37.679 --> 00:12:41.799
forty percent, so you have sixty
percent to survive on. How much do

161
00:12:41.840 --> 00:12:43.519
you pay for school, vies or
rent? Then how much are you going

162
00:12:43.600 --> 00:12:46.879
to pay to eat? So it's
a crazy world out there right and I

163
00:12:48.000 --> 00:12:50.960
just want to hear from the guys
out there. I think Nagrants are taxed

164
00:12:52.000 --> 00:12:56.600
a lot. And in economics,
we are thought that if you reduce taxes,

165
00:12:58.240 --> 00:13:03.799
you actually grow the economy. You
don't increase taxes when the economy is

166
00:13:03.919 --> 00:13:09.039
weak, it actually kills the economy. So high taxes kill consumption with kill

167
00:13:09.080 --> 00:13:15.799
the economy. Low taxes timulate the
economy, which they gross gdpeople are doing

168
00:13:16.120 --> 00:13:18.879
wrong with Nigeria, hence our tweet. All right, guys, then we

169
00:13:18.960 --> 00:13:24.720
go to the first DM Calo.
I disagree with you that Nigerians do not

170
00:13:24.919 --> 00:13:30.440
pay taxes. Nigerians pay lots of
taxes, just that it is not recorded.

171
00:13:30.679 --> 00:13:33.919
It is for instance in legals with
payouts of taxes, but it is

172
00:13:35.039 --> 00:13:37.039
not official. Yes, I agree
with you. I agree with you,

173
00:13:37.200 --> 00:13:41.919
Daniel. That's the point I'm making
that there's a lot of things that we

174
00:13:41.159 --> 00:13:46.519
pay in Nigeria that are not rated
as taxes. So if you pull up

175
00:13:46.639 --> 00:13:50.200
like I said, the GDP report, I'm just supposed to hear Nigers are

176
00:13:50.240 --> 00:13:56.639
said to paying six percent six percent
of our of our what we pay is

177
00:13:56.759 --> 00:14:03.879
six bills by gb but they're not
counting things like levees, what we pay

178
00:14:03.320 --> 00:14:07.600
to drill a ball hole. They're
not counting that in that six percent.

179
00:14:07.679 --> 00:14:11.519
If they counted the total calls that
we pay for those that should have been

180
00:14:11.559 --> 00:14:13.759
paid by the government, you say
that it writes much much more than six

181
00:14:13.799 --> 00:14:20.159
percent to give or take forty or
thirty because we pay a lot informally in

182
00:14:20.279 --> 00:14:22.279
Nia. So I agree with you. Complete that's the point I'm making.

183
00:14:22.360 --> 00:14:30.720
Gilt you what are your mind.
Sir, I believe in you've spoken of

184
00:14:30.840 --> 00:14:37.120
my mind and I agree with you
for what you said about the indirectors.

185
00:14:37.600 --> 00:14:39.639
Because if you go to let me
give you a scenario. If you go

186
00:14:39.799 --> 00:14:45.720
to any local markets close to you, you see that those men that sell

187
00:14:46.440 --> 00:14:52.039
vegetable and you know that food items, when you talk to them, you

188
00:14:52.120 --> 00:14:58.559
said that what it does a single
vegetable set that has up to ten sometimes

189
00:14:58.639 --> 00:15:01.759
seven tickets in a day. So
you see some group of people come into

190
00:15:03.720 --> 00:15:07.799
in a request for money for different
things. Yea. So people said that

191
00:15:07.919 --> 00:15:11.000
from the local government, some from
the state government, you know, from

192
00:15:11.039 --> 00:15:15.879
ae manner of people. So I
think the problem we have in Anigeria is

193
00:15:16.440 --> 00:15:20.720
how to harmonize this tax collection.
We we I don't think we'll have a

194
00:15:20.799 --> 00:15:24.399
problem of revenue generation. We already
have the population to get this money.

195
00:15:24.879 --> 00:15:28.799
But how do we harmonize it.
You know, we see a lot of

196
00:15:28.039 --> 00:15:33.519
group of people coming to calemn money. How does it get remitted to the

197
00:15:33.639 --> 00:15:37.200
government of You just see people that
come to calem mooney and disappeared. Then

198
00:15:37.240 --> 00:15:46.000
the next they cannadastick and test to
also arass you know, the traders.

199
00:15:46.360 --> 00:15:50.159
So it's also contributing to the reason
why we're having hiking, you know,

200
00:15:50.399 --> 00:15:56.000
food prices because these plasing traders keep
paying all manner of touching directors that at

201
00:15:56.000 --> 00:16:02.679
the end of it they gets lost
in the process of remitters. So I

202
00:16:02.759 --> 00:16:07.440
think we wanted paying a lot,
but the government has been inefficient in you

203
00:16:07.519 --> 00:16:12.000
know, getting these tax together and
using it for the betterment of all Nigerias.

204
00:16:12.519 --> 00:16:17.080
So I agree with toward you say
directs. I just want to lend

205
00:16:17.120 --> 00:16:22.799
the advice to that based on the
experiences I've had with it across Ninegeria.

206
00:16:22.159 --> 00:16:26.240
And actually that's a real one across
the board I was in. I was

207
00:16:26.279 --> 00:16:27.919
in the market doing the story in
the marketing degos. I went to the

208
00:16:27.960 --> 00:16:32.720
marketing digos and just like you said, it's a slew of tax. You

209
00:16:32.799 --> 00:16:34.960
pay for your shared you paid the
display your goods. This is just my

210
00:16:36.080 --> 00:16:41.279
not the official Loocal government charging for
market day taxes. They paid a lot

211
00:16:41.399 --> 00:16:44.679
of fees. This is just official. Then the area boys come and collect

212
00:16:45.360 --> 00:16:48.080
from them as well. So all
those taxes they have to build back into

213
00:16:48.159 --> 00:16:52.519
their costal When they want to sell
pepper, they build back up into the

214
00:16:52.559 --> 00:16:55.279
cost of pepper. So when you
buy that pepper, you are paying for

215
00:16:55.519 --> 00:16:59.440
all those illegal taxes that have been
cutted across the board. But also you

216
00:16:59.519 --> 00:17:03.720
also make a point see Nigerian before
we had BVN and maybe n I think

217
00:17:03.759 --> 00:17:07.759
about it, that there was no
way to know who is really spending money

218
00:17:08.200 --> 00:17:11.400
or leaves in Nigera to be taxed. You know, in the States,

219
00:17:11.440 --> 00:17:15.319
you have a social secrete number.
If you want to buy a house,

220
00:17:15.839 --> 00:17:18.599
you have to quote your social.
If you want to buy shares, you

221
00:17:18.759 --> 00:17:21.599
have to quote your social. If
you want to open a bank account,

222
00:17:21.960 --> 00:17:25.240
you have to quote your social.
So the i res just has to do

223
00:17:25.680 --> 00:17:30.079
a coalition of data. They just
collect data from everybody and they can tell

224
00:17:30.559 --> 00:17:33.240
that this individual bought the house.
So you're buying a house, it means

225
00:17:33.279 --> 00:17:37.319
you have income or they waste the
income, so they can just go after

226
00:17:37.440 --> 00:17:41.759
you. But in Nigeria, there
is absolutely no way to know that Calu

227
00:17:41.839 --> 00:17:45.160
Aja here is calu. There is
no BVN by biometrics. You know,

228
00:17:45.240 --> 00:17:48.319
we have all this data from all
these institutions, but it's not living,

229
00:17:48.359 --> 00:17:51.920
it's not collated, it's not they
don't talk to each other. So you

230
00:17:52.039 --> 00:17:55.680
have your tumb into socials with federal
and rositic or you have with the niger

231
00:17:55.880 --> 00:18:00.960
passport, you have p fee but
they're not talking. So all this huge

232
00:18:00.160 --> 00:18:07.599
publisher Nigeria cannot generate any taxes.
The fires wants to raise twenty billion.

233
00:18:07.359 --> 00:18:11.119
This is their target the virus in
twenty twenty four, their tiger this is

234
00:18:11.119 --> 00:18:15.240
going to be a monster. Target
to is twenty billion. It's really nothing.

235
00:18:15.240 --> 00:18:18.519
If you complut to what is just
f vires, to what's our aifica

236
00:18:18.680 --> 00:18:22.599
raises, this is nothing and this
is there like this hardhead I want to

237
00:18:22.720 --> 00:18:26.440
raise. But if you look at
if you reduce all these taxes to even

238
00:18:26.480 --> 00:18:30.519
know if it's one hundred NERR and
you ask all the judiers to pay,

239
00:18:30.559 --> 00:18:36.240
you make much a lot more money
and going after I mean the taxes Nigeria

240
00:18:36.240 --> 00:18:41.279
have sometimes obscene. Like you said, fifteen tickets for transportation. Police on

241
00:18:41.359 --> 00:18:45.400
the road way collecting moneys from you
is crazy crazy crazy. Yeah, so

242
00:18:45.839 --> 00:18:48.400
times for that, let me just
go back to it. Just wanted to

243
00:18:48.440 --> 00:18:52.519
clarify, Yeah, yeah, I
just want to clarify on ninety five percent

244
00:18:52.839 --> 00:18:59.079
of income is being used? What
year are you speaking about? So I'm

245
00:18:59.200 --> 00:19:06.880
quoting the Nigerian Budget Office, March
twenty twenty three. That's the latest figures

246
00:19:06.960 --> 00:19:11.359
we have in Nigeria March twenty twenty
three. If you look at that number,

247
00:19:11.400 --> 00:19:14.519
I've put them on my on my
side, you will see that when

248
00:19:14.640 --> 00:19:19.480
Nigeria ends one hundred and era,
we spend ninety five MIRA on salaries,

249
00:19:21.359 --> 00:19:26.880
pension and overhead of only civil service
wodcast. I didn't. I just stopped

250
00:19:26.920 --> 00:19:32.480
at those three salaries pecial over my
head. That data has got more point.

251
00:19:32.559 --> 00:19:34.880
Like you say, amnesties included there. I didn't talk about amnesty.

252
00:19:36.160 --> 00:19:40.079
You also see service wide votes gavey. I didn't talk about all those ones.

253
00:19:40.279 --> 00:19:48.400
Just salaries, allowances and pensions take
ninety five percent March twenty twenty three.

254
00:19:48.480 --> 00:19:52.279
And it's not telling to be different
this year or to our falling dramatterwhere

255
00:19:52.400 --> 00:19:55.799
where I won't sacked anybody in this
fell a civil service right, so that

256
00:19:56.039 --> 00:19:57.799
cost is good still going to be
there. The difference is going to be

257
00:19:59.200 --> 00:20:03.240
what's going to be the revenues coming
in. So if you have a country

258
00:20:03.160 --> 00:20:11.440
that is spending ninety five percent of
income on just federal civil service work after

259
00:20:11.599 --> 00:20:15.319
one they didn't have to go get
taxes, that's what's going on. So

260
00:20:15.680 --> 00:20:18.920
the issue to attack it the business
to ask the question how efficient that civil

261
00:20:19.039 --> 00:20:23.480
service? Should we increase taxes or
should really do spending? That's really where

262
00:20:23.480 --> 00:20:27.319
we're at right now, is it. Is it a spending problem or is

263
00:20:27.359 --> 00:20:30.799
it, you say, a revenue
problem. If we increase the revenues,

264
00:20:32.039 --> 00:20:33.880
what is it going to happen to
them? They're simply paying more more civil

265
00:20:33.920 --> 00:20:37.960
service work. That's just it.
So again, the figures are from the

266
00:20:38.079 --> 00:20:44.960
federal government itself. I put the
link on there, so that's where it

267
00:20:45.079 --> 00:20:48.079
is. If you look on the
link you will see it's right there.

268
00:20:48.759 --> 00:20:52.759
And yes, I agree with you. I just should pay and I just

269
00:20:52.960 --> 00:20:56.599
do not pay taxes. But again
I will not pay taxes because the federal

270
00:20:56.599 --> 00:21:02.759
government does not show what it does
with them. I agree. There's a

271
00:21:02.799 --> 00:21:08.200
lot of waste stage, complete wasteage
with the coment, so we have to

272
00:21:08.400 --> 00:21:18.119
watch it completely. Sonny, what's
up man? What's yeah? Is everyone?

273
00:21:18.079 --> 00:21:25.440
Yeah? I think yeah? You
said and you about us? Yes?

274
00:21:25.559 --> 00:21:33.880
For me, it's absolutely yes.
Because most things that Freder supposed to

275
00:21:33.920 --> 00:21:41.279
provide, they're not getting it from
Frement and they're doing it like you know,

276
00:21:41.480 --> 00:21:48.599
like what I mean, you give
your electricities, sorry for water road

277
00:21:48.440 --> 00:21:53.480
you WI pay for vigilanty. You
know, so I think what the people

278
00:21:53.519 --> 00:21:59.160
pay from you know the country corner. You know that's I mean, I

279
00:21:59.200 --> 00:22:03.559
don't understand. That's what sometimes you
see those those people you know who has

280
00:22:03.880 --> 00:22:08.480
connect us, they will always have
couplay with the people who paint us like

281
00:22:08.559 --> 00:22:14.400
the you know, like the shops, you know, stuff like that,

282
00:22:14.720 --> 00:22:19.200
because those those people will be questioning
that why benefiting. I do everything for

283
00:22:19.319 --> 00:22:23.160
myself. I did everything put myself. I paid for this to save my

284
00:22:25.319 --> 00:22:30.640
shop. And you know I I
buy water in case maybe I need water

285
00:22:30.759 --> 00:22:34.279
for my shop and stuff like that. That's the reason why the people are

286
00:22:34.319 --> 00:22:41.880
known really pater and wants Yeah over
time sing people. Yes, the reason

287
00:22:41.920 --> 00:22:48.480
why business business is non moving and
the father you see a lot of like

288
00:22:48.759 --> 00:22:56.119
local government, you know, looker
government at state freder multiple transition coming up

289
00:22:56.359 --> 00:23:03.400
all the way and has to say
why because before you know, before you

290
00:23:03.440 --> 00:23:06.640
pay your you have to know you
know what you benefits, I mean your

291
00:23:06.720 --> 00:23:10.319
pay for no reason. People saying
that you don't pay that that is life

292
00:23:11.480 --> 00:23:15.839
if you live in that's you know, sensing country that recognized you. You

293
00:23:17.079 --> 00:23:18.720
you you don't have any stage to
say you will not pay your tax.

294
00:23:19.440 --> 00:23:23.720
You know, you must you must
pay, but you do you pay?

295
00:23:23.839 --> 00:23:27.960
Like do you work? Just do
you work for money or you just finance

296
00:23:29.000 --> 00:23:33.359
something I want for myself. If
you can answer this question, but do

297
00:23:33.480 --> 00:23:37.599
you pay what taxes? Do you? Like? Do you pay annual taxis?

298
00:23:37.759 --> 00:23:42.799
Like for your income? I want
to put on the spot if no,

299
00:23:42.920 --> 00:23:45.160
no, no, I don't.
I don't. I don't pay my

300
00:23:45.640 --> 00:23:52.920
my like what just hadn't it but
I paid for look at governments? Yeah,

301
00:23:52.000 --> 00:23:55.720
yeah, that would that would I
don't pay that that kind of what

302
00:23:55.880 --> 00:23:57.359
you can say, I don't,
I don't pay, look like past it?

303
00:24:00.200 --> 00:24:10.039
So okay, just I mean different
friends people you know? Yeah?

304
00:24:10.519 --> 00:24:14.480
Yeah, because what I used to
have an office, high brow area and

305
00:24:14.559 --> 00:24:18.440
all that. And at the point
I think I counted about twelve taxes that

306
00:24:18.559 --> 00:24:23.720
I was paying to local government and
state government, things like paper zoone layer.

307
00:24:25.720 --> 00:24:30.559
I remember my office was closed down
by my one am one am one

308
00:24:30.680 --> 00:24:33.160
night. But all I had to
go to the state government head office and

309
00:24:33.400 --> 00:24:37.880
we said, well, we don't
have any trees in front of the office.

310
00:24:37.440 --> 00:24:41.279
So when we're not fighting the zone
layer in front of my office.

311
00:24:41.400 --> 00:24:45.279
Serious stuff, And then we had
to pay people. If I can top

312
00:24:45.279 --> 00:24:49.119
about my head. I paid for
business lessons, I paid for television,

313
00:24:49.480 --> 00:24:56.359
I paid for radio, I paid
for seawedge, I paid for bohole,

314
00:24:56.920 --> 00:25:03.079
I paid for general emissions, I
paid for the old zone for environmental paid

315
00:25:03.119 --> 00:25:07.559
for business permit. Then I paid
for parking. Is ten? I've got

316
00:25:07.599 --> 00:25:10.400
that ten already. I paid for
parking. So the parking was funny because

317
00:25:11.240 --> 00:25:14.400
to park and put up my office, I have to pay the local government

318
00:25:14.480 --> 00:25:18.240
for cars to pack in front of
my office. If I don't pay,

319
00:25:18.400 --> 00:25:22.759
do that, you will to the
car from the from my office. It's

320
00:25:22.880 --> 00:25:26.079
my own office space. So ten, there were more, but it was

321
00:25:26.200 --> 00:25:32.799
like ten. I just count ten
for you. So how the most business

322
00:25:32.880 --> 00:25:38.039
survived is just working as me.
If you pay ten licenses or taxes before

323
00:25:38.079 --> 00:25:41.319
you even do business, then how
can you do business and make a product?

324
00:25:45.160 --> 00:25:47.839
Me? Let me answer, sorry
to work to me, there's a

325
00:25:48.000 --> 00:25:52.200
whole lot of times call it.
I don't know if you heard anybody you

326
00:25:52.319 --> 00:26:02.759
know saying but broad but where's rude? You know? So those things I

327
00:26:02.799 --> 00:26:06.240
don't know. For me, I
don't feel like people are usually need just

328
00:26:06.359 --> 00:26:10.960
to enrichh that said, and those
money are not going to repreder government because

329
00:26:11.000 --> 00:26:14.720
then I even go into the state
or local government, you know, so

330
00:26:15.279 --> 00:26:19.200
they kind of harbor control this kind
of you know, there's an agreement with

331
00:26:19.440 --> 00:26:23.680
the states. Look like your wolfriend, that was whatever, like they will

332
00:26:23.720 --> 00:26:26.799
be remaining, you know, like
you know, just the tick off,

333
00:26:27.480 --> 00:26:32.480
you know, off it because there's
nobody and money told them, you know,

334
00:26:32.599 --> 00:26:34.039
so they're a lot, like you
said, I didn't put more than

335
00:26:34.119 --> 00:26:38.279
that. There was one time they
closed my shop. They said because I

336
00:26:38.400 --> 00:26:44.240
was to pay like infrastructural tasks and
closes. So the end of the day,

337
00:26:44.240 --> 00:26:47.000
I went, we're back here again. I give them money to open

338
00:26:47.079 --> 00:26:49.079
it. So that's just how it
is, you know it FRS stressing.

339
00:26:49.240 --> 00:26:52.599
So a lot of people close and
show up. I said, you know

340
00:26:52.680 --> 00:26:56.519
what, just go to my house, to the house, let me do

341
00:26:56.720 --> 00:26:59.920
them just you know, do pas
stuff in the house. After all,

342
00:27:00.200 --> 00:27:07.000
it's a complications for me. So
that's how people are started relocating just because

343
00:27:07.039 --> 00:27:14.640
of you know, it's already business
friend, And that's the point. That's

344
00:27:14.680 --> 00:27:17.680
the point we're making with it with
the laugh of column put up there.

345
00:27:17.680 --> 00:27:22.160
The laugh of cover is saying,
if you increase taxes to a level taxes

346
00:27:22.240 --> 00:27:26.319
for zero, and if you keep
taxes that zero taxes are in it.

347
00:27:26.359 --> 00:27:30.400
It's saying if you over tax people, they take that capital and the fee.

348
00:27:32.400 --> 00:27:34.279
That's what it's says. So if
you come to the marketer, you

349
00:27:34.359 --> 00:27:40.400
say you are going to pay this
high taxes, say the runaway, and

350
00:27:40.559 --> 00:27:44.079
you get nothing. But if you
keep your taxices rather low, how they

351
00:27:44.200 --> 00:27:48.440
when they can pay and you increase
the base, they actually get more tax

352
00:27:48.559 --> 00:27:52.480
revenue. It's called the laugher of
effect. And every time you see the

353
00:27:52.839 --> 00:27:56.240
taxing luxury stuff like that, it
never worked because the rich guys just high

354
00:27:56.440 --> 00:28:03.279
their capital. So it's very very
difficult to tax that. Yeah, yeah,

355
00:28:03.319 --> 00:28:06.039
good points for me. Yeah,
I didn't just quickly go to the

356
00:28:06.440 --> 00:28:11.960
to the tweet right or the messages. So it's you talk about the Steers

357
00:28:11.039 --> 00:28:15.559
secretity tax, that tax as understanding
as that today has been stepped down,

358
00:28:17.319 --> 00:28:19.200
and like I stead at the very
very beginning, that was a very very

359
00:28:19.599 --> 00:28:26.640
regressive and very bad tax. What
do were attempting to do was tax all

360
00:28:26.039 --> 00:28:32.319
transactions irrespectable who was making them irrespectable
of the income of the person making them.

361
00:28:32.400 --> 00:28:34.759
Let me give you just an example
that it starts silly. Give Dangote.

362
00:28:36.319 --> 00:28:41.279
Dangote write a check to pay salaries. So done. If you write

363
00:28:41.319 --> 00:28:45.000
a check to pay salaries, he
does not pay that cyberst security tax.

364
00:28:45.599 --> 00:28:49.440
If I received that check as my
salary and I then write a check to

365
00:28:49.599 --> 00:28:55.200
my mother for up keeping the village, I paid the tax because it's not

366
00:28:55.559 --> 00:29:00.440
a salary because the exemptions traduitually that
it has to be bank to bank or

367
00:29:00.559 --> 00:29:03.480
like things like salary. So if
not paying my mom as salary, then

368
00:29:03.880 --> 00:29:07.119
she pays. Acts doesn't make any
sense. One that I say is richer

369
00:29:07.160 --> 00:29:11.720
than me. Number two, he
can colde as a salary and avoid it.

370
00:29:11.079 --> 00:29:14.559
So when you want to do things
like this, it's got to be

371
00:29:14.720 --> 00:29:17.400
at a level. You got to
say, okay, from ten million,

372
00:29:17.960 --> 00:29:22.480
then you pay the tax, or
from whatever you pay that you exclude very

373
00:29:22.599 --> 00:29:27.599
very poor, very very basil the
pyramid. You exclude them from attackers.

374
00:29:27.640 --> 00:29:33.039
In this essence, it is the
poor guys that cannot rise checks to come

375
00:29:33.119 --> 00:29:37.240
to companies or not pay salary,
but receiving salaries are going to pay the

376
00:29:37.359 --> 00:29:41.440
tax. So if you receive a
salary, you pay, but if you

377
00:29:41.599 --> 00:29:45.480
pay the salary you don't pay.
It doesn't make any sense. So and

378
00:29:45.799 --> 00:29:48.960
again, like I said, this
act was not for individuals to pay.

379
00:29:48.519 --> 00:29:52.599
If you look at it twenty fifteen
Act, it was specific not just the

380
00:29:52.759 --> 00:29:59.400
businesses. It listed the business to
pay telecoms, banks, stock broken films.

381
00:29:59.440 --> 00:30:02.720
He listed them to pay this new
act. Somebody just try to be

382
00:30:02.880 --> 00:30:07.640
smart and included consumers into the art
and made those customers and said, oh,

383
00:30:07.880 --> 00:30:11.039
the bank should remit from their customers. Know it was supposed to be

384
00:30:11.279 --> 00:30:15.319
if I write a check, the
banks make money from me because I checked,

385
00:30:15.359 --> 00:30:18.799
and the bank pays the cybercek the
fund they say where the banks paid

386
00:30:18.839 --> 00:30:25.599
their legal states, the secret fund
and legal that the police has. No

387
00:30:25.720 --> 00:30:27.400
companies pay to the police phone.
It's thinking, I don't pay to the

388
00:30:27.440 --> 00:30:30.839
police phund. Companies pay to the
police pund. But it's so wanting to

389
00:30:32.079 --> 00:30:37.359
change to allow the banks to collect
those funds from their customers and remit to

390
00:30:37.400 --> 00:30:40.920
this to the service to the fund, which is horrible. You can't have

391
00:30:41.000 --> 00:30:45.680
a regressive tax when people are really
a softness, especially when you have a

392
00:30:45.720 --> 00:30:49.119
lot of ple So the presents thing, you should cancel it, but why

393
00:30:49.279 --> 00:30:53.720
why not? Why just this one? You should go further. All taxes

394
00:30:53.720 --> 00:30:56.640
should be stepped up the next six
mon that's that's really what I think.

395
00:30:57.119 --> 00:31:00.559
Step down to the next six month
that becomes it's sort of the stimulus to

396
00:31:00.640 --> 00:31:06.559
all Nigerias costals rates should come down. Why is it twelve hundred? Why

397
00:31:07.039 --> 00:31:08.839
what are costomers? Is important?
If you put a good why are they

398
00:31:08.960 --> 00:31:14.440
using fourteen hundred? Why can't they
use one to one? Why it's a

399
00:31:14.519 --> 00:31:18.559
subsidy. I'm not saying it's a
right number, but it's a subsidy.

400
00:31:18.880 --> 00:31:22.599
So if you want to reduce taxes, when you boost consumption locally and when

401
00:31:22.640 --> 00:31:26.799
there's local consumption, then the SMEs
can drive. But if you keep a

402
00:31:27.160 --> 00:31:33.559
high because of IGR, you will
make your IGR and all the companies will

403
00:31:33.559 --> 00:31:37.039
be pull the Look at the completely
in Nigeria, they're all leaving because nygrants

404
00:31:37.079 --> 00:31:41.880
can't afford their products and we can't
afford their products. We're paying so much

405
00:31:41.960 --> 00:31:47.559
money in inflation, which is a
tax in inefficiencies where we have high costant

406
00:31:47.640 --> 00:31:52.559
pms and even the raw plane vanilla
tax, so we gotta get rid of

407
00:31:52.680 --> 00:31:56.240
that. So still that's my point. You just got to get rid of

408
00:31:56.400 --> 00:32:01.960
all those obituary taxing. A lot
of taxes coming band A for power,

409
00:32:02.079 --> 00:32:06.599
that's a tax, that's a tax
the band a you're o paying for.

410
00:32:06.880 --> 00:32:08.960
That's a tax. We hear that
are going to bring back the telecom taxes

411
00:32:08.960 --> 00:32:14.079
about five percent telecom tax were they
want to borrow from the World Bank and

412
00:32:14.119 --> 00:32:17.240
they want to bring it back.
It's it's incoming. And why are they

413
00:32:17.400 --> 00:32:24.720
borrowing because they're spending ninety five their
income on salaries. So they've got to

414
00:32:25.000 --> 00:32:30.519
really really cut down on the way
stage in this fair civil service or grow

415
00:32:30.680 --> 00:32:35.960
revenues. They have to do both. Ross I have reported was announced with

416
00:32:36.079 --> 00:32:39.319
fun fed cut down, but no
one has almost anything cut down so far.

417
00:32:39.960 --> 00:32:43.240
So yeah, thanks for that message. I just want to point out

418
00:32:43.279 --> 00:32:46.079
the friends has stepped down so only
go to talk much about it. Let's

419
00:32:46.119 --> 00:32:50.759
see what's going to happen. Number
two. I see you posted the US

420
00:32:51.519 --> 00:32:55.160
tax spending, tax sending. We
can compare ourselves to the US. The

421
00:32:55.279 --> 00:33:00.160
US mixed movie from and US.
I get all that we're not comparing the

422
00:33:00.279 --> 00:33:02.640
US to my year. We're making
the point of the US spend the bulk

423
00:33:02.720 --> 00:33:07.519
of his tax revenues on social services. You look at how the US spends

424
00:33:07.519 --> 00:33:10.759
his money, and I saw also
my profile socialist secret is number one.

425
00:33:10.880 --> 00:33:15.160
The US spends the bulk of their
tax reve news on Social Security and of

426
00:33:15.240 --> 00:33:20.240
course that defense. So an American
can argue that, Okay, I want

427
00:33:20.279 --> 00:33:23.640
to pay taxes because you're going to
pay Social Security. It doesn't matter if

428
00:33:23.720 --> 00:33:29.680
so Sequity is badly managed. But
the point that the Americans spend the bulk

429
00:33:29.839 --> 00:33:35.400
of their tax revenues on social services, Nigeria spent the bulk of her tax

430
00:33:35.480 --> 00:33:42.880
revenues on only civil sabbath and repay. That number ninety five percent of the

431
00:33:43.400 --> 00:33:47.720
tax revenues that Nigeria is making,
it goes to only salaries, pensions,

432
00:33:49.000 --> 00:33:54.839
and overheads of federal civil servants.
That's that's the crazy number if you think

433
00:33:54.880 --> 00:33:59.880
about it. So we've got to
fix that. We've got really fixed otherwise

434
00:34:00.359 --> 00:34:02.799
we're not going to get anywhere going
anywhere. First, Yes, so,

435
00:34:04.000 --> 00:34:07.920
yes, the law has been stepped
down. Yes, I think I also

436
00:34:07.079 --> 00:34:12.960
share that yesterday the law has been
stepped down. How will the bank know

437
00:34:13.239 --> 00:34:16.800
this trans exactly is a salary and
not? Yeah, all these questions to

438
00:34:16.840 --> 00:34:21.880
do with the Saber Act. Guys, it's been stepped down. So and

439
00:34:22.039 --> 00:34:24.519
I'm not sure we can deal with
it. But usually banks will just code

440
00:34:24.599 --> 00:34:29.119
your transaction. If a bank goes
to know if what your pain is a

441
00:34:29.239 --> 00:34:31.880
check, that would code a transaction
and say all checks that come this way

442
00:34:32.360 --> 00:34:37.079
would end that feel all checks that
do not get called as a salary or

443
00:34:37.199 --> 00:34:40.679
transfer from back bank will pay that
essentially how they will do it. But

444
00:34:40.880 --> 00:34:45.880
it's still going to be messing because
at the point of paying, if I

445
00:34:45.199 --> 00:34:50.679
say I'm paying my mom's salary,
that means I don't pay right. So

446
00:34:50.880 --> 00:34:53.320
that means everybody's going to say that
a paining a mom or their girlfriend's salary.

447
00:34:53.440 --> 00:34:57.480
So if I have a girlfriend,
a simple employer into my company,

448
00:34:57.960 --> 00:35:00.400
and every month I paid that salary, then I called the aim of the

449
00:35:00.519 --> 00:35:04.960
tax is defeated. And that's what
you're gonna argue. You would have seen

450
00:35:05.679 --> 00:35:09.119
going forward. You've got to There
are just too many taxes, that's the

451
00:35:09.199 --> 00:35:15.159
point. And we're taxing too much
because we have a blooded inefficient government.

452
00:35:15.440 --> 00:35:19.920
That's what's going on. So guys, thanks, keep those comments coming.

453
00:35:20.039 --> 00:35:23.079
I appreciate it. Come on,
guys, do not you don't have to

454
00:35:23.159 --> 00:35:28.119
go there. Thank you so much. Let me read this one CR tax

455
00:35:28.239 --> 00:35:35.360
rates. Look yeah, good,
good point. Good point you're making.

456
00:35:35.440 --> 00:35:38.639
Someone is saying that the company in
come tax rates have not increased in Nigeria.

457
00:35:39.599 --> 00:35:45.880
So companies that rate companies rates what
they are paying for taxon Niger have

458
00:35:45.079 --> 00:35:50.280
not gone up. I see the
point you're making. Yes, But if

459
00:35:50.360 --> 00:35:53.599
a company tax rate has stayed the
same, but the company is paying more

460
00:35:54.360 --> 00:36:00.280
for bog transfer, for PMS,
for diesel, is paying for or the

461
00:36:00.440 --> 00:36:09.320
cyber tax is paying for what's it
called the and ideal Nigerian telling what's what?

462
00:36:09.480 --> 00:36:14.360
That what their name they do,
telecom whatever, If it's paying all

463
00:36:14.519 --> 00:36:20.159
these taxes and rates and fees,
but the actual tax rate has stayed the

464
00:36:20.239 --> 00:36:24.719
same, has been decerptive because the
cost of doing business Nigeria is rising.

465
00:36:25.280 --> 00:36:29.519
But you will if you just look
at the tax with the stay the same,

466
00:36:29.880 --> 00:36:34.239
it's deceptive. So you say that
the tax rates and decorporate incompact niger

467
00:36:34.320 --> 00:36:38.360
has stayed the same, hence the
cost of doing the nager has basically stayed

468
00:36:38.360 --> 00:36:43.719
the same, that's going to be
wrong in a way, because you've got

469
00:36:43.800 --> 00:36:47.800
to look at the total cost of
doing business. Those businesses are paying lots

470
00:36:47.840 --> 00:36:52.239
of tax. Look, let me
give you something. Telecom companies they have

471
00:36:52.360 --> 00:36:59.320
this especial called outcome right Telecom.
Those guys are being charged about forty different

472
00:36:59.559 --> 00:37:06.239
taxes for zero forty different taxes.
There have been chattings like effluent telecom company,

473
00:37:06.400 --> 00:37:10.719
effluent, where's the effluent? They
are taxes like mass permit, mast

474
00:37:10.920 --> 00:37:16.760
height permit ecology for telecoms. There
are chatings like fire service. You know,

475
00:37:17.360 --> 00:37:22.920
oh zone. So your telephone built
in Nigeria has not grown up because

476
00:37:22.960 --> 00:37:29.159
they've told the telecom companies not to
increase taxes. So look at what's going

477
00:37:29.239 --> 00:37:34.440
on, Empty end blue and the
rest. Their costs have grown up because

478
00:37:34.480 --> 00:37:37.800
there have been a lot of taxes
to the government and fees and levies to

479
00:37:37.960 --> 00:37:44.760
local states. But the federal government
has told them not to increase the cost

480
00:37:44.840 --> 00:37:49.159
of your telephone lines. So what
would happen if tomorrow they're add them to

481
00:37:49.440 --> 00:37:53.079
charge cost reflective tarists on your phone
lines. I'm not possible to use phones

482
00:37:53.119 --> 00:37:58.000
in Nigeria. It's the point I'm
making that most of the cost that you

483
00:37:58.119 --> 00:38:01.840
have in Nigeria, you can can't
afford anything in Nigeria in dollars, you

484
00:38:01.960 --> 00:38:06.880
can't. And the telecom is a
key gicky part of it. If they

485
00:38:07.119 --> 00:38:13.719
charged the real cost that they charged
to make you be able to place calls

486
00:38:13.840 --> 00:38:16.760
in Nigeria may just not be able
to pay, and that's the point about

487
00:38:17.320 --> 00:38:22.440
the taxes. But the government has
taxed them and has accidentally not to increase

488
00:38:22.760 --> 00:38:27.039
their talents on their phone. So
this makes it impossible for us to know

489
00:38:27.159 --> 00:38:30.800
the real cost of telecoms, so
it is subsidie. But the telecom guys

490
00:38:30.840 --> 00:38:35.800
are the pain. The lecong guys
now say they cannot have run operational the

491
00:38:35.920 --> 00:38:39.679
taxes. So something has got to
give. And that's the point about taxes.

492
00:38:39.800 --> 00:38:45.800
You can't keep on increasing taxes for
IGR. It's not possible. The

493
00:38:45.960 --> 00:38:51.159
economy will fall and collapse on dis
with I think within budget says you can

494
00:38:51.239 --> 00:38:55.400
get into a bucket and lift the
bucket. So you can't raise IGR in

495
00:38:55.480 --> 00:39:00.840
the same economy where taxes are going
up and we just have stayed flat.

496
00:39:01.320 --> 00:39:06.000
Something has got to give. So
let's leave that seat tax. The tax

497
00:39:06.079 --> 00:39:12.480
rates are the same, but the
levies defined the other non corporate incompact issues

498
00:39:12.519 --> 00:39:15.320
have also gone up. And that's
the many comments live in Nigeria. It

499
00:39:15.440 --> 00:39:21.760
is just too expensive to do business
in nineteen that's the point we've got to

500
00:39:21.840 --> 00:39:25.800
really bring down the court. And
I want to talk about that import substitution

501
00:39:27.000 --> 00:39:31.679
in the in the wild. But
let me yeah again guy, anything that

502
00:39:31.960 --> 00:39:38.760
the cyber security text is stepped down
for now, so no point talking about

503
00:39:38.800 --> 00:39:42.280
it. I was little to talk
about that whole taxes, whole week.

504
00:39:42.320 --> 00:39:45.760
But it's been stepped down. So
that's a victory for all the folks that

505
00:39:46.000 --> 00:39:50.280
commented about it. Lots of folks
came out and said it was illegal,

506
00:39:50.840 --> 00:39:53.960
stepping down and the government has stepped
it down. So the cybersecution as today

507
00:39:54.800 --> 00:39:59.679
is stepped down. Let's hope that
others would go as well. Mark,

508
00:40:00.079 --> 00:40:09.639
Also thank you for waiting. What
are okay? We living in cal called

509
00:40:09.639 --> 00:40:19.400
the dog, Yes, the US
and light and pronting us to issues because

510
00:40:19.480 --> 00:40:25.599
most of your hoever come to your
time like at the current issues and from

511
00:40:25.639 --> 00:40:30.440
there I will take up more okay
on the topic. First of all,

512
00:40:30.480 --> 00:40:35.880
I want to ask to Ques John, even though the ant may be clearing,

513
00:40:36.760 --> 00:40:46.639
Yes, I say o over you
mean the amount of tact or the

514
00:40:46.800 --> 00:40:54.559
number of tax because why as if
it's the amount of ta mm hmmm,

515
00:40:55.800 --> 00:41:01.079
I think it's high. Now you
can see the number of start it ooky

516
00:41:01.599 --> 00:41:07.639
because even abroad most almost everything your
facts on it. But the point is

517
00:41:10.440 --> 00:41:19.599
you don't tax people that dont have
very low income, and you should tax

518
00:41:19.719 --> 00:41:27.599
people based on the the rit of
the income. You don't just blankets it

519
00:41:27.760 --> 00:41:31.920
has on the people with a considering
like let me say, for instance,

520
00:41:32.840 --> 00:41:40.559
when they said that they're entirely in
the barriers on electricity, they grouped band

521
00:41:42.000 --> 00:41:45.840
and band on others forgetting that.
There's no way you can you can actually

522
00:41:47.280 --> 00:41:52.199
separate the people that listen to such
in any band because like U, it's

523
00:41:52.239 --> 00:41:57.360
a mixed environment, even the even
the environment you say it is for the

524
00:41:57.960 --> 00:42:01.119
burgers, it's go into the bush
and nobody I don't. I don't even

525
00:42:01.119 --> 00:42:07.719
know if they've they're actually a distinction
between the classes and the areas that they

526
00:42:07.000 --> 00:42:13.119
because because even if you go to
the high hybrid areas, you just see

527
00:42:13.159 --> 00:42:20.960
there they are service staffs, their
house helps, they are whatever still living

528
00:42:21.079 --> 00:42:28.840
operating around them there, and those
ones also are affected with whatever classification you

529
00:42:29.039 --> 00:42:37.159
give in such areas based on paris
and taxes and levies or whatever you call

530
00:42:37.159 --> 00:42:40.360
it, because there are all these
names. All boys don't know what you

531
00:42:40.519 --> 00:42:45.639
give back to the government, and
you can be given that government cannot be

532
00:42:45.760 --> 00:42:51.320
imagining from you like that limits Ever, something I don't don't I don't mean

533
00:42:51.400 --> 00:42:55.760
to digresse in this in March submission, but there's something I need to also

534
00:42:55.920 --> 00:43:02.000
point out to us because there are
something I was analyzing with somebody at that

535
00:43:02.159 --> 00:43:13.559
time. There are there are natural
disasters and there are human or government disasters.

536
00:43:14.239 --> 00:43:19.039
Nigeria. We're so bodd that most
of the times or over a period

537
00:43:19.119 --> 00:43:24.599
of time, we don't explain natural
disasters. But here we have human induced

538
00:43:24.639 --> 00:43:31.199
disasters. Because all these things the
government government, our government and are depent

539
00:43:31.360 --> 00:43:39.280
on doing two days, it is
not a disaster. You cannot be taxing,

540
00:43:39.599 --> 00:43:46.679
okay, the taxes on road usage, on vehicle licenses when the rules

541
00:43:46.760 --> 00:43:52.880
are very bad. You're increasing the
licenses the amount of money to get the

542
00:43:52.000 --> 00:43:57.239
license for your vehicle to move on
the road. But at the same time

543
00:43:57.360 --> 00:44:01.320
depends out of the present pace much
high money to the government to get certain

544
00:44:01.400 --> 00:44:06.800
license or permits. Now the person
flies on that wood and the road are

545
00:44:06.920 --> 00:44:10.519
filled with portholes, so he spends
mom a lot of money when it's verycle

546
00:44:10.639 --> 00:44:15.920
and also paying you. I increase
high rates of taxes, so I don't

547
00:44:15.960 --> 00:44:20.400
get it. Like in advance word
to your things that are good. You

548
00:44:20.480 --> 00:44:22.760
may even drive your car like I'll
give you an example. How was the

549
00:44:22.800 --> 00:44:28.559
time I was facing my mot to
hope that hope keep grinding. One day

550
00:44:28.599 --> 00:44:31.559
I was in the mechanics. One
man was also game to services car and

551
00:44:31.679 --> 00:44:36.119
I was complained to the mechanics about
the hope. The man was for surprise

552
00:44:36.199 --> 00:44:38.360
that all does helped me. I
was explaining to him. He said that

553
00:44:38.440 --> 00:44:42.559
he lives in the US for years
that he doesn't know what it is called

554
00:44:42.599 --> 00:44:46.039
hope. Now the mechanic has slaked
to him that his hope keeps grinded,

555
00:44:46.079 --> 00:44:51.159
especially the when they can applies in
mudy area, all these streams in the

556
00:44:51.719 --> 00:44:55.599
water and all that, and this
happen. I've changed that hope like to

557
00:44:55.800 --> 00:45:00.639
that was the third time when when
when the road or they want what can

558
00:45:00.679 --> 00:45:06.679
you expend your amount of money?
Also in the early over task, know

559
00:45:06.760 --> 00:45:10.519
what I mean answers our first question
about is it number? And you said

560
00:45:10.559 --> 00:45:15.119
you needed a number of taxles and
I think it's both of them. It's

561
00:45:15.199 --> 00:45:17.719
both of them. If you live
in the States, what do you pay

562
00:45:17.800 --> 00:45:22.199
tax? And you pay tax on
income to the federal or state In some

563
00:45:22.320 --> 00:45:25.320
instances if you stay you always pay
federal, then you pay your state.

564
00:45:25.400 --> 00:45:29.280
You pay medicare, you pay pay, you pay all doctor, but it's

565
00:45:29.400 --> 00:45:31.559
known, you know exactly what you
are paying. I think the problem is

566
00:45:31.599 --> 00:45:37.239
I say that you can wake up
today and your office is shut down because

567
00:45:37.239 --> 00:45:42.880
you didn't pay wheelbarrow tax or you
didn't pay smoked fish tax. It does

568
00:45:42.960 --> 00:45:45.360
come from me. When they think
of entertainment tax, road closure tax,

569
00:45:45.480 --> 00:45:49.880
gotta is that the tax it does
come out of nowhere, and those things

570
00:45:49.920 --> 00:45:52.480
are not recorded in your books.
You can't get a tax credits. You

571
00:45:52.559 --> 00:45:57.960
say you can pay tax and as
a business you can put that tax in

572
00:45:58.079 --> 00:46:01.039
your books as the cost of gating
business and then claim it as a tax

573
00:46:01.119 --> 00:46:06.400
credit. So if I'm paying a
tax to local government, I should be

574
00:46:06.400 --> 00:46:08.880
able to say, oh, this
is my cost of doing business. Then

575
00:46:09.039 --> 00:46:13.079
when I run my tax for the
whole year, I don't pay. I

576
00:46:13.199 --> 00:46:17.639
reintroduces my taxable incomeboard in nigers or
because those tax are really illegal. You

577
00:46:17.760 --> 00:46:22.480
can't write in your books that you
paid a borough or that you pay a

578
00:46:22.639 --> 00:46:25.440
tax that is not recorded with a
joint tax board. That's the problem in

579
00:46:25.519 --> 00:46:30.480
Nigeria. So in the telecom conference, that the marginal thing and for example,

580
00:46:30.079 --> 00:46:36.559
all those forty taxes they pay are
not are not recognized in the Joint

581
00:46:36.599 --> 00:46:42.039
Tax Board. They're not recognized that
a telecom compas should pay for restance effluent.

582
00:46:42.880 --> 00:46:45.639
So the MTN and so eat that
tax as the cost of doing business,

583
00:46:45.840 --> 00:46:50.320
but they can claim it back as
a cost of doing business. That's

584
00:46:50.320 --> 00:46:55.079
the problem in Nigeria. So it's
number and it's also the amount the ci

585
00:46:55.199 --> 00:47:00.960
T that our copied. Contax is
the same across board and when just has

586
00:47:00.000 --> 00:47:05.599
a big advantage. If you are
looking for investors, you reduce taxes,

587
00:47:05.679 --> 00:47:08.840
you don't increase them. We seem
to be we jump and we say we

588
00:47:08.840 --> 00:47:14.519
want to they should tax. We
should be reducing taxes, making it even

589
00:47:14.719 --> 00:47:17.920
zero. If you make your tax
zero and the company comes, won't they

590
00:47:19.000 --> 00:47:22.679
eat, won't they get water?
Won't they rent a house to stay?

591
00:47:22.760 --> 00:47:24.800
That's how you get your money from
them. So if you say you want

592
00:47:24.840 --> 00:47:30.840
a company, you know, last
year we're trying to tax term Twitter to

593
00:47:30.960 --> 00:47:36.719
come to Nigeria and we're saying they
should pay tax register that's a bad approach.

594
00:47:37.119 --> 00:47:39.400
The better apport you to tell Twitter
if you come to Nigeria the next

595
00:47:39.480 --> 00:47:44.719
ten years, you don't pay any
taxes. Twitterompan NYDIA would they buy sever

596
00:47:45.320 --> 00:47:49.079
when they hire people. All those
folks are going to be in Nigeria.

597
00:47:49.159 --> 00:47:54.840
Look at Microsoft now they're leaving Nigeria. If Microsoft leaves Nigeria, that office

598
00:47:54.840 --> 00:47:58.239
is not going to be you know, they won't use it to the maximum

599
00:47:58.360 --> 00:48:00.519
use. So we are losing that
revenue from there. We know. I'm

600
00:48:00.599 --> 00:48:04.440
sure right man Najera will prefer to
say okay, stay in that place,

601
00:48:04.840 --> 00:48:07.639
don't have a presence and paid reduce
taxes. I'm sure we would take that

602
00:48:07.760 --> 00:48:15.440
perfer for Microsoft. So taxes is
strategy. We can't look at tax as

603
00:48:15.159 --> 00:48:20.599
revenue generation only. It's a strategy. You know, if you want to

604
00:48:20.679 --> 00:48:22.599
get someone to come to your house, you you just make it sweet,

605
00:48:22.679 --> 00:48:27.400
you say okay, if you come
here, you pay lower taxes. That's

606
00:48:27.440 --> 00:48:30.599
what we need to do. It's
got to be a way to drive business,

607
00:48:30.760 --> 00:48:35.440
not a way to tax and milk
business. You know, don't the

608
00:48:35.480 --> 00:48:39.239
example I giving MACS ten, I
paid those ten taxes before I started working,

609
00:48:39.639 --> 00:48:44.760
before I stif fight opened the office
life we office us open to this

610
00:48:45.000 --> 00:48:49.239
with a banner, and all those
tax people came before we had warm fully

611
00:48:49.320 --> 00:48:53.639
of operatials. So business tax,
you paid business tax. I paid TV

612
00:48:54.039 --> 00:49:00.480
and radio. I paid parking,
I paid signboard, I paid sewage,

613
00:49:01.159 --> 00:49:07.519
I paid bohole generator affluence. I
called ten last time, what is the

614
00:49:07.800 --> 00:49:14.400
environment? I've missed it too,
but I paid on most of this before

615
00:49:15.119 --> 00:49:19.000
twelve months of doing business. And
that's the point of Yeah, what do

616
00:49:19.039 --> 00:49:24.840
you think I get you now?
Remember in our last piece when we were

617
00:49:24.880 --> 00:49:31.199
talking about elder Yeah, one of
the one of the things I was trying

618
00:49:31.280 --> 00:49:37.280
to point out then, am i
am i online? Yes? Yeah,

619
00:49:37.719 --> 00:49:40.440
yeah, all the things I was
trying to point out. Then when they

620
00:49:40.519 --> 00:49:47.039
when they do this kind of blounder
in the monetary policies, is scaring people

621
00:49:47.119 --> 00:49:51.960
away? Yeah, like from what
you're what you're explaining, what you're trying

622
00:49:52.000 --> 00:49:57.800
to explain here, they should actually
think of the way they can handle these

623
00:49:58.039 --> 00:50:05.440
policies so that it will bring employers
into the side into our night into night

624
00:50:05.960 --> 00:50:13.480
because they are there. The way
they can differentiate the taxes the the manufacturers

625
00:50:13.760 --> 00:50:22.920
or the job givers be and the
taxes that the the the workers. That's

626
00:50:22.159 --> 00:50:27.119
an average night you then because from
people from people that may not be manufacturing

627
00:50:27.199 --> 00:50:30.960
or may not be giving any they
work in the civil savages or they work

628
00:50:31.000 --> 00:50:36.760
in the private sector. You understand
the pay that system, from the salary,

629
00:50:36.840 --> 00:50:39.800
from the things they buy, that
and other you know now, but

630
00:50:40.400 --> 00:50:46.320
if you that's that's most of these
you're selling it or either that's the manufacturers

631
00:50:46.559 --> 00:50:54.079
or companies, so I the company
will entirely maybe down size in their workforce

632
00:50:54.800 --> 00:51:00.719
or pack up eventually the same thing. Nobody not gay. You have you

633
00:51:00.760 --> 00:51:05.280
have, you have, you have
a good example, McDonald You have glass

634
00:51:05.320 --> 00:51:07.559
to speak like what they do.
They left Nigeria, but they really a

635
00:51:07.719 --> 00:51:14.280
billings to it an individual. So
that individual is going to import their goods

636
00:51:14.320 --> 00:51:17.440
from UK to Nigeria and that individual, who know how, he will pay

637
00:51:17.480 --> 00:51:22.679
the Maybe Glasgow can't break any laws, but that's what they've done, which

638
00:51:22.719 --> 00:51:31.199
is exactly exactly what you're saying.
It's really it's really unfortunate that I don't

639
00:51:31.199 --> 00:51:36.639
want to call names, but everybody
knows that the people are the hem of

640
00:51:36.760 --> 00:51:44.840
affair, that people that have wrong
ning wrong said uh managements. Because I

641
00:51:44.920 --> 00:51:49.280
don't know someone who was quoting my
red the other time, they don't,

642
00:51:49.519 --> 00:51:54.480
they don't. Yeah, I hear
you McDonalds. I mean and again,

643
00:51:54.519 --> 00:51:58.480
I'm just talking to my friend that
is talking to me on the Twitter turn

644
00:51:58.559 --> 00:52:02.800
and about social Security tonasyfity is financed
by payroll tax, no argument. The

645
00:52:02.920 --> 00:52:07.920
point what I'm making is that all
taxes in the US, if you group

646
00:52:07.039 --> 00:52:12.320
all the US tactics together, the
number one source that is spending money on

647
00:52:12.559 --> 00:52:15.960
is on social security. That's the
point I'm making. If you group all

648
00:52:16.159 --> 00:52:22.519
the taxes in Nigeria together, your
group ciit, you group V eight,

649
00:52:22.760 --> 00:52:28.320
you group all more the federal government
gets together, the bulk of the spending,

650
00:52:28.559 --> 00:52:36.199
ninety five percent of that spending goes
to salaries or overhead and tensions of

651
00:52:36.400 --> 00:52:42.119
civil servants. That's the difference I'm
saying US spends on social security for all

652
00:52:42.440 --> 00:52:49.320
Americans, Nigeria is spending on ninety
five percent for only civil servants. Greg

653
00:52:49.360 --> 00:52:57.239
Grew, your hand is upser,
Please go answer. I can hear you

654
00:52:57.440 --> 00:53:02.360
very well, sir. Did the
lever for giving me the opportunity to speak.

655
00:53:04.800 --> 00:53:07.519
As far as this question, this
concern, I will always see the

656
00:53:07.639 --> 00:53:13.440
other terms. But because I am
I doubt I'm not troubled, but I

657
00:53:13.639 --> 00:53:19.440
doubt you will see a contrue.
Well, we are taxed without representation like

658
00:53:19.639 --> 00:53:23.599
the Enginlia ever give me they would
pay one form of ts for the other

659
00:53:24.480 --> 00:53:29.480
when you do your markets and discontent
way to go and bidings. I've been

660
00:53:29.559 --> 00:53:34.000
to a marketing listed where I went
to bitings. I bought the things and

661
00:53:34.199 --> 00:53:37.599
the buyer, I got my load, and people came to meet me that

662
00:53:37.719 --> 00:53:42.800
I had to pay for dropping my
load on the good. I'm nevern talking

663
00:53:42.800 --> 00:53:45.480
about the seller now, I'm talking
of me as a buyer. So it's

664
00:53:45.519 --> 00:53:52.800
so and loing and so and so
and so frustrated. Then that's the dimwters

665
00:53:52.840 --> 00:53:57.280
that. Thank god this cab.
He asked the simple question and nobody seemed

666
00:53:57.320 --> 00:54:00.039
to answer, seem to have answered
the question. We are telling us to

667
00:54:00.159 --> 00:54:07.440
be cyber security tax, and I'm
on Twitter everything other day with your people

668
00:54:07.639 --> 00:54:13.320
stealing phones. The person is not
supposed to know your password. The person

669
00:54:13.440 --> 00:54:15.559
is not supposed to be able to
look into your account without the talk.

670
00:54:16.760 --> 00:54:22.079
But somehow you will steal a phone, You'll be able to get the password,

671
00:54:22.519 --> 00:54:25.239
You'll be able to look into their
countlet and advert to home. You'll

672
00:54:25.239 --> 00:54:30.079
be able to transpire the money out
of the account, and the banks to

673
00:54:30.159 --> 00:54:34.000
tell him they can't do anything about
it. Now I have to question them

674
00:54:34.400 --> 00:54:37.960
if I'm paying cyber security tax because
it's what you like it or not that

675
00:54:38.159 --> 00:54:44.320
from my calculation, Let's say I
do as of like three million dovers a

676
00:54:44.440 --> 00:54:47.800
month in a year, that's like
fifteen thousand or never or something that much.

677
00:54:49.159 --> 00:54:52.960
Yeah, about fifteen thousand, and
cyber security ts this Theurney in show

678
00:54:53.039 --> 00:54:57.960
has that is going to show me
when they break into my account, that's

679
00:54:57.960 --> 00:55:00.039
still my money. Or if they
work into my accou still my money.

680
00:55:00.480 --> 00:55:06.159
This wed taxation with that presentation comes
in if you're telling them I'm going to

681
00:55:06.280 --> 00:55:09.679
be a lady. Yeah, bad
versual. Somebody suse my phone and of

682
00:55:09.800 --> 00:55:15.159
course it's never default of the bat, it's never their fault and the everybody

683
00:55:15.400 --> 00:55:19.239
these things that they have been as
far as advantage concerned. But if that

684
00:55:19.400 --> 00:55:22.239
a course, has somebody scused my
phone and is able to assess my account

685
00:55:22.719 --> 00:55:29.079
for pay cyber security tax, am
I contected? So there's particularly no protection

686
00:55:29.239 --> 00:55:32.320
that at individual level. But the
tax body was supposed to be on me.

687
00:55:32.920 --> 00:55:37.320
So it's quite annn. It's really
really frustrated. I can't I cant

688
00:55:37.360 --> 00:55:44.159
into fatom can't where we are taxed
too heavily without any representation on anything.

689
00:55:44.840 --> 00:55:49.719
This is where only I started took
a plate. Only the taxes that this

690
00:55:51.360 --> 00:55:58.400
multiplity this government upper hastert hostage of
government, collect from tricycles, from houses,

691
00:55:58.519 --> 00:56:01.719
from cap care. We are most
of those clubs admits issue with God

692
00:56:01.760 --> 00:56:08.599
at all. Yeah, I mean
it's a good point. Only both collect

693
00:56:08.719 --> 00:56:14.840
from care, from bicycles, from
from christ cycle, from banks, from

694
00:56:14.960 --> 00:56:20.719
car. We are the Nigeria has
more complaints. Nigeria should have more issue

695
00:56:20.760 --> 00:56:23.039
in views. But yeah, we
are, we are paying taxes. We

696
00:56:23.119 --> 00:56:28.719
are misrepresented like mad. Then even
that the local level, there's one that

697
00:56:28.880 --> 00:56:31.960
was arguing today the part of something
in my state and they said this is

698
00:56:31.960 --> 00:56:37.519
effect. It's the first program and
they said it must be firs in the

699
00:56:37.079 --> 00:56:44.360
most the college. The beneficiality of
the program must be from the specific most

700
00:56:44.400 --> 00:56:47.920
be from the local pers in the
geopolitical zone of the area. Then I

701
00:56:49.000 --> 00:56:53.079
actually question, are you telling me
more dation. I live in an area.

702
00:56:53.400 --> 00:56:58.119
I take success from the area.
I do everything and the area oh

703
00:56:58.199 --> 00:57:01.000
my business, I want my business. Yeah. Then the friends that pushes

704
00:57:01.119 --> 00:57:06.239
from the first protrogram home, are
you telling me that I sa more ind

705
00:57:06.599 --> 00:57:10.000
I've been stay, I've been done
my activities here. I cannot apply for

706
00:57:10.159 --> 00:57:15.880
the program because I lost from then
why is it a further program? So

707
00:57:15.079 --> 00:57:20.679
this is our distat level, we
are still being we're still doing the nine

708
00:57:20.840 --> 00:57:25.320
representation because I can't be like a
list of my not from here, so

709
00:57:25.440 --> 00:57:36.639
you can't partake of this. Yeah, just annoying. So for minutes we

710
00:57:36.719 --> 00:57:42.760
are at tax just because of the
fact that we literally have for our taxes

711
00:57:42.840 --> 00:57:45.639
than I think you make a good
point, Greig when you ask that is

712
00:57:45.719 --> 00:57:50.440
there fun to have compens the consumer, because look at it this way.

713
00:57:51.239 --> 00:57:58.599
Because it was originally waiting for businesses, the business work not about fifty they

714
00:57:58.639 --> 00:58:04.559
would have been able to manage that
process to compensate or to watch that business

715
00:58:05.000 --> 00:58:08.920
online portfolio. But when you make
it consumers, that means if I'm paying

716
00:58:09.039 --> 00:58:13.679
for that service, I should able
to have a recourse should I not get

717
00:58:13.760 --> 00:58:15.880
the service. So you're making a
good point that if this law had passed,

718
00:58:16.400 --> 00:58:21.400
perhaps you should have been able to
fall back mechanism for the consumers to

719
00:58:21.480 --> 00:58:24.199
say I paid, but I still
go to redtop so I want to get

720
00:58:24.280 --> 00:58:29.119
insurance cover things like that. So
good point on that, and I think

721
00:58:29.199 --> 00:58:32.960
it's well's good that it has been
scrapped. And again this point of taxation

722
00:58:34.599 --> 00:58:38.440
without representation. Also on that valid
point they are making. If you pay

723
00:58:38.559 --> 00:58:45.440
a tax, it gives you the
not just the you have the right to

724
00:58:45.599 --> 00:58:50.519
demand for accountability and action that comes
to you. If you pay tax your

725
00:58:50.559 --> 00:58:52.800
local government, then the government then
works for you. It's not the other

726
00:58:52.920 --> 00:58:59.239
way around. They collect taxes,
they must deliver services to you because you

727
00:58:59.360 --> 00:59:05.239
are paying. So good point they're
on taxic with representations. Sully, your

728
00:59:05.280 --> 00:59:09.199
hands off, what's going on?
Yeah, mister Gray, I don't want

729
00:59:09.199 --> 00:59:14.400
to direct our attation for your topics, but I know there was one.

730
00:59:14.519 --> 00:59:17.719
There was the other they was talking
about the way was structured. You know,

731
00:59:17.800 --> 00:59:23.239
I was in your space and and
like I contribute, Like I do

732
00:59:23.320 --> 00:59:30.719
you think these tasks you will ever
be very effective? You know because if

733
00:59:30.760 --> 00:59:37.039
you look the near Is structure,
it's like very centralized, not like America

734
00:59:37.119 --> 00:59:40.679
that we only talked about it.
I mean you can see the company we

735
00:59:40.920 --> 00:59:45.199
just from, you know, from
a Budja onto the States and said that

736
00:59:45.280 --> 00:59:52.400
they were saying by Frederick. So
they still don't have any right to as

737
00:59:52.480 --> 00:59:54.559
the manitars the isn't one. I'm
I'm just one of botting. Here is

738
00:59:54.599 --> 00:59:58.519
a part that you just lit.
The way you were saying that if you

739
00:59:58.559 --> 01:00:01.920
look at gun man connectitives from you
local goment, you use the task.

740
01:00:02.199 --> 01:00:07.679
You know that she used it for
the local government, right and also stayed

741
01:00:07.760 --> 01:00:15.000
in the federal But we see that
a lot of companies, you know,

742
01:00:15.480 --> 01:00:20.719
they know not even federal state.
You know, So I don't That's why

743
01:00:20.719 --> 01:00:22.440
I said. I said, I
don't want took about our testion. But

744
01:00:22.519 --> 01:00:27.639
you were structure because we're only strength. It's very centralized, not like in

745
01:00:27.679 --> 01:00:30.119
America way buy. You know,
if you pay local go men, you

746
01:00:30.159 --> 01:00:35.559
know which is their contents, they
use it for their for their their content.

747
01:00:36.239 --> 01:00:38.000
If you pay for states, they
use it. Federals to use it,

748
01:00:38.079 --> 01:00:40.960
so you know where your money is
going, you know. So But

749
01:00:43.079 --> 01:00:46.519
me, that's why I said,
let you ask our task. We we

750
01:00:46.840 --> 01:00:52.159
ever be efficient, even if maybe
we kind of leg re use this for

751
01:00:52.280 --> 01:00:57.280
the you know, for the buntom. Let just trickle it down. I

752
01:00:57.360 --> 01:01:01.239
did get question you're asking some night
you on paper is a federal republic,

753
01:01:01.840 --> 01:01:06.239
but in terms of physical terms,
it's more or less a unitary state.

754
01:01:07.199 --> 01:01:10.679
If you look at the way taxes
structured in Nigeria, the federal government has

755
01:01:10.760 --> 01:01:19.760
the sole powers to administer the collection
and also the rates of taxes in the

756
01:01:19.840 --> 01:01:23.159
country. When I min is this
the federal government collects V eighty. They're

757
01:01:23.199 --> 01:01:28.280
not supposed to. Vated is supposed
to be a state tax. Only the

758
01:01:28.360 --> 01:01:31.280
state tribute to collectivity on its own
and sets its own rates on its own.

759
01:01:31.639 --> 01:01:36.920
But the federal sets vating rates and
the federal collects thus V eight and

760
01:01:37.039 --> 01:01:42.079
then distributes across Nigeria is in the
federal formula, which is wrong because V

761
01:01:42.239 --> 01:01:46.480
eight is the consumption tax. People
can't consume in Quara and you're distributed it

762
01:01:46.559 --> 01:01:51.679
to Abia. It doesn't make any
sense whatsoever. There's a bunch of people.

763
01:01:52.119 --> 01:01:54.000
And then the other one again you
want to talk about, is to

764
01:01:54.079 --> 01:02:00.159
say in terms of not just the
V eighty point, in terms of how

765
01:02:00.280 --> 01:02:06.000
we then even spend. Look at
the Nigeria contition. Local governments, right,

766
01:02:06.159 --> 01:02:14.000
local governments are under They control states
in Nigeria. Right, So let

767
01:02:14.000 --> 01:02:17.960
me sorry guys. Yeah, so
local governments, for instance, controlled primary

768
01:02:19.039 --> 01:02:23.400
schools in Nigeria. Local governments control
primary schools Nigeria, but in Nigeria,

769
01:02:23.519 --> 01:02:30.559
the federal government, the federal government
pays salaries for these teachers. So what

770
01:02:30.719 --> 01:02:34.400
you didn't have is that there's a
mismarke between the local governments and the schools.

771
01:02:35.280 --> 01:02:39.880
If the local governments collect property tax, which is what they're supposed to

772
01:02:39.960 --> 01:02:44.880
collect, then they can have very
good schools. So you can see there's

773
01:02:44.880 --> 01:02:49.239
going to be a tie in with
your where you live and the quality of

774
01:02:49.320 --> 01:02:53.199
the schools. So there's going to
be competition between two move to I want

775
01:02:53.239 --> 01:02:58.280
to move to a Giga because a
Gigia has a very very good school district.

776
01:02:58.400 --> 01:03:00.639
That's how we're supposed to be.
So in Niger was written that local

777
01:03:00.719 --> 01:03:04.400
government take care of the prime.
Well, now you've got to local comments.

778
01:03:04.440 --> 01:03:07.360
They don't do anything. They literally
don't do anything. Look at the

779
01:03:07.400 --> 01:03:09.960
River state where they're saying, oh, you have to hold your session in

780
01:03:10.000 --> 01:03:13.760
the state and all that. So
they really don't do anything per se.

781
01:03:14.039 --> 01:03:17.760
And that's the problem that you have. The country has to restructure itself.

782
01:03:19.400 --> 01:03:23.440
It has to restructure itself. You
cannot have only the federal government taxing the

783
01:03:23.599 --> 01:03:30.159
incomes of companies. It won't work. You've got to allow the states attract

784
01:03:30.320 --> 01:03:36.719
investments into the state and then they
can then tax those companies they're attracted.

785
01:03:37.119 --> 01:03:40.559
If the federal governments alone can attract
companies, then the states do not have

786
01:03:42.519 --> 01:03:47.519
any incentive to attract workers or to
attract companies to the states. That's why

787
01:03:47.599 --> 01:03:53.159
the pyramids in the north disappeared in
the nineteen seventy. Before nineteen seventy,

788
01:03:53.880 --> 01:04:02.239
these states and the regions retained the
revenues that came from their exports of the

789
01:04:02.360 --> 01:04:08.639
cash crops. So the month of
Nigeria retained the revenues when they exported groundnots.

790
01:04:08.960 --> 01:04:13.000
The East retained rubber and palm oil, the West retained coco. So

791
01:04:13.079 --> 01:04:16.480
you saw a wall over built cocoa
house with the revenues from coco because the

792
01:04:16.559 --> 01:04:23.119
western region got the revenues directly.
If you exported goods from Legos, you

793
01:04:23.280 --> 01:04:28.920
paid excise duties to legos, not
to the factual government. You paid excise

794
01:04:29.039 --> 01:04:33.559
duties to legos. So Legos had
an incentive to make their ports perfect.

795
01:04:34.159 --> 01:04:39.960
Western house was building cocoa house anty
because they were exporting cocoa. The money

796
01:04:40.079 --> 01:04:44.719
was coming back in same with the
Eastern region saying not northwards the number I

797
01:04:44.840 --> 01:04:48.039
think number three in terms of exports
of peanuts in the entire world. But

798
01:04:48.119 --> 01:04:53.760
when the military came that in seventy
the introduced what were called fac and all

799
01:04:53.920 --> 01:04:58.440
fak said. It says, if
you do any economic activity, you have

800
01:04:58.559 --> 01:05:01.760
to pay that money to a central
and then we the military will share that

801
01:05:01.880 --> 01:05:06.920
central post across Nigeria. So what
happened You then had a situation whereby the

802
01:05:08.079 --> 01:05:13.320
nothing then found out that there was
no point growing ground notts anymore because if

803
01:05:13.360 --> 01:05:15.679
they grow ground notts, the money
goes to every everywhere else. So they

804
01:05:15.719 --> 01:05:21.239
focused on crude oil. It's not
the oil per se. That caused the

805
01:05:23.440 --> 01:05:30.679
North to forget the peanuts is the
fact that if you simply invest in agriculture,

806
01:05:30.840 --> 01:05:35.880
you don't get the revenues. That's
what really happened. So you took

807
01:05:35.920 --> 01:05:41.760
away the revenues from the states under
government and took it to the federal government.

808
01:05:42.079 --> 01:05:45.719
And of course everything is federal,
then nobody owns it, and that's

809
01:05:45.719 --> 01:05:53.480
why you have this mismatch of taxation
or representation. We're not incentivizing the states

810
01:05:53.599 --> 01:05:58.280
and local clements to go and create
businesses. We are not. We're allowing

811
01:05:58.320 --> 01:06:02.000
the federal going to do every That's
that's what we have. So a question,

812
01:06:02.119 --> 01:06:04.719
Sonny, that's sort of keeping you
a taste. We've got to do

813
01:06:04.760 --> 01:06:12.280
a lot of the organization in Nineteia
what we have today can't work. Yeah,

814
01:06:12.440 --> 01:06:16.679
absolutely absolutely, you answering this does
work. A nice man, that's

815
01:06:17.320 --> 01:06:21.480
so. But let me just here, I'll just plan on the ministry.

816
01:06:21.920 --> 01:06:27.000
Yeah, that was also you know, our life when I was your space,

817
01:06:27.360 --> 01:06:30.039
like the whin I did that structure
at the moment. You know,

818
01:06:30.280 --> 01:06:33.360
I don't think it's going to be
like effective for any guitars or whatsoever.

819
01:06:33.920 --> 01:06:39.360
Like you just said, I totally
agree with you, and I mean that's

820
01:06:39.480 --> 01:06:46.079
what is you know, actually you
know the loop because of everybody just wait

821
01:06:46.119 --> 01:06:51.519
for freder government because federal go man
property doesn't belong to the nombody, so

822
01:06:51.599 --> 01:06:56.679
nobody takes ownership of it. So
that's the reason why I just wait.

823
01:06:56.880 --> 01:07:00.800
Is today I think we we we
have to you know, get get back

824
01:07:00.840 --> 01:07:04.840
will come from from me and will
know that able to you can produce.

825
01:07:06.599 --> 01:07:11.679
Welcome Gregor real quick. I will
get I am and Gregory real quick,

826
01:07:11.719 --> 01:07:15.239
so I can move on Gregory.
Okay, So I just want to place

827
01:07:16.320 --> 01:07:24.639
yes'm for illimited company val your company
income taxes. Yeah, there's also a

828
01:07:24.800 --> 01:07:29.760
portion of taxes that is and that
is the personal in comtaxes. No,

829
01:07:29.880 --> 01:07:30.639
but no, no, no,
no, hold on, hold on,

830
01:07:30.920 --> 01:07:35.119
greg Greg, don't get it wrong. The personal in context is the payroll

831
01:07:35.239 --> 01:07:42.239
tax of the individual worker, not
the company. Yes, that's what I'm

832
01:07:42.239 --> 01:07:45.119
saying, but that's not of the
company, that's of the individual. If

833
01:07:47.639 --> 01:07:50.400
what I'm trying to say is I
know, that's why I said I want

834
01:07:50.480 --> 01:08:00.920
to be there was a time I
have believed to be analysis and the significance

835
01:08:00.800 --> 01:08:04.719
compared to what the company. I'm
not saying it's not the companies isn't bigger,

836
01:08:05.119 --> 01:08:10.920
but for a lot of community pays
signature and two more important, pay

837
01:08:11.119 --> 01:08:15.560
is constant. The ideas companies will
normal make profits. They won't pay taxes

838
01:08:15.760 --> 01:08:20.239
if we don't make profice. But
there's no year you upgrading a business and

839
01:08:20.439 --> 01:08:26.680
we won't pay PAYE. My issue
is disinvolved with the pay the government,

840
01:08:26.880 --> 01:08:30.239
the state government. They don't do
what they're supposed to do with the PAYE.

841
01:08:30.800 --> 01:08:34.399
That's issue number one because yes,
and once again I know the further

842
01:08:34.560 --> 01:08:43.319
government seen you do something literally you
are having makes you do it with a

843
01:08:43.479 --> 01:08:51.399
condifferent aware almost all the pay goes
to voice di justice. But let me

844
01:08:51.800 --> 01:08:56.319
let that that's put this way right. If I set up a company in

845
01:08:57.079 --> 01:09:00.439
obvious state, my health is an
obvious state, right, and I make

846
01:09:00.520 --> 01:09:04.840
so armies I pay my income in
my income are going to the way it's

847
01:09:04.840 --> 01:09:09.279
supposed to be. Let's say what's
happening right now. If I have a

848
01:09:09.399 --> 01:09:14.520
company set up in Abia State,
the company is in Abya State, and

849
01:09:14.640 --> 01:09:18.520
I make a billion nier and I
employ a thousand workers, I pay the

850
01:09:18.600 --> 01:09:25.560
billionaire taxes to the federal government and
I pay the one thousand pero tax to

851
01:09:25.640 --> 01:09:30.239
the state government. That's how it
is right now. The way it's supposed

852
01:09:30.239 --> 01:09:33.520
to be. Like I'm saying,
is this that one billionaire income tax should

853
01:09:33.520 --> 01:09:38.800
be shared between the federal and the
state. The state should tax the work

854
01:09:38.880 --> 01:09:45.000
the company in Abya so the state
can get revenues because the company is making

855
01:09:45.079 --> 01:09:49.920
revenues from Abya. Number two,
look at the oil service companies. They

856
01:09:50.079 --> 01:09:56.680
have their head office in Legos,
but they have the oil fields in Aquair

857
01:09:56.800 --> 01:10:03.199
bomb Reverse on the Abia Imo where
else by us? Where is the HR,

858
01:10:03.319 --> 01:10:09.119
Where is the human resources, the
pee where is it it's in Legos.

859
01:10:09.479 --> 01:10:13.279
Where at the physical workers is in
the thirteen states of the federation that

860
01:10:13.359 --> 01:10:20.239
are oil producing states. So the
payroll tax will go where Legos not acquire

861
01:10:20.359 --> 01:10:27.159
bomb on the imo a bi Usa
revised to the point I'm making. Where

862
01:10:27.199 --> 01:10:30.800
the head of bices in Nigeria is
usually where they calculated the pee. So

863
01:10:31.359 --> 01:10:38.520
if you have to do the payroll
tax, it's it's no, there's no

864
01:10:38.640 --> 01:10:42.600
at the law is where they write
those checks. Where they write the checks,

865
01:10:42.760 --> 01:10:45.039
they they have an office in Quibum. If even if you say it's

866
01:10:45.079 --> 01:10:49.399
not law, if you say okay
aquib who who is an Aquaibum to write

867
01:10:49.439 --> 01:10:55.359
the check for the pay in acquireb
it's all in Legos. Or if you

868
01:10:55.359 --> 01:10:58.760
look at ther ndras FDI, what
do you see the bulk of the FDI

869
01:10:58.880 --> 01:11:02.079
comes to Legos. Now Buja that's
the only it means that the banks are

870
01:11:02.119 --> 01:11:06.000
in legals and Abuja that's only what
it means that the banks are in legals.

871
01:11:06.039 --> 01:11:11.760
And so the money comes in is
recorded based on the bank. You

872
01:11:11.880 --> 01:11:15.640
see a few recorded in the States
because those ones came in the States to

873
01:11:15.680 --> 01:11:20.079
say oh it came into us,
like Soco to god Boa, that's this

874
01:11:20.199 --> 01:11:25.039
guy. But I'm sure it's because
the man wanted to record at Sokoto.

875
01:11:25.359 --> 01:11:30.039
Where's the BoA's head office, Where's
Dante's head office? So you've got to

876
01:11:30.199 --> 01:11:34.720
make these things. Where you make
the income is where you pay the taxes.

877
01:11:34.800 --> 01:11:39.520
That's the point I'm making. So
that way, if state insensifies,

878
01:11:39.560 --> 01:11:43.800
you let me. According to the
data, the best state in Naja to

879
01:11:43.840 --> 01:11:47.159
do business today is going b state. So god Ba state has got the

880
01:11:47.680 --> 01:11:51.720
accounting, the ease of doing business. They have the best laws, the

881
01:11:51.800 --> 01:11:56.960
best infrastructure to do beaus in Nigeria, but nobody goes going to go to

882
01:11:57.039 --> 01:12:00.520
go and be doesn't make any sense
to go to good because this same pay

883
01:12:00.680 --> 01:12:03.960
at paying legos, it's without paying
go in go by. Go By can

884
01:12:04.079 --> 01:12:08.960
reduce its paye, but they can
go more than the five. But if

885
01:12:09.000 --> 01:12:12.960
you allowed everyone to set their own
rates, then states to start to compete.

886
01:12:13.039 --> 01:12:15.760
You see like Florida and New York. Florida can be goun By,

887
01:12:16.239 --> 01:12:20.000
New York can be Agle Ugle state. Pansers can say by going to reduce

888
01:12:20.119 --> 01:12:25.159
our paye taxes to attract workers from
legos to move to go Google state,

889
01:12:25.199 --> 01:12:28.079
which is what they do right now. Move to go Gole state. They

890
01:12:28.079 --> 01:12:31.039
can build a railway from Gogle State
right to the border of legal state,

891
01:12:31.319 --> 01:12:34.840
so workers can they can do a
big car pack pack and drop pack your

892
01:12:34.920 --> 01:12:39.479
kind of good state. Ride the
train to legals, walk, go back

893
01:12:39.520 --> 01:12:42.399
to Google State. The taxes go
to Google State. They take advantage of

894
01:12:42.479 --> 01:12:45.199
the fact their new legos the same
way in Mexico. It's near America.

895
01:12:45.319 --> 01:12:49.000
But you want the tax has got
to be an incentive scheme. You can't

896
01:12:49.039 --> 01:12:53.199
with just igr You just can't get
on to raise the revenues. So I

897
01:12:53.359 --> 01:12:58.520
do taxes. No, you use
your taxes as a strategy to attract something

898
01:12:58.560 --> 01:13:02.960
the come to you that's not going
to grab Thanks. I am a high

899
01:13:03.000 --> 01:13:13.880
I don I'm good, I'm good. Thank you for the conversation. Could

900
01:13:14.039 --> 01:13:18.479
be everyone else, guys, Yes, are nagerans over tags the true days?

901
01:13:18.880 --> 01:13:24.319
I don't think so. But there
are some fundamental issues that needed to

902
01:13:24.399 --> 01:13:27.800
be addressed and if you would alarm
me, then just quickly go through it.

903
01:13:28.479 --> 01:13:32.359
Number one is under employment. You
know a lot of Nigerians are not

904
01:13:32.720 --> 01:13:39.560
well renumeraated and when you have that, then it becomes very difficult to pay

905
01:13:39.720 --> 01:13:45.399
tax. And that is why the
very rich who employs a whole lot of

906
01:13:45.439 --> 01:13:50.119
people in Nigeria are very rich.
It's a fundamental issue that we've been ignored,

907
01:13:50.239 --> 01:13:56.520
areniglating, and we don't be addressing
it's time that it's addressed. That

908
01:13:56.720 --> 01:14:00.960
is one. The number two thing
is the interpensation of the local government.

909
01:14:00.760 --> 01:14:08.119
The local government which you were mentioning
the district governors have rendered useless. You

910
01:14:08.199 --> 01:14:14.199
get the render them be useless that
they decide when the election takes place.

911
01:14:14.600 --> 01:14:17.680
They decide there's good to be an
election, They decide when there's good to

912
01:14:17.720 --> 01:14:23.359
be an election. They decide who
gets elected. They decide how much they

913
01:14:23.479 --> 01:14:27.479
get. It's that bad, you
know, they get take form of this

914
01:14:27.600 --> 01:14:31.520
put but does that And the number
tay think that I think we should also

915
01:14:31.720 --> 01:14:38.760
address now is that there's social structure
for those who are vulnerable because a lot

916
01:14:38.800 --> 01:14:42.199
of people who are paying tacks.
Now, a lot of people that are

917
01:14:42.279 --> 01:14:45.920
going to eat any levy that's WoT
come into play, and a lot of

918
01:14:45.960 --> 01:14:48.600
people that will be and the same
set of people that are taking care of

919
01:14:48.720 --> 01:14:54.239
the honory puts in their family,
the whole age d the ones that are

920
01:14:54.239 --> 01:14:57.000
applying, the one that are people, the ones that I unemploy, the

921
01:14:57.079 --> 01:15:00.840
one that doesn't have scholarship. All
of those fees has to be paid.

922
01:15:01.199 --> 01:15:05.680
But these people that are underpaid,
you see, but in many other times,

923
01:15:05.920 --> 01:15:11.199
so that's a Picare for example,
you have such a structure taking care

924
01:15:11.199 --> 01:15:14.960
of these people. Now the problem
now lies in if you've got to pass

925
01:15:15.039 --> 01:15:18.720
the same people we're taking care of
the vulnerable, then it becomes an imputation.

926
01:15:19.199 --> 01:15:24.479
And that is why you see that
the rigiest God is that Africa is

927
01:15:24.600 --> 01:15:28.920
staying passed more than the glorias in
Legos, all of them put together.

928
01:15:29.800 --> 01:15:34.279
It's impossible for that and that is
why you see that their ig R seems

929
01:15:34.319 --> 01:15:40.079
to be bigger than how Why because
there are and we'll take into the last

930
01:15:40.079 --> 01:15:43.800
one, the efficiency of the taxes. It's messed up. It's not efficient.

931
01:15:43.880 --> 01:15:47.319
So if we can address that,
then we realize that really really we

932
01:15:47.399 --> 01:15:53.159
are not because if you're if you're
does be get taken care of your street

933
01:15:53.239 --> 01:15:57.079
life, get taken care of the
road leading to your street, get taking

934
01:15:57.159 --> 01:16:01.800
care of the trust? Would there
so that this calet people and the government

935
01:16:02.119 --> 01:16:05.479
is the reason why we are complaining
that even the one that we are paid,

936
01:16:06.039 --> 01:16:09.840
what are we doing with? Thank
you? But the question also ask

937
01:16:09.920 --> 01:16:13.159
you you say it's Nigerians. You
don't think nagens are tax is that?

938
01:16:13.439 --> 01:16:17.720
Did I get that right? You
asked me? And you are over taxed

939
01:16:18.880 --> 01:16:24.640
and I said no that the truth
what I'm saying no, is that when

940
01:16:24.680 --> 01:16:29.399
you compare the variable how we are
being tans compared to how other countries have

941
01:16:29.520 --> 01:16:33.079
been taught, we are not overtaxed, but many Nigerias that are playing tax

942
01:16:33.720 --> 01:16:38.720
and lived board with so many body
that should be showed by the government.

943
01:16:39.399 --> 01:16:45.600
Yeah, they get my point now, yes, but I still again sorry

944
01:16:45.600 --> 01:16:47.720
again too because I'm just saying that. You know, I just said myself,

945
01:16:47.760 --> 01:16:50.399
I don't know if it's in the
community. Listened to my taxes to

946
01:16:50.479 --> 01:16:57.199
you ten This is before we've got
one customer. And okay, look the

947
01:16:57.319 --> 01:17:01.439
point I think is this right.
If you take the legal taxes and iran

948
01:17:01.560 --> 01:17:05.760
company or an individual paid, it's
very very low, very y low.

949
01:17:05.800 --> 01:17:10.399
That's why if you look at our
ADBT to GDP, it's very very low.

950
01:17:10.840 --> 01:17:13.560
But you and I know, like
people have said, yeah, if

951
01:17:13.600 --> 01:17:16.399
you went to the market in k
two, they told me, once you

952
01:17:16.680 --> 01:17:20.279
put your umbrella on the ground to
sell good you have to pay for the

953
01:17:20.439 --> 01:17:24.840
umbrella. You pay for the land
that you're going to put that goods.

954
01:17:25.000 --> 01:17:29.279
You pay for it per day.
You pay per day to the local gobet

955
01:17:29.600 --> 01:17:33.000
and to the quote unquote boys are. So when you're bringing your goods on

956
01:17:33.079 --> 01:17:38.199
the will barrow, you pay for
that. The willborrow guy will pay to

957
01:17:38.520 --> 01:17:42.880
bring his goods. Look that your
your yam to you pay for that will

958
01:17:42.960 --> 01:17:47.600
burrow to drop that in there.
You get if your customer comes to buy

959
01:17:47.720 --> 01:17:54.199
the yam from you, your customer
will pay to transport that yam from your

960
01:17:54.479 --> 01:17:58.399
umbrella to the road to put in
this car. This is not to pay

961
01:17:58.439 --> 01:18:00.439
for the barrow guy. You I'm
saying, you pay a tax to carry

962
01:18:00.479 --> 01:18:06.600
the yam from that store to the
road. And this this, this takes

963
01:18:06.640 --> 01:18:12.079
an annoy. They're not recorded anywhere, so it's easier for you get to

964
01:18:12.159 --> 01:18:15.600
go to if you go to shop
rice, you don't pay those taxes and

965
01:18:15.760 --> 01:18:21.319
shops is important. So what happened
that they can yeah, go ahead,

966
01:18:23.560 --> 01:18:28.520
okay, can I come in there. There's the problem of remittance and the

967
01:18:28.720 --> 01:18:32.560
task collection in legos. That's what
you're talking about, kitchen. But you

968
01:18:32.680 --> 01:18:36.319
see, the thing is that you
are itemmage that are being taxed in legos.

969
01:18:38.239 --> 01:18:42.199
It's not the same in other local
government. How are you getting me?

970
01:18:42.560 --> 01:18:45.680
As a matter of that, if
you try to initiate some of those

971
01:18:45.760 --> 01:18:49.760
tax systems in some local government,
they will make sure they will cryhouse and

972
01:18:50.439 --> 01:18:55.880
make sure that they make it so
overtable for you and remind you we will

973
01:18:55.960 --> 01:18:59.560
remove you. And I'm talking about
for example, in classical example, you

974
01:18:59.600 --> 01:19:02.319
know those when the new tax regime
was being put in place, they were

975
01:19:02.359 --> 01:19:06.880
telling it and the government has to
back down a bit on some of the

976
01:19:08.760 --> 01:19:13.039
systems that was that was putting place. So my point is illegals is a

977
01:19:13.079 --> 01:19:16.239
different ball game. That is about
remittance to recovernment. And that is where

978
01:19:16.359 --> 01:19:19.359
I think one thing you have mentioned
in want You two weeks before, which

979
01:19:19.439 --> 01:19:24.920
is they need to go digital in
these remedters. They need to find a

980
01:19:25.000 --> 01:19:28.399
way to do it. But I
think somebody askaid did it already? So

981
01:19:29.319 --> 01:19:32.039
that needs to be done. And
legos okay. If we are saying legos

982
01:19:32.199 --> 01:19:38.319
is overpassed, maybe we should say
legals okay. But I still do not

983
01:19:38.560 --> 01:19:43.479
believe that even after that, they
are being overtaxed. I think that they're

984
01:19:43.560 --> 01:19:48.479
relitiants if the money are remitted and
it's being usually probably I don't think so

985
01:19:48.640 --> 01:19:53.239
yeah, what I'm saying that,
yeah, But what I'm saying taxes itself

986
01:19:54.279 --> 01:20:00.359
itself. For related I'm saying that
detaches itself out of bearing. And that's

987
01:20:00.399 --> 01:20:02.960
what I'm saying that you are paying
for. Let me give you again.

988
01:20:03.359 --> 01:20:10.439
Give for me business license local and
state. That's two that this licensed local

989
01:20:10.479 --> 01:20:15.880
and state, radio and television.
Then the dish, the dish. You

990
01:20:15.960 --> 01:20:18.640
paid for the dish. They mask
the mass of the dish. I paid

991
01:20:18.680 --> 01:20:23.239
for it. Then I paid for
my septic tank. I paid for the

992
01:20:23.359 --> 01:20:27.960
gutter. They whatever the that'spin.
I paid for that. I paid for

993
01:20:28.119 --> 01:20:34.760
fire service. I paid for parking. I paid for signage. I paid

994
01:20:34.800 --> 01:20:39.079
for environmental I didn't have a tree
in front of office. I have to

995
01:20:39.159 --> 01:20:44.359
pay for to fight those on layer. These are ten taxes. Has not

996
01:20:44.560 --> 01:20:48.039
to do with my income. I
didn't mention pay I didn't mention property tax.

997
01:20:48.479 --> 01:20:51.960
Not that I removed those ones.
This is just the taxes I paid

998
01:20:53.039 --> 01:20:57.119
because once I unveiled the office,
this is signed there, they will come

999
01:20:57.159 --> 01:21:00.159
to you and give you a taxis
fire service came to that inspection. They

1000
01:21:00.199 --> 01:21:05.720
call it fire whatever inspection. I
don't have a lift to put fire extinguisher.

1001
01:21:05.880 --> 01:21:10.439
I paid fire service. The command
look at it and they will tax

1002
01:21:10.520 --> 01:21:14.159
you. Seawich. I don't have
the seawich. But they'll say it's passing

1003
01:21:14.239 --> 01:21:17.760
on the NATO place. So you
have to put air event and you I

1004
01:21:17.800 --> 01:21:20.800
don't have a tree. Is a
built up area. I can't plant a

1005
01:21:20.920 --> 01:21:25.159
tree. It's a built up area. Okay, put protect plant, will

1006
01:21:25.199 --> 01:21:28.640
protect plan the layer. We don't
care. Or you pay one fleet thousands,

1007
01:21:28.800 --> 01:21:31.000
but it's not the remittance is that
it's a lot. So before I

1008
01:21:31.039 --> 01:21:34.600
do that, that business they want
and what they pay taxes. My friends

1009
01:21:34.720 --> 01:21:40.720
that do buist in Lucky phase one, they have absolutely no sign board in

1010
01:21:40.800 --> 01:21:44.319
front of their office because they want
to avoid taxes. But they are doing

1011
01:21:44.479 --> 01:21:46.880
it, so they need the sign
board. They are online. I am

1012
01:21:47.000 --> 01:21:50.960
doing consumer I won't put to nowhere
I am, so I can't avoid that.

1013
01:21:51.319 --> 01:21:55.880
If it goes to Lucky phase one, every house there is doing the

1014
01:21:55.960 --> 01:22:00.000
business. Every house there, some
have signed, some do have SiGe.

1015
01:22:00.199 --> 01:22:03.039
That's a quick one before so I
can jump and a lot of people can

1016
01:22:03.119 --> 01:22:08.439
come in also. But question to
you these dates. You are speaking about

1017
01:22:08.520 --> 01:22:14.479
legos. So I think we should
items as legos and away from other states

1018
01:22:14.520 --> 01:22:17.159
now, because what you're saying doesn't
exist in many of the states. In

1019
01:22:17.199 --> 01:22:29.840
Nada, it's worn't other states in
ornature. For instance, the popular now,

1020
01:22:30.000 --> 01:22:32.439
Okay, there are a lot of
businesses you know you're that are not

1021
01:22:32.560 --> 01:22:36.079
being taxed the way people are taxed
in Legos. One. There are a

1022
01:22:36.119 --> 01:22:41.079
lot of businesses in Londo that are
not being taxed the way you are being

1023
01:22:41.159 --> 01:22:45.960
taxed right now in Legos. And
I think it explains why the ig are

1024
01:22:45.119 --> 01:22:48.520
of Legos is that big, right. But I want to ask from the

1025
01:22:48.640 --> 01:22:54.199
mental questions, which is, would
you say the service that you are being

1026
01:22:54.319 --> 01:22:59.159
provanded in Legos it's proportional to the
task that you've paid so far in your

1027
01:22:59.279 --> 01:23:02.920
estimation, there's no there. Let
me answer that question. There is no

1028
01:23:03.079 --> 01:23:09.439
local government area in Nigeria. In
Nigeria that you can put the taps on

1029
01:23:10.199 --> 01:23:14.359
and drink the public water or infee
to your baby. There is none in

1030
01:23:14.479 --> 01:23:17.920
the seven to four local governments in
Nigeria. There is none where you can

1031
01:23:18.000 --> 01:23:23.000
put the taps on and give the
water to your baby or drink yourself.

1032
01:23:23.039 --> 01:23:26.920
There's none. There is no local
going to Nigeria that has caught even eighteen

1033
01:23:27.119 --> 01:23:31.680
hours of power. There's no going
to Nigeria that has driven and not blocked.

1034
01:23:31.760 --> 01:23:36.159
Maybe a puja maybe. So these
are just basically said for your water,

1035
01:23:36.720 --> 01:23:41.840
water power. See, there's no
local Nigera where you can leave you

1036
01:23:42.119 --> 01:23:45.640
where you can sit outside your house, buy one am and smoke a cigarette

1037
01:23:45.800 --> 01:23:49.880
one am. There is none,
even in Maintama, even in Equally there's

1038
01:23:49.920 --> 01:24:00.119
none. So these are basic statement. Sure, okay, you guys in

1039
01:24:00.199 --> 01:24:04.399
that area for example, have you
guys decided on early a meeting, come

1040
01:24:04.520 --> 01:24:10.680
up with the community and make your
demand as tax payers to the government in

1041
01:24:10.800 --> 01:24:14.640
that local government. It's not it's
not a local government to provide water,

1042
01:24:14.920 --> 01:24:19.600
power or security. That's part or
for all the My point is this,

1043
01:24:20.319 --> 01:24:24.960
you know I'm paying this money and
if I'm paying this one for example,

1044
01:24:25.399 --> 01:24:29.800
where you pay the light, the
water, everything is in a certain for

1045
01:24:29.920 --> 01:24:34.159
example, and any of these things
is not provided right immediately. Once you

1046
01:24:34.399 --> 01:24:40.720
launch a complain and you are in
that area where you have top quality services,

1047
01:24:41.079 --> 01:24:44.199
they will response to you. If
it's your water, if it's a

1048
01:24:44.319 --> 01:24:47.560
silwer, it's your light, they
will respond to your same d and fix

1049
01:24:47.640 --> 01:24:53.159
it. The post holes in those
areas are quick to be fixed than in

1050
01:24:53.279 --> 01:24:58.600
some other areas that you don't have. You know, all these companies and

1051
01:24:58.680 --> 01:25:02.000
these and that and that. My
point is I feel that don't you think

1052
01:25:02.079 --> 01:25:08.399
that you guys should have admitting and
taple your question. You know, meet

1053
01:25:08.520 --> 01:25:12.880
them at the media, meet them
at meet them wherever, and make this

1054
01:25:13.079 --> 01:25:16.720
demand legitimate. It on document,
on paper, on it, on the

1055
01:25:16.840 --> 01:25:20.840
memory. No, no, no, So again, this is the formal

1056
01:25:20.960 --> 01:25:25.000
conversation we're having with was it sunny
or so? We were talking about the

1057
01:25:25.000 --> 01:25:28.279
way I drive structure. This is
the point I'm making. If Nigeria was

1058
01:25:28.319 --> 01:25:30.680
structured properly, like you're saying that
we had the local government, we have

1059
01:25:30.840 --> 01:25:33.600
the state and the federal, then
what you're saying would make sense. You

1060
01:25:33.680 --> 01:25:38.439
can write your county where I live
in the US, sometime part of the

1061
01:25:38.520 --> 01:25:42.720
year, in my county, the
local government will send me their budget this

1062
01:25:42.760 --> 01:25:45.520
would wants to spend money on,
and they will ask me to vote.

1063
01:25:45.000 --> 01:25:48.319
They want to do a new library, don't fix. I vote on how

1064
01:25:48.439 --> 01:25:53.479
they spend their money in the county. Then I see them doing the thing

1065
01:25:53.520 --> 01:25:56.920
that I voted for next year.
I see it to my physical eyes,

1066
01:25:56.960 --> 01:26:00.520
so I know where my taxes go
from my pocket to county to run.

1067
01:26:01.039 --> 01:26:05.279
In Nigeria, the work that way. We have a federal government, then

1068
01:26:05.319 --> 01:26:09.359
we have a state government. Local
governments do not exist in Nigeria. So

1069
01:26:09.439 --> 01:26:13.680
the point I'm making is that we
have to restructure the country, not just

1070
01:26:13.880 --> 01:26:19.079
in terms of the physical federalism.
What's physical federalism that the states, local

1071
01:26:19.159 --> 01:26:26.079
and are all separated, separate physical
entities. It's already in constitution Nigeria states

1072
01:26:26.119 --> 01:26:30.479
that the primary schools are in charge
of under the control of the local government,

1073
01:26:30.880 --> 01:26:35.720
which means that the property tax with
the legal states and other state governments

1074
01:26:35.760 --> 01:26:40.399
collect its suppost supposed to because by
the state government, but by the local

1075
01:26:40.560 --> 01:26:45.279
governments. So if you have motion
local governments and emotion local governments collecting property

1076
01:26:45.359 --> 01:26:49.560
taxes, they then use it for
health and education. Because they are local

1077
01:26:49.680 --> 01:26:54.279
governments. They can't buy defense,
they can't do find o PRESI. It

1078
01:26:54.399 --> 01:26:57.760
has to be local. And that's
how it is structured that way. By

1079
01:26:57.800 --> 01:27:01.680
in Nigeria, the primary schools have
funded by the federal The NUITY will go

1080
01:27:01.760 --> 01:27:05.039
and strike it today you say you
want to take them off federal funds.

1081
01:27:05.039 --> 01:27:10.319
So the structure is wrong and if
you don't fix that structure, you can't

1082
01:27:10.359 --> 01:27:13.319
fix the taxes. That's why the
niger the federal MAK can afford to spend

1083
01:27:13.439 --> 01:27:18.920
ninety five percent on only federal workers
because it's it's off. It's it's off.

1084
01:27:19.640 --> 01:27:24.520
You most fix the federal federalism.
There. You can then demand local

1085
01:27:24.560 --> 01:27:29.000
gomments create power. You can ask
local governments that look at River State where

1086
01:27:29.039 --> 01:27:32.760
they are paying The governor says he
wants to pay local government workers. Do

1087
01:27:32.800 --> 01:27:39.600
you know in fact local goment workers
have their direct location Niger a location.

1088
01:27:39.920 --> 01:27:45.159
Nija's oil money is shared according towards
vertical and horizontal, vertical and horizontal.

1089
01:27:45.560 --> 01:27:49.399
How does legosy get money? Lego
say, gets money by the population of

1090
01:27:49.520 --> 01:27:55.640
Lego State and the number of local
government Lego state gets. So Lego states

1091
01:27:55.640 --> 01:28:00.159
with more population gets less revenues than
Cano because Cano has local government areas.

1092
01:28:00.760 --> 01:28:03.880
And this is the problem of local
content areas. You've got to everything is

1093
01:28:03.960 --> 01:28:11.039
tidy in census, population and fak. This is the tripod. Nigeria is

1094
01:28:11.039 --> 01:28:15.039
built on census, which is the
population, fac which is the oil sharing

1095
01:28:15.119 --> 01:28:19.960
revenues and the state that's the tripod. So the Niger shares revenues are going

1096
01:28:20.000 --> 01:28:25.840
to land mass. That's nonsense.
So it's like look at how big Saturnbia

1097
01:28:26.000 --> 01:28:29.720
is. Where do people live in
Arabia just on the coast. So if

1098
01:28:30.079 --> 01:28:32.840
if Cerebras is the Nigeria state.
They'll get all the old revenues because Nigeria

1099
01:28:32.880 --> 01:28:36.880
will give your revenues are going to
land mass and population. So it's stepped

1100
01:28:38.000 --> 01:28:43.000
like Legos that has the most population
in Nigeria. Every only in Legos get

1101
01:28:43.319 --> 01:28:49.479
less revenues than Niger. That's gross
revenues because Nijaden gets more moneys because of

1102
01:28:49.680 --> 01:28:57.479
land mass and population one Legos catch
Legos has igr and Igi. Then compare

1103
01:28:57.520 --> 01:29:00.439
the derivation back to Legos. If
you look at those gross the way it's

1104
01:29:00.600 --> 01:29:03.119
from like a set up. Let
us get the less because I have a

1105
01:29:03.239 --> 01:29:09.600
smaller landmass and less local government area
than say Niger States or Borno State or

1106
01:29:09.680 --> 01:29:13.199
Captaina. So you've got to fix
all that. Then the taxes makes sense.

1107
01:29:14.920 --> 01:29:19.000
I don't you saying yeah, I
don't just saying so in conclusion,

1108
01:29:19.119 --> 01:29:25.720
you are saying that we have known
all that were about and that asked upon

1109
01:29:26.359 --> 01:29:30.800
in conjunction with the state governors and
all the coring competitions that we have.

1110
01:29:30.960 --> 01:29:39.399
Now I mean you've got to fix
because Nigeria walked from nineteen sixty to nineteen

1111
01:29:39.520 --> 01:29:44.560
seventy. Go back to NIGEA nineteen
six nineteen. In nineteen sixth nineteen two,

1112
01:29:44.600 --> 01:29:47.560
Nager was the fastest growing JI on
Earth from nineteen sixty nineteen sent three

1113
01:29:47.800 --> 01:29:54.399
first Union Earth. What what were
we doing in nineteen sixty to nineteen seventy

1114
01:29:54.560 --> 01:30:00.399
minute? I grew number one.
We had very regional of regionals centers,

1115
01:30:00.640 --> 01:30:06.000
where every region grew at its own
pace. I've said this some filter before.

1116
01:30:06.479 --> 01:30:11.359
If you have time, go and
pull up the economic plan that was

1117
01:30:11.439 --> 01:30:15.000
written for not An Nigeria. There's
an economic plan that the premier or not

1118
01:30:15.199 --> 01:30:19.880
Nigeria. Some of the Bellow got
the British to go to the entire north

1119
01:30:20.640 --> 01:30:26.079
and they wrote in a plan.
That plan was to converse the North into

1120
01:30:26.199 --> 01:30:31.520
what they would call say Ohio today. They ran an economy without crude oil,

1121
01:30:32.199 --> 01:30:38.000
agriculture. I grew a wide even
heavy industries. There are lots of

1122
01:30:38.159 --> 01:30:41.039
nutries in not that. If I
call today to blow your mind, you

1123
01:30:41.159 --> 01:30:45.359
go to Bauchie. What you called
Bouchie today. Bauchi and plant too are

1124
01:30:45.359 --> 01:30:48.720
almost the same society. Industries in
that Bauchi will blow your mind. From

1125
01:30:48.840 --> 01:30:53.520
steel to aluminium, to sorry to
copper, it's all in there. They

1126
01:30:53.600 --> 01:30:59.000
wrote everything. They will build the
railways, they build the grazing places they

1127
01:30:59.039 --> 01:31:01.800
were to supply to Saudi Arabia and
all that kind of stuff. Then this

1128
01:31:01.960 --> 01:31:06.239
army boys came. These kids came
and went army uniform and just true,

1129
01:31:06.600 --> 01:31:11.239
and I went straight to oil.
The North has never gone back to the

1130
01:31:11.600 --> 01:31:14.760
plans of sie modebility. If they
go back to that plant and they dust

1131
01:31:14.800 --> 01:31:19.119
it up, no region had that
detail that they had. None, it's

1132
01:31:19.199 --> 01:31:25.680
there, It's not some when was
not an Agurman company started, they had

1133
01:31:25.800 --> 01:31:30.760
a building full, not an aeged
defical company years ago. Skyscraper in the

1134
01:31:30.800 --> 01:31:34.239
Karuna, it was there well before
cock House was built. Right, But

1135
01:31:34.479 --> 01:31:39.279
look at how the West cut up
with them because they took their eyes off

1136
01:31:39.319 --> 01:31:42.920
the ball. So you've got to
go back to regional. What we ran,

1137
01:31:43.039 --> 01:31:45.920
what one man ran as a region
in the North and in the East

1138
01:31:45.960 --> 01:31:50.640
and the South is what twenty governors
are in today are making less revenues.

1139
01:31:51.399 --> 01:31:58.279
One one made more revenues per capita
running in region than all the six governors

1140
01:31:58.319 --> 01:32:05.560
today plus Legos have made running six
states. Nigeria has not built one million

1141
01:32:05.720 --> 01:32:13.520
affordable homes since nineteen sixty two dates
even lad Legos one million South that we

1142
01:32:13.560 --> 01:32:17.680
can't build nearly two million from after
apartheid till date. All the stings is

1143
01:32:17.720 --> 01:32:21.359
because if we take our eyes off
the ball, it's all federal, federal,

1144
01:32:21.439 --> 01:32:28.600
federal. That's why elections are just
probably in Nigeria, local governments are

1145
01:32:29.039 --> 01:32:31.239
missing in the equation. And if
you don't get them back into the fiscal

1146
01:32:31.359 --> 01:32:35.520
picture, where localments can tax property, you can't move your property. They

1147
01:32:35.560 --> 01:32:40.880
know who owns the property, tax
the property, take the money and fix

1148
01:32:40.960 --> 01:32:45.479
the schools and the primary healthcare.
Once you have that base, these states

1149
01:32:45.520 --> 01:32:49.640
can then come in with guidelines,
can come in with taxing companies that work

1150
01:32:49.840 --> 01:32:54.720
in the states are providing. Then
the connections due to the local governments,

1151
01:32:55.039 --> 01:33:00.319
then federal can then sit down at
the top and do guidelines, police says,

1152
01:33:00.479 --> 01:33:02.479
procedures, and do grants. Look
at the way the US spends the

1153
01:33:02.600 --> 01:33:05.600
money the bug and when it also
goes to grants to states and the government

1154
01:33:05.600 --> 01:33:10.279
areas. You can still want to
do cancer prevention and you give grants to

1155
01:33:10.319 --> 01:33:15.199
states. Come let me close with
this. Does give me last example universal

1156
01:33:15.319 --> 01:33:18.840
basic education. We have a fund
that says that states have got to pay

1157
01:33:19.359 --> 01:33:24.680
counterparatform to UB and then get money. Do you know as many states in

1158
01:33:24.760 --> 01:33:30.319
nager today have not paid counterpart funding
to the UB to get free money.

1159
01:33:30.359 --> 01:33:33.000
This is free money. The government
says, give us one Mira, will

1160
01:33:33.039 --> 01:33:36.640
give you to Naira. Yeah,
you give us one there, will give

1161
01:33:36.640 --> 01:33:40.760
you to the Many states have won't
given one there you know the biggest corporate

1162
01:33:41.520 --> 01:33:50.640
organ state. Yeah, is shocking. Yeah, So it's you have to

1163
01:33:50.800 --> 01:33:58.079
ask these questions. The federalization of
everything, this taxes is a problem.

1164
01:33:58.880 --> 01:34:01.960
We think we make more. The
total money is again look on the on

1165
01:34:02.079 --> 01:34:05.920
the pinch chat guys. The total
revenues that the federal government made in a

1166
01:34:06.079 --> 01:34:10.720
quarter Nigeria is nothing. We think
we're a rich country. It's nothing.

1167
01:34:10.840 --> 01:34:15.399
I figure out get the actual revenue
figures. I'll put it for you now

1168
01:34:15.439 --> 01:34:17.319
in n Iran Cobo. So I
people think because we said ten percent.

1169
01:34:17.600 --> 01:34:24.239
The total actual revenues. If you
take twenty twenty three actual first quarter three

1170
01:34:24.319 --> 01:34:30.119
months, the total inflow we made
total one point two trillion. This is

1171
01:34:30.279 --> 01:34:36.039
oil v eighty everything one point two
trillion. The total revenues in twenty twenty

1172
01:34:36.159 --> 01:34:41.319
that I made in the first quarter
one point two trillion. The total payroll

1173
01:34:41.399 --> 01:34:44.680
that we make in the Nigeria has
been total pay roll is about nine hundred

1174
01:34:44.720 --> 01:34:48.920
and seventy eight billion, So this
just added not pensions, pay roll alone

1175
01:34:49.560 --> 01:34:55.199
is taking nearly eighty percent of the
total revenues. That's why your texts are

1176
01:34:55.279 --> 01:35:02.720
so high. Because the government has
no money. The country is technically broke.

1177
01:35:03.039 --> 01:35:05.520
So every day, every day they
go to World Bank. No,

1178
01:35:05.640 --> 01:35:09.760
and I'm giving you the figures.
Every day you hear World Bank, you

1179
01:35:09.880 --> 01:35:13.279
hear VAT, you hear this tax, you hear that tax because they don't

1180
01:35:13.399 --> 01:35:16.439
have money, and don't have money
because they have a spending problem. Even

1181
01:35:16.520 --> 01:35:20.119
the smaller means that are getting what
they do with it. That doesn't mention

1182
01:35:20.359 --> 01:35:28.279
for the VP they're buying Exifa members. We have to broken down private jets

1183
01:35:28.600 --> 01:35:32.680
outside Nigeria right now, the President's
jet is broken down. The VPS jet

1184
01:35:32.800 --> 01:35:36.760
is broken down there outside the country. Has Nigeria died No, So that

1185
01:35:36.880 --> 01:35:41.880
means you can do without those two
jets and AGA will survive. But these

1186
01:35:41.920 --> 01:35:47.239
are the issues. I'm linking the
taxes to the wasteful spending, to the

1187
01:35:47.319 --> 01:35:53.840
inner patient's taxation. That's what I'm
doing, the fiscal federalism to the inner

1188
01:35:53.960 --> 01:35:59.319
patients spending, to the over taxing
of Nigerian consumers. It's all linked.

1189
01:35:59.359 --> 01:36:03.680
You carry one from the other.
Big thanks, thanks, that was good

1190
01:36:03.720 --> 01:36:13.199
concision. Bctor, what's your matter? Thank you? Hey? Victor?

1191
01:36:13.399 --> 01:36:15.880
Going once, Genst Genster, what's
happening? Gensta one firefight? How are

1192
01:36:15.880 --> 01:36:25.880
you doing? Man? Good evening, Good evening to everyone, usual sexation.

1193
01:36:26.000 --> 01:36:30.359
I'm not an economist, so I'm
going to approach it from the very

1194
01:36:31.680 --> 01:36:38.359
layman's terms. Anytime I get a
chance to common spaces and people are talking,

1195
01:36:39.000 --> 01:36:44.119
I always try to bring whatever the
issue is, one from the perspective

1196
01:36:44.159 --> 01:36:53.760
of a woman, but also from
the perspective of the poor, the poorest

1197
01:36:53.800 --> 01:36:57.960
woman, not not the middle class, not educated, but sometimes the poorest

1198
01:36:58.159 --> 01:37:01.720
woman. And I'll give example and
the reason why I do that. For

1199
01:37:01.880 --> 01:37:09.359
example, when we're talking about water
in the North and how I think seventy

1200
01:37:09.399 --> 01:37:13.319
percent of the not do not have
access to portable water, and people were

1201
01:37:13.359 --> 01:37:18.720
adding back and back and forth,
making it about primordel sentiments. I said,

1202
01:37:19.600 --> 01:37:26.960
think about a woman who's just giving
birth and there's no clean water to

1203
01:37:27.239 --> 01:37:31.640
wash up those babies. Think about
a woman who is a young girl who's

1204
01:37:31.720 --> 01:37:36.520
fifteen. There's no portable water the
fort on the stream, but she has

1205
01:37:36.600 --> 01:37:42.479
a menatural cycle and she needs water. I always try and bring these things

1206
01:37:42.520 --> 01:37:48.960
from that perspective because the issues,
whether it's pative a taxation, women always

1207
01:37:49.039 --> 01:37:59.199
sort of experience it for me Hasha, and I don't know, the impact

1208
01:37:59.319 --> 01:38:03.119
is always so wors and women.
So I haven't said that. Let me

1209
01:38:03.199 --> 01:38:06.359
come to the issue of taxation.
I'm not even going to talk about federal,

1210
01:38:06.680 --> 01:38:11.880
state and local government. I'm we're
going to talk about the informal sector

1211
01:38:12.600 --> 01:38:18.680
and the poor market, women portrayer
and how they are double triple text.

1212
01:38:21.000 --> 01:38:30.359
Think about a trailer that's coming from
maybe just with tobato and all the people

1213
01:38:30.439 --> 01:38:35.159
in uniform who have to be sorted
all the way from just I'm gonna use

1214
01:38:35.199 --> 01:38:42.039
my stage maybe all the way to
serve by right, and that all the

1215
01:38:42.359 --> 01:38:45.840
all that money will be added on
top. The increase in price of petrol

1216
01:38:45.920 --> 01:38:49.000
is added on top or diesel.
This is diesel because it's a lorry,

1217
01:38:49.119 --> 01:38:55.600
right, and then the the diesel
from the person that the petrol station had

1218
01:38:55.640 --> 01:39:00.840
to be tipped to sell that to
metok. Then maybe the basket of tomato,

1219
01:39:00.960 --> 01:39:03.760
the big basket used to be fifty
k. Now because of all of

1220
01:39:03.880 --> 01:39:10.880
this informal tax it's now eighty K. So normally the way they do it

1221
01:39:11.600 --> 01:39:15.720
in the market, because the tomato
sellers will be like in some sort of

1222
01:39:15.880 --> 01:39:18.399
union, so you don't just tually
pay cash to buy the tomato. You

1223
01:39:18.520 --> 01:39:23.640
sort of take your tomato within the
union, you sell and you try and

1224
01:39:23.720 --> 01:39:26.600
balance sort of like a balance and
take systems. That's how I know they

1225
01:39:26.680 --> 01:39:31.560
do it. Then that mental gets
to the markets. As soon as that

1226
01:39:31.680 --> 01:39:35.600
to mental crosses into Delta Stay.
There's another set of taxation. That's that

1227
01:39:36.439 --> 01:39:41.840
the market people will take theirs.
The local government people will take theirs.

1228
01:39:41.920 --> 01:39:45.159
They will mean, they will tax
that laureers it's coming in toowards Sabbath,

1229
01:39:45.479 --> 01:39:48.720
they will they will take the government
will take their tax. They will give

1230
01:39:48.760 --> 01:39:54.119
them one sort of receipt, one
small receipt for them. Then there's another

1231
01:39:54.199 --> 01:39:59.520
receipt for Delta stake government. There's
another receipt for the SABA. I don't

1232
01:39:59.560 --> 01:40:00.920
know if there's an your Master.
I can't remember the name of their logo.

1233
01:40:01.199 --> 01:40:04.359
So that's two reasons. I'm not
I'm not counting all the other ones

1234
01:40:04.399 --> 01:40:08.079
these paid. I'm just counting the
ones they paid when they got into the

1235
01:40:08.119 --> 01:40:12.359
Delta stay right, and then that's
there. It comes little. We're gonna

1236
01:40:12.399 --> 01:40:17.560
go markets, and the market people
have their own separate taxation and that receives

1237
01:40:17.600 --> 01:40:20.640
that they will cost for the person. Then the lawyer will go to the

1238
01:40:20.720 --> 01:40:25.399
back of the market where they off
loading tomato, and then the tomato will

1239
01:40:25.439 --> 01:40:29.520
sellers people will cut, and then
the community will cut their own community ticket

1240
01:40:29.680 --> 01:40:34.199
as almost for tickets. That's bing
the delta. Then the woman will sell

1241
01:40:34.720 --> 01:40:39.640
as she's selling, and you have
the boys and the markets who will go

1242
01:40:39.680 --> 01:40:44.119
around and collect security money, collect
the environmental money. These are separate,

1243
01:40:44.439 --> 01:40:49.760
and then she she will sell going
back home, they gain taxi or bike

1244
01:40:50.359 --> 01:40:54.560
policeman will collect. So at the
end of the day, I'm not even

1245
01:40:54.600 --> 01:40:59.920
gonna talk about the formal tax I'm
gonna talk about the informal tax. How

1246
01:41:00.039 --> 01:41:01.960
out that many of this minimen,
by the time they've gone through all of

1247
01:41:02.039 --> 01:41:11.800
the informal taxation, they have nothing, nothing to show as the benefit for

1248
01:41:11.960 --> 01:41:15.079
the taxation. It should be a
two way street, right when you pay

1249
01:41:15.199 --> 01:41:20.960
taxes, you should have services.
I compare it to myself living here in

1250
01:41:21.000 --> 01:41:26.720
the UK, I am taxed to
I sometimes I feel like taxes coming up

1251
01:41:26.760 --> 01:41:30.960
for my ears and everything, depending
on whether I'm working maybe on a fixed

1252
01:41:30.039 --> 01:41:35.720
job, or I'm working as a
contractor. Sometimes you pay almost fifty percent.

1253
01:41:35.960 --> 01:41:39.920
There's a job I did last year, I was paying forty seven percent

1254
01:41:40.039 --> 01:41:45.560
taxes. It felt painful, but
we don't in my family, we didn't.

1255
01:41:45.600 --> 01:41:49.039
We then don't have to budget for
public school because the public school as

1256
01:41:49.119 --> 01:41:55.399
private depending on the town and the
postcood. You're in all the books.

1257
01:41:55.760 --> 01:41:59.319
Just looking at my daughter, that
all of our books have provided in school,

1258
01:41:59.560 --> 01:42:02.319
we have our own out of our
own choice. Decided to play for

1259
01:42:02.399 --> 01:42:08.319
extrac curriculars, for extra lessons for
myself English. That's separate. But primary

1260
01:42:08.359 --> 01:42:13.279
school is covered by that seven percent. She goes to swear and she goes

1261
01:42:13.319 --> 01:42:16.399
to second, she goes to a
levels. It's all covered. Health care

1262
01:42:16.880 --> 01:42:20.760
is covered. I can walk.
I walked into the hospital, had my

1263
01:42:20.880 --> 01:42:26.960
child seven years ago. Paid nothing. Nobody asked me to buy ioging by

1264
01:42:27.079 --> 01:42:30.079
contu like most of the market women. I know if delta state is three,

1265
01:42:30.399 --> 01:42:33.319
to give birth is three. That
was under God LORDI I don't know

1266
01:42:33.399 --> 01:42:40.800
if that health policy has been retained. I don't see the value that people

1267
01:42:41.439 --> 01:42:45.720
derive, especially those informal taxations.
I don't see the value that the women

1268
01:42:45.760 --> 01:42:50.760
get it. They have no crush
in the market. There's this the market

1269
01:42:50.800 --> 01:42:56.680
stores are just the zinc over their
head. It is raining the ring pouring

1270
01:42:56.760 --> 01:43:01.680
on them because they are leaks in
in the zinc. There's really nothing that

1271
01:43:02.079 --> 01:43:08.479
this realmin gets from all of the
informal tax stations. So let's not even

1272
01:43:08.520 --> 01:43:10.439
to talk about the States one and
a lot of that. So there is

1273
01:43:10.760 --> 01:43:13.920
there is no value. There's no
value. That's why I drive one because

1274
01:43:14.079 --> 01:43:18.720
I will never put my money accept
things change. Are you well, that's

1275
01:43:18.760 --> 01:43:24.399
a bit of reality for us to
see whether Rob, I'm into the road.

1276
01:43:24.960 --> 01:43:28.479
Thanks for that, Thanks for that. You're very right. You know,

1277
01:43:28.720 --> 01:43:32.479
this taxes sometimes sounds high polluting physical
federalism, but when you bring it

1278
01:43:32.600 --> 01:43:38.600
really down to the fact that the
woman gives birth and there's no water to

1279
01:43:38.800 --> 01:43:43.760
wash the baby because there's no borehole, there's no pipe on water, there's

1280
01:43:43.840 --> 01:43:47.159
no primary health care within twenty five
miles of where she gave bert, itach

1281
01:43:47.239 --> 01:43:53.199
really brings it home. You ask
the question where are all these taxes going

1282
01:43:53.239 --> 01:43:57.159
to? And aar given the answer
is going to salaries. But we have

1283
01:43:57.600 --> 01:44:01.760
tons of front that This is just
the the Feller government's own budget. We

1284
01:44:01.880 --> 01:44:06.880
have independent revenues. Where are they
now just doing sing jo bullus oil theses?

1285
01:44:08.359 --> 01:44:11.560
Where is the money going to?
You know what's really going on this

1286
01:44:11.720 --> 01:44:15.239
country? We are taxing, taxing, taxing, and the people are getting

1287
01:44:15.479 --> 01:44:20.079
poorer, poorer, poorer and can't
afford this. How can we say this

1288
01:44:21.359 --> 01:44:28.640
that in the entire seven hundred and
four local government areas in Nigeria, not

1289
01:44:29.079 --> 01:44:38.359
one has public water, reliable,
clean flowing from the taps. Not one.

1290
01:44:38.439 --> 01:44:42.479
I don't want a streets, i't
the entire local government area. How

1291
01:44:42.560 --> 01:44:46.720
can I be that's a point for
a large export of crude oil. It's

1292
01:44:46.800 --> 01:44:56.560
simply it's a breakdown in governance,
in the values, the rules of government

1293
01:44:56.720 --> 01:45:00.279
to the citizens. This is completely
broken down. There's no relationship doing the

1294
01:45:00.439 --> 01:45:04.399
taxes you paid and they said,
just you get. We are celebrating twenty

1295
01:45:04.600 --> 01:45:10.560
four governors building roads. A road. The god not builds a road.

1296
01:45:10.640 --> 01:45:15.279
He's a star my state's app year. I am thankful at the governess building

1297
01:45:15.359 --> 01:45:19.920
roads, but for crying out loud
it's the road. But I'm because the

1298
01:45:20.079 --> 01:45:25.159
last three governors did nothing. You
see you think you've seen bad roads,

1299
01:45:25.479 --> 01:45:29.920
the BD roads in Apia that had
a lake on a lake like a mid

1300
01:45:30.039 --> 01:45:34.760
lake on the road with flower with
trees growing on the road. So it's

1301
01:45:34.880 --> 01:45:40.319
a man I don't know. I
don't know, dr Adla, thank you

1302
01:45:40.399 --> 01:45:54.159
man do day light day Sinoka.
It's just that I mean said it is

1303
01:45:54.159 --> 01:45:58.520
a different animal in tirely when people
when people are laughing raising you and you

1304
01:45:58.520 --> 01:46:01.399
guys don't know what will happened?
I beirs did. There was no governance

1305
01:46:01.960 --> 01:46:06.600
for twenty four years. Just imagine
you had something that you you packed the

1306
01:46:06.680 --> 01:46:11.359
car for twenty four years and you
came back to that car. How would

1307
01:46:11.399 --> 01:46:15.439
you see it? Doctor, you've
got the mic doctor a day like day

1308
01:46:15.520 --> 01:46:24.560
to new Care. Yeah, good
morning. I've been a fan. Thank

1309
01:46:24.600 --> 01:46:30.760
you all right. Well I asked, I go girl when you start when

1310
01:46:30.800 --> 01:46:35.439
you talk about having a leg,
and said, why don't know about I'm

1311
01:46:35.520 --> 01:46:40.720
just proud of the road. Oh
my god, have you seen the pictures

1312
01:46:40.800 --> 01:46:43.560
doctor. I'm not kidding though,
I'm not kidd about this lake. Matter.

1313
01:46:43.760 --> 01:46:46.279
You see you see somebody, you
know it's a road, but you

1314
01:46:46.319 --> 01:46:49.960
don't want to road till they cleared
the road and you're like, oh my

1315
01:46:50.159 --> 01:46:54.560
god, this was a falling road
in the nineteen sixties. But it's day

1316
01:46:54.600 --> 01:47:00.640
in Aaba. It's amazing, amazing, Yeah, it is. Digget into

1317
01:47:00.760 --> 01:47:06.039
this discussion. Uh, as someone
else, I traveled a little. I

1318
01:47:08.199 --> 01:47:12.119
I rememinded my master's in Canada and
I played a little tasks while I was

1319
01:47:12.199 --> 01:47:15.880
walking there. And I'm now in
Australia and I was paying that. I

1320
01:47:16.079 --> 01:47:25.840
said, Ninegeerians overtaxed better what they
get. You know what I mean.

1321
01:47:26.119 --> 01:47:30.239
You can't pay for a rose rice
and you are giving the leta camry r

1322
01:47:30.319 --> 01:47:33.920
piece. You are paying for what
you want to get. If you're paying

1323
01:47:34.000 --> 01:47:40.000
as you are expecting good role.
You're expecting to have water, water,

1324
01:47:40.439 --> 01:47:45.760
You're expecting to have power right on
the time. You are expecting to have

1325
01:47:45.920 --> 01:47:49.239
our look income houses. You know, butther than in Nigeria. What you

1326
01:47:49.359 --> 01:47:56.439
get you get. The president gets
to buy the arch numbers of record to

1327
01:47:56.479 --> 01:48:00.960
buy activities and then they get to
do the get houses the president and then

1328
01:48:01.760 --> 01:48:04.920
you know vice you first I did
that to have an office and then to

1329
01:48:04.920 --> 01:48:10.680
wear an activity. Didn't want you. We're playing passes for in Nigeria and

1330
01:48:10.800 --> 01:48:15.079
it doesn't make sense. I haven't
come from in government in Nigeria. I

1331
01:48:15.159 --> 01:48:19.600
have guilt families, hotels, I
have a small hospital in a showbo right,

1332
01:48:19.760 --> 01:48:25.239
and all of it I know how
much like sometimes I want to shout

1333
01:48:25.279 --> 01:48:30.239
out my mother when she calls.
She's befally managing most of this. And

1334
01:48:30.319 --> 01:48:32.720
then when she calls she says,
uh so people can They said there from

1335
01:48:32.800 --> 01:48:36.399
Elsa, you pay twenty time.
Some people came there, they said that

1336
01:48:36.560 --> 01:48:41.479
from million time material. This isn't
no pay for her fist thousand and I'm

1337
01:48:41.560 --> 01:48:45.800
like, what is all this?
I played them. I paid in the

1338
01:48:45.000 --> 01:48:49.399
year. It's almost as if they
want the business to food or there is

1339
01:48:49.479 --> 01:48:55.119
no encouragements for doing what you're doing. The country is not encouraging you.

1340
01:48:55.239 --> 01:48:58.119
The governments. I'm not going to
say. My kid brother is being in

1341
01:48:58.159 --> 01:49:02.399
the hospital and when he got to
the taking level, some people came and

1342
01:49:02.479 --> 01:49:09.880
said he cannot take until he pays
two billion. Why you cannot put a

1343
01:49:10.000 --> 01:49:15.800
decade until you paid two billions to
right? And then in went to me

1344
01:49:15.960 --> 01:49:19.359
with the public in that area and
he talked to them and he said,

1345
01:49:19.399 --> 01:49:24.479
look, I am yielding this hospital
not because I am hungry because I need

1346
01:49:24.560 --> 01:49:29.640
your money. I am doing this
because I want to help I am building

1347
01:49:29.760 --> 01:49:33.239
the Icy Curntime. I am building
it and the Jurassic Sordry Center because I

1348
01:49:33.479 --> 01:49:39.079
see people, I sneak you don't
have hospitals to go to instead of looking

1349
01:49:39.119 --> 01:49:42.359
for money to pay for a fly
down all of those and I'd like,

1350
01:49:42.840 --> 01:49:45.680
let me bring it home. That's
what I'm doing. If you people do

1351
01:49:45.800 --> 01:49:49.520
not want this, I will sell
this property and go back to where I

1352
01:49:49.600 --> 01:49:55.520
came from. Right. And then
that was when I consider I said,

1353
01:49:55.520 --> 01:49:58.680
okay, you know what, just
pet and I'm still like, why do

1354
01:49:58.800 --> 01:50:03.199
you still have to pay it?
There is more subsidy. If you're in

1355
01:50:03.319 --> 01:50:09.560
Canada, you're building a hospital,
retal may subsidized for you. Angie over

1356
01:50:09.680 --> 01:50:13.399
common Stalk will give you the CT
machine. You will give you to give

1357
01:50:13.560 --> 01:50:18.680
back nothing in said you're paying more. So Nigerians are over fast in every

1358
01:50:18.840 --> 01:50:25.680
aspect of their lives. Everywhere they
are over You are literally almost about to

1359
01:50:25.720 --> 01:50:30.359
pay for the egg bridge about tracking
across the road. That is just what

1360
01:50:30.520 --> 01:50:34.560
is left in Nigeria. Everybody is
over task. Everybody you want to buy

1361
01:50:34.880 --> 01:50:40.239
travision markets, you are paying more
because the woman who is selling the graffish

1362
01:50:40.359 --> 01:50:44.720
has already paid more and wants to
recoup from you, so you end up

1363
01:50:44.760 --> 01:50:47.960
paying more. That is fast.
You might not know it, but everybody

1364
01:50:48.119 --> 01:50:53.159
is lital. You can think before
it at that you don't have to work.

1365
01:50:53.319 --> 01:50:57.119
You don't have to be employed to
pay taxt In Nigeria, you don't

1366
01:50:57.199 --> 01:51:01.039
have to be alive to pay tas
because whoever, whatever you want to buy,

1367
01:51:01.439 --> 01:51:05.800
they set up paid a very huge
amount of money at tasks where they're

1368
01:51:05.800 --> 01:51:11.439
transporting that crefit from they go to
They paid a lot of money on the

1369
01:51:11.520 --> 01:51:16.960
road police we collect some drive so
just a collect so when they get to

1370
01:51:17.079 --> 01:51:20.520
refire this nature and I want to
sell to you, they put all of

1371
01:51:20.640 --> 01:51:25.439
those money on top of that crayfish
and get their money back from you.

1372
01:51:26.279 --> 01:51:30.479
If you are feeling that tax,
that is just how Natress run and it

1373
01:51:30.640 --> 01:51:35.640
is shameful and annoying how it is
run. How the oil in the does

1374
01:51:36.239 --> 01:51:41.960
and then Randu State is getting the
tax from from oil in this thing.

1375
01:51:42.479 --> 01:51:46.239
Okay, you know getting tividien for
me. It is bad America and economist.

1376
01:51:46.640 --> 01:51:50.840
But I think Nigeria needs to go
far back to the drawing board and

1377
01:51:51.520 --> 01:51:59.560
trace how there no miss the steps, recaculate and all back to strategize because

1378
01:52:00.079 --> 01:52:03.039
if you continue going the way we're
going, I don't know we tire ye

1379
01:52:03.159 --> 01:52:06.359
from now, I don't know all
right now. And that you write for

1380
01:52:06.399 --> 01:52:13.600
a governor and you can passalborate bently, you will be celebrated. You will

1381
01:52:13.640 --> 01:52:17.800
be celebrated for being in time.
You will be celebrated for adding two thousand.

1382
01:52:18.239 --> 01:52:23.920
You will be celebrated for doing a
route you would be selling. In

1383
01:52:24.039 --> 01:52:28.520
fact, if the governor in Nigeria
and you as much as engage the citizen,

1384
01:52:29.239 --> 01:52:32.920
you will be celebrated because it is
rare for a governor to listen to

1385
01:52:33.000 --> 01:52:36.560
the citizen and respond to the appuptures. So when you don't do that,

1386
01:52:36.800 --> 01:52:42.119
when you come out in the public
and wave your hand and the citizens of

1387
01:52:42.239 --> 01:52:45.279
these days no interacty them, you
will be celebrated. They will say you

1388
01:52:45.359 --> 01:52:50.159
are the best governor because they don't
come up at all. Some one don't

1389
01:52:50.199 --> 01:52:55.079
come out the jot in the office
and the front and the bride to buy

1390
01:52:55.279 --> 01:52:59.960
and now this thank you, doc, thank you for that. And doctor

1391
01:53:00.079 --> 01:53:04.079
of do us say is that every
woman that is taking care of somebody as

1392
01:53:04.119 --> 01:53:11.199
an economist. Every woman, especially
women, is an economist. Every one

1393
01:53:11.279 --> 01:53:16.920
of you because you folks are the
ones doing choice scarcity demands needs. You

1394
01:53:17.079 --> 01:53:23.359
are the CFOs of the homes.
So we are all economists and I think

1395
01:53:23.399 --> 01:53:27.479
you've made some points here that does
drive it home. You have invested.

1396
01:53:27.600 --> 01:53:31.520
You are an FDI. You have
brought foreign direct investments to your home state

1397
01:53:31.560 --> 01:53:35.159
in Nigeria. And instead of you
to be celebrated, to be giving taxles

1398
01:53:35.239 --> 01:53:41.159
to say hey you've brought one,
can you employ two? Can you bring

1399
01:53:41.279 --> 01:53:45.119
in more to your state? They're
taxing you. So what will happen if

1400
01:53:45.239 --> 01:53:47.000
you weren't. You had a deal
in Australia and they said, hey,

1401
01:53:47.039 --> 01:53:50.520
we have all these machines for cancer, we don't need them anymore. We

1402
01:53:50.600 --> 01:53:55.239
won't donit it to you in Nigeria. Can you take them to Nigeria?

1403
01:53:55.319 --> 01:53:58.520
You wouldn't waste your time doing that
because they they could be too much for

1404
01:53:58.640 --> 01:54:01.800
you. And that's when just getting
it wrong. I registered about a guy

1405
01:54:01.920 --> 01:54:05.159
that went to us, he's a
disabled guy or so, and they gave

1406
01:54:05.279 --> 01:54:10.840
him machines, medical equipment to bring
much Nigeria to set up a hospital.

1407
01:54:11.159 --> 01:54:15.000
Customs held the machines inviagers that were
demanding for igr The guess that this is

1408
01:54:15.039 --> 01:54:20.159
a foundation, it's charity. This
is going to set up with something they

1409
01:54:20.279 --> 01:54:26.159
demanded for customs duty. If it
pays duty, who does it? Who

1410
01:54:26.199 --> 01:54:30.960
has it helped? Who has that
igr helped you? So again you go

1411
01:54:30.039 --> 01:54:33.920
back to the point about the physical
federalism. States are working, and it's

1412
01:54:33.960 --> 01:54:38.479
been shared to athersis that are quote
unquote not working. That has to stop.

1413
01:54:39.319 --> 01:54:44.239
Everything is linked with like I said, the federal fiscal revenues, the

1414
01:54:44.399 --> 01:54:49.199
census, the population. They are
all linked together, and states have got

1415
01:54:49.239 --> 01:54:56.399
to manor and believer for their citizens. It's just that we make enough taxes,

1416
01:54:56.439 --> 01:55:00.680
but they spend it on waste.
That's really what's going on. So

1417
01:55:00.800 --> 01:55:03.680
doctor again, thanks for you for
investing in Nigeria. We appreciate you for

1418
01:55:03.800 --> 01:55:09.159
investing, and we hope many people
not discourage. We've got to keep pushing

1419
01:55:10.119 --> 01:55:13.399
and we just have to keep pushing. That's just it, right, Victor,

1420
01:55:14.319 --> 01:55:18.239
what do I hear you dropped off? What's happening? Yeah? I

1421
01:55:19.199 --> 01:55:24.560
reading. Thank you so much for
the awesome insights to be sharing, and

1422
01:55:24.760 --> 01:55:30.800
of course job to talk about about. And she made she made mention of

1423
01:55:30.880 --> 01:55:33.600
the very key thing. She said, your life and then you have to

1424
01:55:34.119 --> 01:55:42.079
you don't have to work, and
you don't have to walk to do you

1425
01:55:42.119 --> 01:55:45.640
know, working with another said that
point tweet earlier to by doctor and he

1426
01:55:45.800 --> 01:55:51.800
just also said something in that line
that office I work up looking paps office

1427
01:55:51.840 --> 01:56:00.079
to one father in many companies come
there the accounting e one to wonder to

1428
01:56:00.199 --> 01:56:05.359
a contract and that's when they realize
that not being you know, the act

1429
01:56:05.920 --> 01:56:12.720
health of the pain and what do
they know to they start to negotiate of

1430
01:56:12.920 --> 01:56:18.520
them probably have about me fifteen million
you know tax obligation and then they are

1431
01:56:18.640 --> 01:56:26.000
there five million. And that is
what you see because these companies, all

1432
01:56:26.079 --> 01:56:30.239
these individuals in the acts that they
are doing the use of the attack that

1433
01:56:30.399 --> 01:56:38.239
is inted. So when they are
you know, they're cost the tax that

1434
01:56:38.399 --> 01:56:42.159
even even rather than painted the rather
going to go and look away to negotiating

1435
01:56:42.880 --> 01:56:46.319
you know out of that. And
and what happened is because number one,

1436
01:56:46.720 --> 01:56:51.960
we're not saying work a number two
the act boardings hired that. So the

1437
01:56:53.720 --> 01:57:00.119
organized that yes, nine grants of
attack income is very very high. You

1438
01:57:00.199 --> 01:57:05.319
know, we don't have enough if
we don't need I'm already busy. I

1439
01:57:05.439 --> 01:57:11.800
mean look at food inflation and they're
you know common so companies already trying to

1440
01:57:13.640 --> 01:57:16.479
tax because they're not seeing the use
of the tax. And you see some

1441
01:57:16.560 --> 01:57:25.760
companies I see, so they're on
the on there, you know, and

1442
01:57:26.000 --> 01:57:30.239
all in the name of it pay
this, not because they don't have.

1443
01:57:30.600 --> 01:57:34.359
Victor, your audio is cutting in
and out. I'm not sure if it's

1444
01:57:34.439 --> 01:57:39.560
just me, but it's breaking in
and out and you're making some great points

1445
01:57:39.600 --> 01:57:43.239
there. So I wondered if you
could and so you're looking now because you're

1446
01:57:43.239 --> 01:57:45.399
looking, and look back in and
just take it again. It's cutting breaking

1447
01:57:45.439 --> 01:57:55.079
and if that's gonna work for you, Victor, Okay, let me get,

1448
01:57:55.239 --> 01:58:01.439
let me get Cyndy, Uh,
Cyndy. How are you doing living

1449
01:58:03.079 --> 01:58:08.319
the opportunity? And fine, thank
you, com go for it all right.

1450
01:58:09.079 --> 01:58:14.840
The question is as a nigerianus UBERTAX, I will say yes, very

1451
01:58:14.880 --> 01:58:19.560
well over tax looking at taxations in
line with other countries that would say nugeons

1452
01:58:19.560 --> 01:58:27.279
are highly over tax with regards to
company corporation tags, PUST nine contacts.

1453
01:58:27.840 --> 01:58:32.000
You know, all the taxes you
can take are highly over taxed. Looking

1454
01:58:32.079 --> 01:58:39.239
at practice like deity. Initially from
the previous administration, the guilty was originally

1455
01:58:39.359 --> 01:58:45.720
at five percent, but however it
rose to seven from five percent in the

1456
01:58:45.840 --> 01:58:50.920
last administration. Why a period when
the economy was really struggling, businesses was

1457
01:58:50.920 --> 01:58:56.439
struggling, What did the government do? Rather they only look at how to

1458
01:58:57.720 --> 01:59:00.680
you know, tax the citizens with
this and what do they do? We

1459
01:59:00.800 --> 01:59:10.800
have no idea also going by CIIT
companies in the development of companies. We

1460
01:59:10.960 --> 01:59:14.119
countries like the UK, if a
company makes a loss, they are not

1461
01:59:14.199 --> 01:59:19.039
allowed to pay tax. But Nigeria, the government came back again in twenty

1462
01:59:19.159 --> 01:59:25.720
twenty or twenty twenty one day about
we introduced zero point five percent of turnover

1463
01:59:25.920 --> 01:59:30.800
for CIIT companies. Why companies struggling
who are not allowed to pay taxes in

1464
01:59:30.920 --> 01:59:35.479
other places? So as to help
them reward their businesses, government came back

1465
01:59:35.600 --> 01:59:39.399
to say, okay, no,
instead of not paying at all, why

1466
01:59:39.520 --> 01:59:43.159
not we introduce zurope for five percent
on your turnover. So if the company

1467
01:59:43.239 --> 01:59:46.600
makes a turnover, say billion nira, you'll be charging about five million or

1468
01:59:46.640 --> 01:59:55.159
so for turnover where the company probably
has you know, cashul problem or something

1469
01:59:55.279 --> 02:00:00.319
like that that's gone on and on
around making businesses to be closing down.

1470
02:00:00.479 --> 02:00:03.560
We see all these companies live in
Nigeria struggling. This are a problem with

1471
02:00:03.720 --> 02:00:09.039
Nigeria, but that no one is
talking about. Also, you come back

1472
02:00:09.079 --> 02:00:13.560
to you know states like Lego states
whereby they just roll out letters of times

1473
02:00:13.800 --> 02:00:17.640
for PI T person nine contacts,
whereby they just assess where you need come

1474
02:00:17.680 --> 02:00:23.960
to us collar vicinity are silky everybody
believing about around this area you know belong

1475
02:00:24.039 --> 02:00:27.159
to the high net worlds. And
you just put a figure in the letter

1476
02:00:27.199 --> 02:00:30.239
and send to you, send to
your houses and silky just owing this amount.

1477
02:00:30.319 --> 02:00:32.840
Please come to do you know,
come to all rest and pay the

1478
02:00:32.880 --> 02:00:38.479
stats you see people start debating this
amount and all of that. You know,

1479
02:00:38.680 --> 02:00:41.880
it's a it's a big struggle for
Nigeria. These things are not talked

1480
02:00:41.920 --> 02:00:45.199
about. Probably they're not okay.
Also, we look at taxes like consumption

1481
02:00:45.399 --> 02:00:49.720
tax, which is being connected by
legal states. How do you you know

1482
02:00:49.880 --> 02:00:55.720
launching a place like they wtell after
charging you be eighty and everything paid for

1483
02:00:55.840 --> 02:01:00.359
in that place. They also charging
consumption tasks work for what's because of tax?

1484
02:01:00.439 --> 02:01:03.960
For what all this money is useful? We don't have the breakdown,

1485
02:01:04.319 --> 02:01:09.279
We don't have any of the data
to support what the tax is collected has

1486
02:01:09.319 --> 02:01:15.239
been useful, killing businesses and individuals. These things are really really disturbing.

1487
02:01:15.840 --> 02:01:19.159
Also, you look at tour gate
fees like Legos, when you pass lucky

1488
02:01:19.199 --> 02:01:24.039
to pay before you pass five times, you pay, five times, pass

1489
02:01:24.079 --> 02:01:27.880
ten times. We pay for These
are all taxes. Also, if you

1490
02:01:28.000 --> 02:01:32.359
go to places like the markets and
legos, you're instructor and informal tax system.

1491
02:01:32.960 --> 02:01:36.800
He's not talked about so much like
a guy. Let's say a guy

1492
02:01:36.920 --> 02:01:41.920
is carrying a truck. That guy
carries you know, like say a bag

1493
02:01:41.960 --> 02:01:45.359
of a cut on of tomato,
he passes somewhere, he's taken. He

1494
02:01:45.520 --> 02:01:50.479
pays. Every time he passes somewhere, money is collected by somebody. Where

1495
02:01:50.560 --> 02:01:56.199
does that money go? That money
is not accounted for. So we have

1496
02:01:56.479 --> 02:02:00.880
all these problems in my gia.
People don't talk about it. You know,

1497
02:02:00.119 --> 02:02:04.399
it's it's it's really really sad.
We talk about government collecting with told

1498
02:02:04.479 --> 02:02:11.319
inters stay, governmental collab withhold interis
f I as we collect withholding tags.

1499
02:02:12.000 --> 02:02:15.119
And then at some points in time
f i res came back and said,

1500
02:02:15.199 --> 02:02:18.279
oh, were told in tas dated
after a certain time, you can only

1501
02:02:18.399 --> 02:02:23.479
you cannot use it because it has
passed. You know, it has passed

1502
02:02:23.520 --> 02:02:28.239
a certain time from which your money. That's dedoctored from your services that you

1503
02:02:28.319 --> 02:02:31.399
are supposed you to upset your viability. They said, no, you can't

1504
02:02:31.520 --> 02:02:35.840
use it because you know, probably
the government is tied with cash flow.

1505
02:02:35.920 --> 02:02:42.520
They're trying to base money. Why
why why should the society functions like that?

1506
02:02:42.880 --> 02:02:47.119
Why these are serious issues that really
killing the economy. They might be

1507
02:02:47.279 --> 02:02:51.920
small boards in the long run,
there are big issues that should be addressed

1508
02:02:53.000 --> 02:03:00.239
and looked promptly. Otherwise we're only
going into I don't know on this turn

1509
02:03:00.279 --> 02:03:04.199
of a tax again, just saying
so care. What you're saying is an

1510
02:03:04.279 --> 02:03:11.840
exemption where the who pays a tax
just yes, normally all companies are supposed

1511
02:03:11.880 --> 02:03:16.600
to pay tax on profits, taxes, compressional tax or profit normally government.

1512
02:03:16.880 --> 02:03:20.279
You know, there's a turn of
a trashow. Why you make it all

1513
02:03:20.319 --> 02:03:24.840
over over twenty five minutes. They're
supposed to pay tax whether you make a

1514
02:03:24.920 --> 02:03:29.279
profit or you're making loss. So
in language a drunk context and the other

1515
02:03:29.359 --> 02:03:33.239
world's like I've said, the UK
went practicing as well. In the UK

1516
02:03:33.439 --> 02:03:39.600
when the company makes the laws,
they're extensive facts and they carriedly lost forwards

1517
02:03:39.680 --> 02:03:44.920
for how many years to about four
years and offset that loss whenever they made

1518
02:03:45.000 --> 02:03:49.159
profit. In Nigeria, that was
the case. But in twenty twenty,

1519
02:03:49.359 --> 02:03:54.119
the government came back and said,
no, whether than not paying anything at

1520
02:03:54.159 --> 02:03:58.800
all, why not we introduced zero
for five percents on your tourn over.

1521
02:04:00.640 --> 02:04:04.640
Normally corporational tax in Nigeria is twenty
percent on your profits. However, they

1522
02:04:04.680 --> 02:04:08.119
came back and said, no,
if you have, if you've made a

1523
02:04:08.199 --> 02:04:11.079
laws, rather than I'm not paying
anything to the government, you're not paying

1524
02:04:11.119 --> 02:04:15.960
any CID. So let's take zero
point five percent of your tournover. Whether

1525
02:04:15.119 --> 02:04:18.720
you have time cash flow that you
you don't have, they don't care to

1526
02:04:18.880 --> 02:04:23.800
just collect that zal confined percent of
your toneover. So if a company is

1527
02:04:23.880 --> 02:04:27.960
making billions and billions of narrow if
you take zero call five percent of their

1528
02:04:28.039 --> 02:04:30.760
tono. By the times where they're
really struggling, it's stillious amount of money

1529
02:04:31.079 --> 02:04:35.359
which have been invested in the business
bounce back. In other countries you see

1530
02:04:35.399 --> 02:04:40.079
war businesses and struggling government will our
plans give them cash, you know,

1531
02:04:40.520 --> 02:04:44.920
funds to support their businesses, businesses, how they can support them or in

1532
02:04:45.000 --> 02:04:48.439
Nigeria it doesn't work then with it
doesn't. It's really really it's all about

1533
02:04:48.479 --> 02:04:53.640
the struggle how the government can collect
from you, collect from your collect from

1534
02:04:53.720 --> 02:04:58.760
you. It's really sad. Also, another big serious problem we have in

1535
02:04:58.880 --> 02:05:05.199
Nigeria and tax, so tax like
it's a problem like I would say ninety

1536
02:05:05.279 --> 02:05:13.960
eight percent of companies in Nigeria don't
play the actual pay of the account.

1537
02:05:15.159 --> 02:05:18.239
Why you have crazy tax consultants and
we come out and tell you, okay,

1538
02:05:19.479 --> 02:05:23.439
just pay this, just plad this, just pay this and then give

1539
02:05:23.560 --> 02:05:28.000
us the balance or even for your
corporations and they say okay. They complete

1540
02:05:28.000 --> 02:05:31.199
the actual tax liability and say that
your tax liability should be two billions,

1541
02:05:31.960 --> 02:05:36.119
and then they say okay, maybe
the company is struggling. The tax consultant

1542
02:05:36.199 --> 02:05:43.119
comes and say okay, we're going
to reduce this tax liability to say to

1543
02:05:43.199 --> 02:05:45.680
be one hundred million. Okay for
the three of the four work, for

1544
02:05:45.720 --> 02:05:48.079
the work we've done. This is
what you have to do for us,

1545
02:05:48.239 --> 02:05:51.439
give us fife from Dreum Milliam for
our team. Have to share that you

1546
02:05:51.520 --> 02:05:57.479
know, public paperworking place and then
close the taxos or whatever. This is

1547
02:05:57.520 --> 02:06:04.159
a serious issue. No society like
that. It's indeed the society. Almost

1548
02:06:04.239 --> 02:06:12.359
all companies, like even the list
companies totic the actual properit. So you're

1549
02:06:12.399 --> 02:06:16.119
saying that essentially they just work with
the tax consultant and able to get a

1550
02:06:16.199 --> 02:06:24.560
discounts without It happens all the time, all the time. It happens lots

1551
02:06:24.600 --> 02:06:27.119
of issues to take it. I
mean, doctor or that you don't have

1552
02:06:27.239 --> 02:06:32.319
to make income to be taxed.
I just have to be alive and I'm

1553
02:06:32.319 --> 02:06:39.359
going to use but doctor, had
they wrote down a lot of tax,

1554
02:06:39.720 --> 02:06:45.319
they have to call it for citizens
make that's society an unfornction that way,

1555
02:06:45.399 --> 02:06:49.640
it can't. You can never grow
in society like that. M Well,

1556
02:06:50.239 --> 02:06:53.880
thanks to much for giving not the
account inside of it. I mean it's

1557
02:06:53.880 --> 02:06:56.119
crazy, like you said, a
ton of attack. So if i'm if

1558
02:06:56.199 --> 02:06:59.560
I'm just making tourn of he not
profit, not income. That's a turn

1559
02:06:59.640 --> 02:07:02.000
over. What is not my money? I get that's a big one.

1560
02:07:05.640 --> 02:07:09.920
Yeah. Well, since you're hang
in in in case it's not a guess

1561
02:07:10.000 --> 02:07:14.199
one has a question on tax for
you, let me get took. Mister,

1562
02:07:15.079 --> 02:07:17.720
thank you so much. A pretient
doesn't victim. It's your audio back.

1563
02:07:20.039 --> 02:07:25.319
Yeah, I believe it's back.
Yes, go ahead, O great,

1564
02:07:25.439 --> 02:07:29.880
So I mean listening to the last
speaker, just just said everything.

1565
02:07:29.920 --> 02:07:30.840
I was going to say, you
know, she just said everything, and

1566
02:07:30.880 --> 02:07:33.800
I was going to add that.
And when you go to the tax office,

1567
02:07:33.840 --> 02:07:40.239
when you go to the epist and
the entire service in the States,

1568
02:07:40.399 --> 02:07:44.479
you see these things happened every time
you see companies that know that this is

1569
02:07:44.560 --> 02:07:48.159
your tax body. But then because
they know that this tax is not you

1570
02:07:48.239 --> 02:07:51.720
know what I mean, I can
hear you please go ahead, okay.

1571
02:07:51.960 --> 02:07:55.640
So but because the companies know that
this I mean, if I give the

1572
02:07:55.680 --> 02:07:59.800
government, it's not going to will
do the work that is supposed to do.

1573
02:07:59.880 --> 02:08:03.039
So let me d just legotiation to
the tax consult And there was the

1574
02:08:03.199 --> 02:08:07.239
case of where the company I was
working with for about five years, the

1575
02:08:07.319 --> 02:08:11.000
company was going tax right, and
then we kept on going back and for

1576
02:08:11.119 --> 02:08:13.079
that back and forth and multiple millions. But what happened when we got to

1577
02:08:13.159 --> 02:08:16.600
the office and had a very long
discussion with many tax console brands, he

1578
02:08:16.720 --> 02:08:20.840
directed us to an officer and then
what we do. The next thing we

1579
02:08:20.920 --> 02:08:22.720
starts, you know what, don't
want to go back to get back to

1580
02:08:22.800 --> 02:08:26.039
you, and by trying to go
back to us and told us just about

1581
02:08:26.079 --> 02:08:30.000
far on the house and that's it. So why is this the case,

1582
02:08:30.520 --> 02:08:35.800
so many layers upon layers of So
why why will the company decide not to

1583
02:08:35.359 --> 02:08:39.199
be fitful with your tacks because obviously
I'm not seeing what they worked up with

1584
02:08:39.279 --> 02:08:43.239
the tack. So obviously if I
don't see the job, then I'm not

1585
02:08:43.319 --> 02:08:48.239
gonna pay the tax. And they're
say, look where I can discuss with

1586
02:08:48.279 --> 02:08:50.800
maybe a tax consult and to a
packs officer. There was a case where

1587
02:08:52.239 --> 02:08:56.600
two tax officers were discussing and then
one was saying that that the money he

1588
02:08:56.640 --> 02:09:01.560
has gotten for the whole of twenty
twenty one from not negotiating with companies is

1589
02:09:01.720 --> 02:09:07.079
enough for your salary. That salary
one he has gotten that money from negotiating

1590
02:09:07.119 --> 02:09:11.279
with companies. So you see,
even though the government wants to tax the

1591
02:09:11.359 --> 02:09:16.960
companies, has already multiple layers of
loopholes. And then because there's no there

1592
02:09:18.079 --> 02:09:20.680
is no if you if you pay
what you're doing, you're not gonna see

1593
02:09:20.720 --> 02:09:22.720
the work. So why would I
be at the end of the day.

1594
02:09:24.239 --> 02:09:26.359
So at the end up we keep
on seeing the governments increasing the path and

1595
02:09:26.439 --> 02:09:30.479
trying to widen the net because you're
not seeing the money. And then even

1596
02:09:30.520 --> 02:09:35.199
if they see the money, the
money ends up in private for I mean,

1597
02:09:35.239 --> 02:09:37.880
interesting point. I mean it's the
same team again. You know,

1598
02:09:37.640 --> 02:09:41.800
we pay too much tax and the
one that we pay we don't see the

1599
02:09:41.840 --> 02:09:45.199
benefits. So that vicial circle that
developed. We're paid, we're not seeing

1600
02:09:45.239 --> 02:09:48.960
the effects. So again it keeps
developing. Good point. Let's let's run

1601
02:09:48.039 --> 02:09:50.399
the room. I've got first light, first night, thanks to Victor.

1602
02:09:50.600 --> 02:09:58.680
First light. Toss your mind,
first light, what's up? What's up?

1603
02:09:58.000 --> 02:10:09.399
Let's get yours butcher, butcher jos
go aheads going once, going twice.

1604
02:10:09.239 --> 02:10:18.319
The humans and that's the humans.
Can you guys hear me? Is

1605
02:10:18.399 --> 02:10:24.319
it me? Yeah? First?
Yeah, please go ahead? Yes,

1606
02:10:24.439 --> 02:10:31.239
how are you guys? Really mean? I love the discussion and Engeria over

1607
02:10:31.399 --> 02:10:37.760
pack. Are we he said?
Are we saying it's on both sides?

1608
02:10:37.840 --> 02:10:43.039
I think I think if you look
at the obvious site ever mentioned in those

1609
02:10:43.119 --> 02:10:48.359
countries where they higher past, how
do you know what shocked me? The

1610
02:10:48.479 --> 02:10:50.600
more the things that shocked me,
the more that happened in Nigeria is the

1611
02:10:50.720 --> 02:10:56.600
fast like already just said, yes, it goesment come up like you said

1612
02:10:56.640 --> 02:11:03.199
to legal consumption pass and we compete
about this. You know, in the

1613
02:11:03.319 --> 02:11:07.319
system where everything will works, somebody
will have challenges in the court. They

1614
02:11:07.359 --> 02:11:09.239
did, they did. They challenges
in the court. They challenges in the

1615
02:11:09.279 --> 02:11:18.119
court. And its legal. It's
legal, it's legal, it's legal.

1616
02:11:20.680 --> 02:11:26.399
Okay. So secondly, the taxis
that we talk about here theme for my

1617
02:11:26.560 --> 02:11:31.600
taxes work still a lot of business, true is in for my past.

1618
02:11:33.079 --> 02:11:37.359
Let me give you example. I
have a friend in who had the right

1619
02:11:37.479 --> 02:11:43.880
patry in sarafricas Barbwe. He had
a grandmot one would be clear. I've

1620
02:11:43.880 --> 02:11:46.439
said this thing on your springs before
for him to start. The one in

1621
02:11:46.520 --> 02:11:52.560
Saratica, it isn't on your steamer
six months. The one in Zimbabwe it

1622
02:11:52.640 --> 02:11:56.600
took five months. The one in
my junior took him two years eight months.

1623
02:12:00.039 --> 02:12:05.079
Against the shopping part of this as
will you month anytime it truck comes

1624
02:12:05.159 --> 02:12:11.600
in to pick rise and like one
of his talk, leasing is in place

1625
02:12:11.640 --> 02:12:16.880
of right, then the police point
ride in front of those people who collect

1626
02:12:16.960 --> 02:12:20.680
money from him. Then your local
government chairman of that area where he's produce

1627
02:12:20.840 --> 02:12:24.640
that, right, you want to
send somebody that same week to come and

1628
02:12:24.720 --> 02:12:31.000
collect money. Then when that's finished, the so called murgarde of that area,

1629
02:12:31.399 --> 02:12:35.479
we send somebody to come and collect
money. You see you give meon.

1630
02:12:35.520 --> 02:12:39.319
I'm saying this is that, and
those people will not agree with me.

1631
02:12:39.159 --> 02:12:43.680
And this is not costing the spreade
drive loon. When you go to

1632
02:12:43.760 --> 02:12:46.680
the thing, it's even more past. Its terrible to the city. I

1633
02:12:46.760 --> 02:12:50.239
have often who said, well,
you're bringing something out of bailing before you

1634
02:12:50.479 --> 02:12:54.520
leave genuine, before you drive out
of bailing. You say more than seven

1635
02:12:54.600 --> 02:13:03.239
starts before you drive out of bailing. And that's the food basket of Nigeria.

1636
02:13:03.319 --> 02:13:18.279
I think what we need to think
more about. Okay, your audio

1637
02:13:18.399 --> 02:13:22.159
is not that, it's not that
golden, but we can hear you.

1638
02:13:22.279 --> 02:13:24.880
So I want to wrap up and
then look back and look like there's not

1639
02:13:24.920 --> 02:13:33.399
that golden. Yeah, yes,
bro, yeah, yeah, yeah,

1640
02:13:33.199 --> 02:13:43.159
go ahead, yes, go ahead. First night, let me let me

1641
02:13:43.199 --> 02:13:48.079
get you that audience. Yeah sure, let me get humans. First night.

1642
02:13:48.079 --> 02:13:52.520
I saw that audio. Let me
get veryment speak. Okay, very

1643
02:13:52.560 --> 02:14:01.239
humans going once under the sea.
See him your hand us up a speak

1644
02:14:01.239 --> 02:14:07.600
and I'm going to take you to
step your down. Go ahead. Yes,

1645
02:14:09.239 --> 02:14:16.600
we did a lot of my uh
able to speak on this platform.

1646
02:14:18.159 --> 02:14:22.840
So I also wanted to speak on
another area, you know, as regards

1647
02:14:22.880 --> 02:14:33.000
streamlining, and we have been able
to streamline their taxes and outside the over

1648
02:14:33.439 --> 02:14:37.039
boarding of taxes on Nigeria's you know, there's a lot that's it were still

1649
02:14:37.119 --> 02:14:43.359
lacking in the government being able to
track, you know, and being able

1650
02:14:43.479 --> 02:14:48.079
to streamline a lot of these taxes, even if we focus on things like

1651
02:14:48.199 --> 02:14:52.960
ciets, like vat even the way
and I know, I know there has

1652
02:14:54.000 --> 02:14:58.079
been an improvement in recent times trying
the empire us and you know, setting

1653
02:14:58.159 --> 02:15:01.920
up their system and of breading your
system has been there has been a lot

1654
02:15:01.960 --> 02:15:07.800
of improblems, but then the government
has not been able to you know.

1655
02:15:09.000 --> 02:15:13.479
You know, you also spoke about
even getting like the data bound for the

1656
02:15:13.680 --> 02:15:18.760
identity of Nigeria's you know, and
being able to track you know, everybody

1657
02:15:18.880 --> 02:15:22.079
Nigeria has their own idea and identity
and that so the government has ever been

1658
02:15:22.119 --> 02:15:30.880
able to streamline taxes in a way
that it is transparence and then it is

1659
02:15:31.000 --> 02:15:35.960
being related to the right sources.
You know. If if they can even

1660
02:15:35.039 --> 02:15:39.600
actually do that, you know,
tax is that taxis will be raised,

1661
02:15:39.119 --> 02:15:43.640
you know, and as as in
more tactics will come in, you know,

1662
02:15:43.680 --> 02:15:50.600
instead of introducing what I'm introducing your
tactice every day people the existing ones

1663
02:15:50.199 --> 02:15:54.520
you know, if if you if
you're able to invest you know, in

1664
02:15:54.920 --> 02:15:58.800
icity and then really you're able to
build up this system, maybe digitize it.

1665
02:16:00.479 --> 02:16:05.159
You know, if you to go
a long way to bring in more

1666
02:16:05.199 --> 02:16:09.760
taxes from BeO the existing taxes.
But then well what dan government that should

1667
02:16:09.760 --> 02:16:13.119
government likes to do this. They
set out to do one thing. It's

1668
02:16:13.199 --> 02:16:16.039
not working. It's trying to stay
on it and fix that thing. Then

1669
02:16:16.159 --> 02:16:20.359
they're starting on that thing. You
don't have bush roots, right, the

1670
02:16:20.439 --> 02:16:26.960
existing are bad. They want to
build the new and you root your stand

1671
02:16:26.279 --> 02:16:31.680
you you don't have good system in
place. Instead of staying up fixing it,

1672
02:16:31.800 --> 02:16:33.879
you want to bet the new system. You know, we have different

1673
02:16:35.239 --> 02:16:37.760
ideas. Now we have means,
we have TV and we have I think

1674
02:16:37.760 --> 02:16:41.719
they haven't trying to introd and l
so you know, but if they could

1675
02:16:41.760 --> 02:16:46.319
stay and fix this, did and
everybody was the v and you start okay

1676
02:16:46.399 --> 02:16:52.399
everybody that van and and didn't they
choose to identify then implement it, digitize

1677
02:16:52.440 --> 02:16:56.959
it, bring it up to standards. You know. Over then they don't

1678
02:16:58.040 --> 02:17:01.639
do that. You get it,
so just focus on you're thinking about just

1679
02:17:01.760 --> 02:17:05.760
making making the process itself more efficients
keeping it making it the process, make

1680
02:17:05.840 --> 02:17:11.440
the process even efficient. That's just
go because you know good are hiding on

1681
02:17:11.559 --> 02:17:16.079
that, or companies are hiding on
that, you know probably or like some

1682
02:17:16.280 --> 02:17:22.600
invention people sometimes my bride their way
out. If you can implement in transparencing

1683
02:17:22.680 --> 02:17:28.120
what let's go to the states.
You know, people talk about non state

1684
02:17:28.360 --> 02:17:33.200
actors that are also collected in tax
you know what what what is solution to

1685
02:17:33.280 --> 02:17:35.440
this? Digitize everything, you know, the ties, all the taxes.

1686
02:17:35.639 --> 02:17:41.799
So and then it becomes more transparence
process becomes more better present and carry a

1687
02:17:41.840 --> 02:17:46.479
line more money from that, you
know, because there are several not that

1688
02:17:46.079 --> 02:17:50.360
you know, people different hands in
different markets. They don't want to you

1689
02:17:50.399 --> 02:17:54.559
don't want to have the political will
to do this thing instead to use another

1690
02:17:54.680 --> 02:17:58.760
tax you know you So that's that's
just one of the issues that then you

1691
02:17:58.840 --> 02:18:05.440
can focus builder system builder processes be
more efficient processes the existing tax you know,

1692
02:18:05.760 --> 02:18:09.000
can't it would be we'll get in
more from the from from from the

1693
02:18:09.120 --> 02:18:15.479
existing taxes. So make it more
efficiency. That increase the volume, even

1694
02:18:15.520 --> 02:18:20.959
if you don't increase the tax based
increased will be increasing improve your process.

1695
02:18:22.000 --> 02:18:24.479
I prove the efficiency, you actually
will get more good point. Good point,

1696
02:18:26.079 --> 02:18:30.559
don't do that, just start introducing
the new taxes. Good point.

1697
02:18:31.200 --> 02:18:41.799
Love that them getting quite coka cosy. Thank you very much. That's wonderful

1698
02:18:41.920 --> 02:18:46.360
thing, very fine. So I
think number one, I think the Indians

1699
02:18:46.360 --> 02:18:52.040
are very of the tax I think
I think the major problem is coming from

1700
02:18:52.120 --> 02:18:56.639
the civil service itself. And and
that's why I think the points made by

1701
02:18:56.719 --> 02:19:01.200
the last week and may not really
work. The digitalization. You know,

1702
02:19:01.719 --> 02:19:07.479
they drained this digitization in many civil
service offices and disablers will fight against it.

1703
02:19:07.200 --> 02:19:11.159
And in a way, I think
I understand why some of them will,

1704
02:19:11.239 --> 02:19:13.600
most of them will fight against it. And one I think that the

1705
02:19:13.760 --> 02:19:20.159
civil services grossly underpaid. You know, they're grossly on the paid. That's

1706
02:19:20.239 --> 02:19:22.559
why most of the time when you
go to most of their offices, many

1707
02:19:22.639 --> 02:19:28.799
of them are either taking up second
jobs of doing selling odd and odd things

1708
02:19:28.959 --> 02:19:33.440
like that. In remember that the
offices, you know, and from being

1709
02:19:33.639 --> 02:19:41.239
underpaid. The Christmas process for most
of the civil service areas is highly corrupted

1710
02:19:43.280 --> 02:19:48.000
and exily corrupted and doing that in
most of them that I have seen,

1711
02:19:48.120 --> 02:19:52.600
most of them that I have said, there's one person that massively recruits so

1712
02:19:52.840 --> 02:19:56.639
many. Yeah, he plugs and
many people for maybe his thin for something

1713
02:19:56.760 --> 02:20:03.799
like that, and they actively collect
a percentage of their salaries and he collects

1714
02:20:03.840 --> 02:20:09.520
them and that percentage is a sense
to his account or whatever happens. I

1715
02:20:09.719 --> 02:20:15.200
used to know that, I used
to know as even. Yeah, and

1716
02:20:15.280 --> 02:20:20.719
also that in like twenty percent of
the salaries being collected by one of that

1717
02:20:20.920 --> 02:20:26.879
they talk like that, the NEOs
and many of the normal people, many

1718
02:20:26.920 --> 02:20:31.879
of the Loma women, I think
around twenty six it was twenty twenty two,

1719
02:20:33.399 --> 02:20:35.360
I think they were paying them around
ten thousands. Of that like five

1720
02:20:35.440 --> 02:20:41.239
thousand was being collected and sent pected
by one or girl like that. You

1721
02:20:41.319 --> 02:20:46.479
know, So in that instance we're
in you're collecting a Niger pay and then

1722
02:20:46.600 --> 02:20:50.559
on top of that you came into
it every day back door. You understand.

1723
02:20:52.440 --> 02:20:58.639
It doesn't promote it doesn't promote a
coulture of It doesn't promote the adoption

1724
02:20:58.799 --> 02:21:01.520
of the culture of transit. And
see, you understand. And that's why

1725
02:21:01.799 --> 02:21:11.120
informal analogue analog in quotes, analog
ways of collecting the taxes collecting many of

1726
02:21:11.200 --> 02:21:15.959
these things will always That's why they
will always provide. They always want that

1727
02:21:16.280 --> 02:21:22.440
kind of system in place, like
that it's like what you've got at It's

1728
02:21:22.520 --> 02:21:26.600
like what you get in many customs
of this, many custom offices you go

1729
02:21:26.760 --> 02:21:33.159
to maybe because custom of this.
If you want to do your if you

1730
02:21:33.239 --> 02:21:35.600
want to do your course, let
me let me ask you this question.

1731
02:21:35.840 --> 02:21:39.360
Do you think that they are paid
low or do you think that because they

1732
02:21:39.360 --> 02:21:46.719
are unproductive they are paid low.
I think they're paid not because they are

1733
02:21:46.840 --> 02:21:52.360
unproductive. No, I don't think
that they are what what what? What's

1734
02:21:52.440 --> 02:21:56.639
the output or want to be the
output? What well does the civil servant

1735
02:21:56.760 --> 02:22:05.520
in nature create? So in a
way I think that the support I think

1736
02:22:05.360 --> 02:22:11.440
I think that if you're paid well, you can maintain efficiency and follow the

1737
02:22:11.520 --> 02:22:15.920
set of lead down protocolts. But
which your comes first? They did like

1738
02:22:16.079 --> 02:22:18.319
in Singapore when Lakewranu started, he
said, I was going to make the

1739
02:22:18.360 --> 02:22:24.680
civil service leads the best in Singapore. He puts in the civil service,

1740
02:22:24.719 --> 02:22:28.760
he paid them at the very highest
levels. So this the Singapore amount as

1741
02:22:28.840 --> 02:22:31.760
much as what we'll call it,
here's gonna be a bankers And that's where

1742
02:22:31.799 --> 02:22:37.840
you then study economy. What God
did around the country. You see Singapore

1743
02:22:37.920 --> 02:22:41.479
today, And that's how Nagural was
in the seventies one asking that today.

1744
02:22:41.639 --> 02:22:46.879
But the singapore guys create well,
look at Singapore Air like this government owned.

1745
02:22:46.680 --> 02:22:52.760
That's why Singapore is government owned.
What what can you name one institution

1746
02:22:52.920 --> 02:22:58.079
an n that is creating world?
Maybe NFA or the MAASA or n NPC,

1747
02:22:58.520 --> 02:23:03.200
anything house with an end that's creating
words when job nature has to I

1748
02:23:03.319 --> 02:23:07.520
think the only oil company I've seen
in my life that Nigeria subsidized. This

1749
02:23:07.639 --> 02:23:11.959
isn't subsidized. It should be Nigeria
the only oil company I've seen where the

1750
02:23:13.040 --> 02:23:18.000
citizens subsidized oil company. So we're
not creating wealth. And then this is

1751
02:23:18.040 --> 02:23:22.319
a liability or the past to Nigeria
a liability. So if you don't create

1752
02:23:22.520 --> 02:23:26.479
weld, how can you get paid
more? Look at the banks create wealth,

1753
02:23:26.680 --> 02:23:31.200
that's why they pay their guy as
well. The ite firms create world,

1754
02:23:31.360 --> 02:23:33.799
they play their who whatever farmers you
can add this some farmers. I

1755
02:23:33.840 --> 02:23:37.760
mean. The point I'm making is
that is salary a consequence or a causition.

1756
02:23:39.079 --> 02:23:43.040
But what is salary is a consequence
or causation. Yeah, if you're

1757
02:23:43.120 --> 02:23:50.719
paid more, you're getting me you
can be more motivated to retain fairness.

1758
02:23:50.520 --> 02:23:56.360
If there's fendness in the recruitment process, and you caught out many of these

1759
02:23:56.520 --> 02:24:01.319
middle men who create or this loophos
goos to warn rest like that you would

1760
02:24:01.360 --> 02:24:07.079
be able to get you able to
get a lot more in terms of the

1761
02:24:07.200 --> 02:24:13.120
taxes that actually reaches the comforts of
the frederal government. I don't know if

1762
02:24:13.159 --> 02:24:18.040
you go so this backdoor which many
of them tend to take. You know.

1763
02:24:18.159 --> 02:24:22.639
So I just think that just the
problem is the ethos. No,

1764
02:24:22.680 --> 02:24:26.399
I get the point you are making. Get I get the point you are

1765
02:24:26.479 --> 02:24:31.479
making. What I'm asking is that
if you look at a salary, does

1766
02:24:31.559 --> 02:24:35.879
a salary motivate or are you motivated
and you get a salary? Is a

1767
02:24:35.000 --> 02:24:41.799
salary causation or the salary really the
causative. That's what I'm trying to figure

1768
02:24:41.840 --> 02:24:45.159
out from you, because if you
say, if I pay work and more,

1769
02:24:45.479 --> 02:24:50.399
they will become more. Yeah.
To be honest, personally, I

1770
02:24:50.520 --> 02:24:54.200
think from experience, personally, I
think salary motivates if you pay any will

1771
02:24:54.479 --> 02:25:01.799
and if I have a good pension, if I know that I am being

1772
02:25:01.079 --> 02:25:05.719
my pension has been that, if
I know that my attention is being sorted

1773
02:25:05.760 --> 02:25:11.680
out, if I know that this
is coming in and it can be sufficient

1774
02:25:13.040 --> 02:25:18.760
enough to help me scale through at
least to the end of day that happen

1775
02:25:18.879 --> 02:25:24.440
to bubble. You understand the inflation
with I don't know if it gets I

1776
02:25:24.559 --> 02:25:28.360
mean, I see your point.
I see what you're going to I see

1777
02:25:28.360 --> 02:25:31.200
your point. You're saying, if
I pay policemen and you are well,

1778
02:25:31.239 --> 02:25:33.719
they will do policing better. That's
where you're going. That's where you're going

1779
02:25:33.760 --> 02:25:37.479
to do this. Yes, exactly, okay, but I understand and see

1780
02:25:37.479 --> 02:25:41.120
which one comes first. Should the
policeman police better than we pay them more

1781
02:25:41.280 --> 02:25:45.000
or should we just pay the man
who for the best? Which do you

1782
02:25:45.000 --> 02:25:50.280
think should happen first? I think
that's all right, But I see where

1783
02:25:50.280 --> 02:25:54.639
you're coming from. Let me ask
your accountant, Cindy, what's your take?

1784
02:25:54.280 --> 02:25:58.000
What's your take is saying the salary
is small and I just don't get

1785
02:25:58.120 --> 02:26:01.799
paid well. So you wanted to
get paid well so that their protivity goes

1786
02:26:01.879 --> 02:26:07.799
up. What's your what's your what
the numbers say? All right? Thank

1787
02:26:07.879 --> 02:26:11.920
you? However, I think it's
not about being paid well. You look

1788
02:26:11.959 --> 02:26:16.239
at other countries. You know,
people are tax based on how much based

1789
02:26:16.280 --> 02:26:20.559
on their disposible imicome what is left
at the end of the day. Say,

1790
02:26:20.120 --> 02:26:24.479
for some countries, like in the
UK, you have like what they

1791
02:26:24.559 --> 02:26:28.799
call personal allowance, which is about
twelve thousand pounds twelve thousand, five hundred

1792
02:26:28.799 --> 02:26:33.799
and seven pounds when you eard anything
within the treshore, you're not paying tax.

1793
02:26:35.360 --> 02:26:39.040
Regardless of your age, whatever work
you're doing, you're not paying tax.

1794
02:26:39.920 --> 02:26:43.639
In Nigeria you have the consolidated allowance
which is spread across your salary to

1795
02:26:43.680 --> 02:26:48.760
take out your pay. Why but
these things are not arranged in a way

1796
02:26:48.840 --> 02:26:52.559
that will make the average that you
don't understand their take home pay at the

1797
02:26:52.680 --> 02:26:58.040
end of the day. When you
look at other places, like the gentleman

1798
02:26:58.120 --> 02:27:03.639
who mentions stream lighting tax is in
a place like Nigeria, the population is

1799
02:27:03.719 --> 02:27:07.280
so much wellby, people are doing
several things. There's so many small,

1800
02:27:07.319 --> 02:27:11.719
small informal businesses that not registered in
the system. If the system is streamlined

1801
02:27:11.760 --> 02:27:16.639
and digitalized, I think we should
be able to, you know, generate

1802
02:27:16.799 --> 02:27:20.959
sufficient funds and leasts could go a
long way for the system. In the

1803
02:27:22.159 --> 02:27:26.920
country like the UK, it's a
crime for you know, for you to

1804
02:27:26.000 --> 02:27:31.719
do a job or get paid without
the money passing through your national insurance number.

1805
02:27:31.079 --> 02:27:33.360
I think for people. In the
US, they have like the social

1806
02:27:33.440 --> 02:27:39.520
security numbers where we'll give the safety
or in Nigeria, we just have systems

1807
02:27:39.559 --> 02:27:41.600
where we can't even understand what they're
doing with them. They just have your

1808
02:27:41.680 --> 02:27:46.239
data, your information. We don't
know what The other time Bvia, we

1809
02:27:46.360 --> 02:27:50.920
tought Via was coming to do something
good for us. Today nothing. They

1810
02:27:50.000 --> 02:27:54.000
came back again. N I n
nothing. So we have all these things

1811
02:27:54.040 --> 02:27:58.879
scut out all over the place.
They're not streamlined. So that's why the

1812
02:27:58.920 --> 02:28:03.680
government comes back. I think I
want then introduce a new tasking tomorrow.

1813
02:28:03.719 --> 02:28:07.040
They introduced another because they can't even
constantly did what they already have. You

1814
02:28:07.200 --> 02:28:11.799
cannot rely it, you know,
to be able to make it a picient

1815
02:28:11.920 --> 02:28:16.040
for them and for the society.
I think that's interesting. Doctor. What's

1816
02:28:16.079 --> 02:28:20.639
your take? Doctor? I mean
you you walked in Nigeria, I believe

1817
02:28:20.719 --> 02:28:26.079
you walk abroad. Now. Do
you think it's more of a paying Nigerians

1818
02:28:26.280 --> 02:28:31.559
more and they do their job better
or do you agree that if you then

1819
02:28:31.719 --> 02:28:35.399
just should work first and then should
pay them doctors? You're taking the level.

1820
02:28:35.920 --> 02:28:41.200
What's your taking on that? Yeah, I'm going my disperis ad.

1821
02:28:41.280 --> 02:28:46.280
People are happier when you pay them
well and they're happy, are better.

1822
02:28:46.840 --> 02:28:50.840
And when you are happy, you
want to do better. And when you

1823
02:28:50.879 --> 02:28:56.159
are when you are appreciated, you
want to do more to be more appreciated.

1824
02:28:58.040 --> 02:29:03.040
Right. I remember when I asked
my first guest up sugar, and

1825
02:29:03.200 --> 02:29:07.920
I was paying back there. I
was playing fifteen thousand, and when I

1826
02:29:07.959 --> 02:29:13.360
saw my workous were very good,
I increased it to twenty thousand. And

1827
02:29:13.600 --> 02:29:18.120
when I was thirteen the nurse day, they all light one block to brid

1828
02:29:18.239 --> 02:29:22.840
my no no, no, get
okayl and they did more work, amice.

1829
02:29:22.959 --> 02:29:26.719
When I saw how there were more
work for them, I told them

1830
02:29:26.760 --> 02:29:31.239
I was going to bringing too extra
pable to support. Do you know what

1831
02:29:31.399 --> 02:29:35.879
these guys did? They called me
a sad madam. Are you know bringing

1832
02:29:35.959 --> 02:29:39.399
to extra people? Just up ten
ten thousands of our money. I will

1833
02:29:39.479 --> 02:29:43.799
do all the work you did that. They are ready to do more work

1834
02:29:43.879 --> 02:29:48.399
to get more money. So you
pay better. They work better because what's

1835
02:29:48.479 --> 02:29:52.360
going on is Sartain. That is, the police are not getting it upsidary.

1836
02:29:52.440 --> 02:29:58.959
So they called their first decision to
record. So when your play dubs

1837
02:29:58.959 --> 02:30:01.920
an five thousand, they go to
the road and collect a roundred and error.

1838
02:30:03.239 --> 02:30:09.159
So maybe two hundred thousand because they
need no money. It's it's it's

1839
02:30:09.239 --> 02:30:13.079
certain everywhere. When you don't pay
enough. In fact, when you're really

1840
02:30:13.120 --> 02:30:16.479
a business and you're not paying your
work as well, you stand the chance

1841
02:30:16.559 --> 02:30:22.920
of losing money because your workers can
see from you to make up for that

1842
02:30:24.079 --> 02:30:28.079
difference. So when you pay them
well, they protect your business, they

1843
02:30:28.159 --> 02:30:33.120
protect your interest. They don't want
your customers. They want to stop customers

1844
02:30:33.200 --> 02:30:37.639
to come buy from you because they
know that when they sell, the more

1845
02:30:37.040 --> 02:30:41.440
they get their cellar ripping time,
and maybe even more and maybe even dash.

1846
02:30:43.200 --> 02:30:46.639
Maybe sometimes it's good. Sometimes when
I can't in I just give them

1847
02:30:48.280 --> 02:30:52.799
maybe one one thousand. Sometimes when
i'm coming up back for everybody. Sometimes

1848
02:30:52.840 --> 02:30:54.760
I just go out. When I
don't buy, go to republic and I

1849
02:30:54.879 --> 02:31:00.319
just buying everybody. And they're happy
and they're doing more work. The movement

1850
02:31:00.440 --> 02:31:03.879
of nagera I'm not employed the start. If you you live in US,

1851
02:31:03.920 --> 02:31:09.000
say there is movement. The contents
return. People are happy when they receive

1852
02:31:09.040 --> 02:31:13.239
the ADSs retords. So this year
they don't want to tell the talks because

1853
02:31:13.239 --> 02:31:16.120
you know that when they pay,
you know, the more you pay the

1854
02:31:16.239 --> 02:31:22.399
motor. But this is what I
know, and I also want us to

1855
02:31:22.559 --> 02:31:28.120
also look into this government is taxing
the people too much already, and then

1856
02:31:28.159 --> 02:31:33.120
there is bang. There is doing
wars right. I have not been in

1857
02:31:33.120 --> 02:31:37.959
the country for a while and my
sack country story negative. They ad two

1858
02:31:37.000 --> 02:31:41.200
thousand and ever I left there have
been removed and I'm now it's not about

1859
02:31:41.319 --> 02:31:46.159
my nose, my nom several langage, so which means I am all in

1860
02:31:46.159 --> 02:31:48.840
the journey bank and I didn't take
a moon. They are charging for a

1861
02:31:48.920 --> 02:31:54.159
government and you're not using a card. I paid to collect the charges.

1862
02:31:54.680 --> 02:31:58.040
It is centrayd and you pay the
message they charge you. So the bank

1863
02:31:58.200 --> 02:32:03.840
is taken to much money. Electric
transfile ay even though when you make a

1864
02:32:03.920 --> 02:32:07.760
transfer you pay a fee. When
when I miss a transfer, sometimes I

1865
02:32:07.799 --> 02:32:13.600
paid twenty in era, sometimes I
pay fifty three error it's not on your

1866
02:32:13.639 --> 02:32:16.000
mouth. And then at the end
of the month there is a book amount

1867
02:32:16.040 --> 02:32:22.600
that is removed as electronic transfer levee. Last month I paid as much as

1868
02:32:22.639 --> 02:32:28.559
seven thousand. Now that there is
eight thousand for an electronic transfer levey that

1869
02:32:28.680 --> 02:32:33.239
I always pay even when I make
a transfer, there is two times tasks

1870
02:32:33.319 --> 02:32:37.639
I am paying for making a transfer, so these are an issue that should

1871
02:32:37.639 --> 02:32:41.879
be looting Nigerians. I think if
you look at it from a very wide

1872
02:32:41.959 --> 02:32:46.079
perspective, you will say Nigeria's I'm
not just paying tasks. They are being

1873
02:32:46.239 --> 02:32:52.559
extorted by politic government and every other
organization, every monetary of whichever our world.

1874
02:32:52.879 --> 02:32:58.399
But Nigerians are over stortage in their
own country. That's my take.

1875
02:32:58.200 --> 02:33:03.079
I think I putant point raised doctor
that in banking, credit has got to

1876
02:33:03.120 --> 02:33:07.719
be approved. If you debit an
account and it gets to zero, it

1877
02:33:07.719 --> 02:33:11.760
should stop at zero. I'm just
saying it should stop at zero. So

1878
02:33:11.840 --> 02:33:16.440
now make it go negative means that
you've approved credit account. Where was the

1879
02:33:16.760 --> 02:33:20.239
sign? Where did you sign for
credit? So it's an important color that

1880
02:33:20.319 --> 02:33:22.959
you're making now. Youn't bank to
do this a lot? You know,

1881
02:33:22.079 --> 02:33:26.600
so a long time ago with an
experiment that we put a thousand night in

1882
02:33:26.639 --> 02:33:31.520
a bank account and we're just watching
go my thousand error every month they got

1883
02:33:31.559 --> 02:33:35.520
to zero and all that. It's
wrong. It's wrong, and I think

1884
02:33:35.639 --> 02:33:39.000
me it to stop when someone sues
them, and I know it. Pople

1885
02:33:39.040 --> 02:33:43.239
have to do this. You've got
to sue and build a class section and

1886
02:33:43.360 --> 02:33:46.959
attach it bank and say I put
one into in this account. I don't

1887
02:33:46.000 --> 02:33:50.600
transferred money. Why am I owing
you? I didn't ask for credits.

1888
02:33:50.840 --> 02:33:54.200
You've given me credit and I'm on
you and when you owe them, all

1889
02:33:54.319 --> 02:33:58.479
things been equal. If your credit
is pulled in Nigeria, you should you're

1890
02:33:58.639 --> 02:34:03.680
delic quent borrower and you will never
ask for credit. So it's a lot

1891
02:34:03.799 --> 02:34:07.280
going on there and I hope that
they will stop it. It's a bad

1892
02:34:07.360 --> 02:34:13.239
practice to put one's account in debit
over transaction fees when there's been no transaction

1893
02:34:13.360 --> 02:34:16.479
initiative by the customer. If it
does in the US, you are going

1894
02:34:16.559 --> 02:34:20.319
to pay a lot of money for
Nigeria, I guess. You know.

1895
02:34:22.319 --> 02:34:26.280
It's what's it called non interest income
and then you will post a huge profit

1896
02:34:26.440 --> 02:34:30.520
in the quarter. So it has
to stop. Maybe one speceis they will

1897
02:34:30.559 --> 02:34:33.639
pick one bank, ask guys to
set up three shots of their account that

1898
02:34:33.680 --> 02:34:37.760
has gone from to negative and then
we'll talk about their own spaces. We've

1899
02:34:37.760 --> 02:34:39.319
got to come people out, I
guess, and then we'll take it from

1900
02:34:39.399 --> 02:34:43.680
them. A y maxim. My
guys were wandering that were about saying it

1901
02:34:43.719 --> 02:34:48.239
twenty five minutes to go, but
everyone will speak. Been a great topic

1902
02:34:48.799 --> 02:34:54.159
and just overtaxed. The answer has
been yes and the overtaxed clearly that that

1903
02:34:54.440 --> 02:34:58.920
was the only correct answer. We
are clearly overtaxed, not just the former

1904
02:35:00.120 --> 02:35:03.120
taxes, the informal taxes, the
cost of doing business, the cost of

1905
02:35:03.159 --> 02:35:07.799
being the Nigeria is a tax itself. So we're just putting the calls to

1906
02:35:07.879 --> 02:35:11.360
disclosing. But there's always been yes
from the startle. Any why you've got

1907
02:35:11.399 --> 02:35:18.600
the floors. Yes, I've been
listening. I'm not a tax professional.

1908
02:35:18.360 --> 02:35:24.680
I am studying it at the moment, but my guards the tax professional and

1909
02:35:24.239 --> 02:35:33.959
you know sometimes of pat and from
what I especially from more than these years

1910
02:35:33.000 --> 02:35:39.319
of statisation in Nigeria. It's like
you know, studying very pop practices.

1911
02:35:41.719 --> 02:35:48.399
Yes, what's your people like?
To take advantage this course? No matter

1912
02:35:48.520 --> 02:35:56.040
the country, true people also have
to take as of government to the pensis.

1913
02:35:56.040 --> 02:36:01.040
Now that's the problem we have in
Nigeria and over taxed in lots of

1914
02:36:01.120 --> 02:36:05.680
respect. You could stay yes,
but on the flip side, so people

1915
02:36:05.719 --> 02:36:09.799
will say Nigeria are not taxing.
You know, they're not being taxed off

1916
02:36:09.920 --> 02:36:16.719
in some respects because in echoers do
everything. You notice that on paper and

1917
02:36:16.239 --> 02:36:20.719
the tackles, or you put into
account all the other you know, levees

1918
02:36:20.760 --> 02:36:24.120
and everything on, you will notice
that, oh wait, that's might actually

1919
02:36:24.760 --> 02:36:30.760
over taxed or you know, you
know, depending on your perspective. My

1920
02:36:30.920 --> 02:36:37.319
own opinion on the matter is we
need to encourage more businesses to write.

1921
02:36:37.000 --> 02:36:41.799
There are businesses that are shown to
will be taxed atone Now those indirect or

1922
02:36:41.200 --> 02:36:48.280
unofficial taxis they are legality. If
they don't need to paper love it should

1923
02:36:48.280 --> 02:36:54.000
not to pro exist. Government should
do everything possible to make sure that itself

1924
02:36:54.319 --> 02:36:58.760
is the want to. If you
want to collect more tax says from people,

1925
02:37:00.239 --> 02:37:05.120
you also need to justify it by
giving as dependent on those taxes,

1926
02:37:05.879 --> 02:37:09.959
either by security rods or whatever you
call it. Now, there's only a

1927
02:37:11.000 --> 02:37:13.200
lot of things that's too much to
be changed. And I know the person

1928
02:37:15.159 --> 02:37:18.159
is a pacts trained in that shage. I've done my research on his professional

1929
02:37:18.799 --> 02:37:22.719
in his professional deals or whatever what's
is changing. I know to know this

1930
02:37:22.840 --> 02:37:26.440
issue. I'm pretty sure about that. But you know the problem is that

1931
02:37:26.639 --> 02:37:31.959
if you need polity cow will,
Yeah from me, you need polity card

1932
02:37:31.959 --> 02:37:35.760
will and enough for people don't like
you touching your money, so they'll be

1933
02:37:35.440 --> 02:37:41.159
back you know the soundimes to say
so right now, I think I think

1934
02:37:41.200 --> 02:37:45.239
most people are in the government already
under science of issue. Most more people

1935
02:37:45.360 --> 02:37:48.559
business before that, people who probably
have seen everything you don't. The species

1936
02:37:48.639 --> 02:37:54.440
have set in. But I think
we are as ourselves as citizen, you

1937
02:37:54.520 --> 02:37:58.799
know, to our representatives, let
us do that. If it's not it's

1938
02:37:58.840 --> 02:38:01.159
not favorable to us, and say, okay, talking leader, you can

1939
02:38:01.319 --> 02:38:05.440
change you know, how do you
change you though? I tell your representatives

1940
02:38:05.479 --> 02:38:07.360
that, hey, look, we
don't want this to be whole anymore.

1941
02:38:07.280 --> 02:38:11.440
So we must do everything in our
power to make sure these things don't happen.

1942
02:38:11.520 --> 02:38:16.360
And also we must not encourage all
those informal taxation. If nobody is

1943
02:38:16.479 --> 02:38:20.559
paying needs, if nobody is paying
needs, then somebody if something has to

1944
02:38:20.680 --> 02:38:24.799
give, pay what you due to
Scisar or what is not due to him

1945
02:38:24.840 --> 02:38:28.440
you have. If it's not me, by lord, you will have no

1946
02:38:28.360 --> 02:38:33.399
reason to pay ask for tax.
Finally, common saty for motax we are

1947
02:38:33.440 --> 02:38:37.799
sorry. Commenters from motax is incombent
On. I was, okay, if

1948
02:38:37.840 --> 02:38:41.200
I will pay the task, but
we will will follow up with you enough

1949
02:38:41.479 --> 02:38:46.399
just trying to I'm shadily trying to
have more taxation. Although it's not about

1950
02:38:46.440 --> 02:38:50.360
the world. We must hold them. If they're gonna call it the start,

1951
02:38:50.440 --> 02:38:52.040
you must hold them by the trousers
are saying, we paid you this,

1952
02:38:52.200 --> 02:38:56.559
hap we want to see this because
taxing gives us more, more leverage

1953
02:38:56.879 --> 02:39:01.399
and all those kinds. That's how
I see it. Yeah, I mean,

1954
02:39:01.959 --> 02:39:07.440
the point is we support the government
causing taxes now instead the space by

1955
02:39:07.520 --> 02:39:11.440
saying that Nigeria's tax to GDP is
very, very low. So if you

1956
02:39:11.479 --> 02:39:15.600
look at just that data point alone, you're going to tell that Nigeria needs

1957
02:39:15.600 --> 02:39:18.360
to raise more tax revenues. But
the problem is is how much tax revenues

1958
02:39:18.399 --> 02:39:22.719
and how are we going about to
do this? You simply can't tax everybody.

1959
02:39:22.840 --> 02:39:28.319
I gr cannot be the main focus
of any every government. It's got

1960
02:39:28.360 --> 02:39:33.239
to be HDI human development indicators.
You've got to focus on what really matters

1961
02:39:33.280 --> 02:39:39.399
to people, clean drinking water,
cheap food security. If you are taxing

1962
02:39:39.479 --> 02:39:43.520
people and people are seeing water,
they are seeing jobs, they are saying

1963
02:39:43.600 --> 02:39:46.639
power supply. People would pay taxes
without your asking. But if you are

1964
02:39:46.799 --> 02:39:50.799
taxing people out there are seeing subs
and private jets, you're not gonna get

1965
02:39:50.799 --> 02:40:01.559
a penny that's really where we're going
to with this really and trying to change

1966
02:40:01.600 --> 02:40:05.719
them, and you'll go try together
those issues. The amount of or if

1967
02:40:05.760 --> 02:40:11.360
you go pull back and corstraction or
you want, that's administration. It's infamiable.

1968
02:40:11.520 --> 02:40:15.360
So if anybody wants to do anything, they must have the full supportable

1969
02:40:15.520 --> 02:40:18.440
people. Do you understand you have
to say, I don't put that to

1970
02:40:18.600 --> 02:40:22.639
the people. Must be aware because
people to them manipulated because these people that

1971
02:40:22.799 --> 02:40:26.680
I have that idea against all this
sut kind of thing, don't pay people

1972
02:40:26.760 --> 02:40:30.360
to come and make you look like
maybe the governments think the wrong thing.

1973
02:40:30.639 --> 02:40:33.200
So it's a it's a sleeper slope. It's really not that easy. It's

1974
02:40:33.280 --> 02:40:37.000
really not that easy. Anybody goverment
is trying to really get there. Eventually,

1975
02:40:39.120 --> 02:40:41.200
you know it's gonna it's going to
us the aver disease that are offering

1976
02:40:41.319 --> 02:40:46.440
deffulty. It's going to look like
it's a snal peace and and and and

1977
02:40:46.719 --> 02:40:50.920
and that's just truth matter. That
doesn't give your position. If I give

1978
02:40:50.000 --> 02:40:54.639
position in the government to harry the
fast issues in the country, the amount

1979
02:40:54.680 --> 02:40:58.319
of prostration that people who put on
you to make people make it look like

1980
02:40:58.399 --> 02:41:03.959
a help, then okay, good, but I hear you first real quick.

1981
02:41:03.040 --> 02:41:05.559
Then whatever when you're done. Now
first like let's take the rule and

1982
02:41:05.600 --> 02:41:07.680
then we'll take it to close.
Thank you so much. First I go

1983
02:41:07.719 --> 02:41:13.559
ahead, so so so for me. In conclusion, if you want to

1984
02:41:13.680 --> 02:41:18.559
sort out wheven you is really like
that, italize everything, digitalize everything.

1985
02:41:20.200 --> 02:41:22.920
Let me give you my Let me
give you my experience at the airport.

1986
02:41:22.639 --> 02:41:30.520
The new told the new parking this
thing they did the lake and it's not

1987
02:41:30.959 --> 02:41:33.760
they used to have a cures.
But you come. You just put your

1988
02:41:33.840 --> 02:41:37.840
cures whatever amounts you do. You
I mean, you've been to the trou

1989
02:41:37.920 --> 02:41:43.280
airport before in johann At the airport
when you park your car, when you

1990
02:41:43.399 --> 02:41:46.159
come home, just work in your
art. It tells you what you take

1991
02:41:46.200 --> 02:41:52.479
your t guitar payment and go.
In Nigeria, I realized that everybody's second

1992
02:41:52.559 --> 02:41:56.520
things stem that will make them pay. That is what is done in Nigeria.

1993
02:41:56.840 --> 02:42:03.360
And that's why the tax officer we
go behind the organization to speak to

1994
02:42:03.440 --> 02:42:07.040
the person who ought to play that
for him not to pay, he gives

1995
02:42:07.120 --> 02:42:11.040
him the roop holes. I don't
think that happened in other systems because you

1996
02:42:11.200 --> 02:42:15.040
know that when you do that,
it's going to affect you and affect the

1997
02:42:15.159 --> 02:42:18.159
people other people. So if you
digitalize all these things, let me give

1998
02:42:18.159 --> 02:42:22.559
you an next. I look at
the idea you did in the federal Civil

1999
02:42:22.639 --> 02:42:28.920
Service. They at least to convey
that thing to this level that everybody that

2000
02:42:28.120 --> 02:42:33.159
should you should throw it a week
because it's tough on people from tea,

2001
02:42:33.520 --> 02:42:35.879
this ship the job. So until
we also get to a point in the

2002
02:42:35.920 --> 02:42:39.600
dinner that we do the worst on
people are crying. It's just to blackmail

2003
02:42:39.680 --> 02:42:43.879
this distance to allow them to have
their way. And I mean, somebody

2004
02:42:45.000 --> 02:42:48.079
speak about Letty took it. I
don't know anywhere in the world where did

2005
02:42:48.200 --> 02:42:52.120
you talk that. You say,
when you play the money and you give

2006
02:42:52.159 --> 02:42:54.879
me away, it isn't that central
gate, you will not pay It is

2007
02:42:54.959 --> 02:42:58.840
not possible anywhere. And then get
anybody put me on that that you'll buy

2008
02:42:58.879 --> 02:43:01.319
a ticket in the morning when you're
passing that same road in the evening,

2009
02:43:01.520 --> 02:43:05.440
you will not pay it. When
you don't buy a ticket. Yeah,

2010
02:43:05.440 --> 02:43:07.840
but if I don't answer the question
earlier, you you asked the question,

2011
02:43:07.920 --> 02:43:11.680
and answer the question if if there
are many tour gates where if you buy

2012
02:43:11.799 --> 02:43:15.760
the one ticket you pay a discount
rate. You firally answered the question that

2013
02:43:16.440 --> 02:43:20.239
most most most turgets. You know
she's saying that when you pass the same

2014
02:43:20.319 --> 02:43:24.360
to get you pay the same rate. That what she said. But we

2015
02:43:24.520 --> 02:43:28.600
know that most tour gates, when
you pass multiple times, you got to

2016
02:43:28.680 --> 02:43:31.840
reduce rates. And you know it's
that you just answer it yourself. No,

2017
02:43:33.159 --> 02:43:35.959
Look can't see like I said,
look at the too targets and labels.

2018
02:43:37.760 --> 02:43:41.239
It's because we just have that somebody
owns it and then we stop somebody's

2019
02:43:41.319 --> 02:43:46.120
business and then a lot of people
will laid off those same So these are

2020
02:43:46.239 --> 02:43:50.959
things that people who want to come
and invested. Well, see if we

2021
02:43:50.040 --> 02:43:56.319
can't do that, look look at
the airport, airport opposite airport. But

2022
02:43:56.479 --> 02:44:03.200
the point is that when we get
a line to know what look our n

2023
02:44:03.280 --> 02:44:05.920
I am our big here. This
is good in law to capture anything you

2024
02:44:07.000 --> 02:44:09.559
want to capture. But guess what
I took people to do. Bank can't

2025
02:44:09.879 --> 02:44:13.840
have big year. So the banks
are corporate. Look I've said in time

2026
02:44:13.879 --> 02:44:18.040
with that number. If you also
want to straighten in Nigeria, how can

2027
02:44:18.120 --> 02:44:22.120
we bank eiven when people were losing
your money? Bank? Is there important?

2028
02:44:22.600 --> 02:44:24.479
And yet those things. I mean, I think that your back is

2029
02:44:24.520 --> 02:44:30.840
one of the biggest come in.
You can't you can't say that banks can

2030
02:44:30.959 --> 02:44:35.360
make money if individuals losing money,
because the book of the drank customers are

2031
02:44:35.559 --> 02:44:39.680
not individuals. You head the NDS
say that let's do that, and now

2032
02:44:39.840 --> 02:44:45.959
let's not do let's not make blanket
statements. But what now let me copill

2033
02:44:46.000 --> 02:44:50.719
say this to you the company,
I completely that the bank pay them for

2034
02:44:50.879 --> 02:44:54.319
the money with the USS you will
use. Let me give you an example.

2035
02:44:54.440 --> 02:45:00.079
If I send money to my accuse
from my GT to my GD they

2036
02:45:00.239 --> 02:45:03.120
charged me on both sides. What
kind of charges is that? And business

2037
02:45:03.120 --> 02:45:09.280
started under immedately. They charged me
from both sides the same from my stame

2038
02:45:09.360 --> 02:45:13.760
accounts. So when I say that
you come, when will we complain about

2039
02:45:13.760 --> 02:45:18.639
you? When you are making a
blanket statements, you understand we need to

2040
02:45:18.760 --> 02:45:24.799
complain about the services we get from
the NAT company to not give you those

2041
02:45:24.879 --> 02:45:28.600
services that even when you pay your
satisfied will pay me apply And now one

2042
02:45:28.639 --> 02:45:33.879
of the airlines they cancel my flights
and asked to go to the counter and

2043
02:45:33.959 --> 02:45:35.680
bring the money. I got to
the counter they start the honor of them

2044
02:45:35.760 --> 02:45:39.799
told me that they can't pay me. It took them one month to pay

2045
02:45:39.879 --> 02:45:43.559
me back. So some of these
things that you see, these are not

2046
02:45:43.680 --> 02:45:48.639
things that is obtainable. They take
advantage of you. They take those things

2047
02:45:48.799 --> 02:45:52.239
from you, and they tell you
that it's a system. So like I

2048
02:45:52.319 --> 02:45:58.280
said, it works both ways until
every session from government to the citizens change

2049
02:45:58.319 --> 02:46:09.479
their attitude forward and then you get
all right. So again made of black

2050
02:46:09.639 --> 02:46:16.079
statements. The Nigerian banking as an
institution, it's not paying the g seven

2051
02:46:16.120 --> 02:46:20.760
guys services. But I know that
mean Nigerian individual banks wanted to know.

2052
02:46:22.559 --> 02:46:24.319
I let you to let me mute
you felt like you've got to let you

2053
02:46:24.399 --> 02:46:28.200
got to allow for to speak that
you speak so that way people follow,

2054
02:46:28.239 --> 02:46:31.920
you can follow. And making the
just the point that individual banks didn't want

2055
02:46:31.959 --> 02:46:37.200
to pay and that wasn't accepted if
you lose that same requirement. Before he

2056
02:46:37.239 --> 02:46:41.680
stopped individual banks pain, he wanted
the banking sector as a whole to settle

2057
02:46:41.719 --> 02:46:46.239
the GSM fees, not individual banks. That's one number two. In certainly

2058
02:46:46.319 --> 02:46:50.399
Nigeria, it's a very very poor
country. The bulk of the health the

2059
02:46:50.479 --> 02:46:56.479
deposits are below five hundred thousand.
When you see the banks posting billionaire deposits,

2060
02:46:56.559 --> 02:47:01.559
it's from the same individuals just to
recycle throughout the banks. So when

2061
02:47:01.600 --> 02:47:05.440
I jumped full focusing the jump backs
and making profit, when it because I'm

2062
02:47:05.440 --> 02:47:07.680
not making a profit, it's because
the same individuals and are just going through

2063
02:47:07.680 --> 02:47:15.239
the same banks. You can't expect
a pornish right to have rich individuals.

2064
02:47:15.440 --> 02:47:20.479
That's the point I'm making. This
country's minimum which is still thirty thousand naira

2065
02:47:20.879 --> 02:47:26.840
a month. Don't even bother converting
that two dollars. It's still thirty thousand

2066
02:47:26.079 --> 02:47:31.239
narrow a month as your minimum wage
in Nietuia until let's change. Let's get

2067
02:47:31.280 --> 02:47:33.479
Greg Gregy. Your hand is up, I'll get you so I can just

2068
02:47:33.520 --> 02:47:39.200
put your hands down and get no
no no, because then okay, let

2069
02:47:39.239 --> 02:47:43.440
me just real quick, Greg,
great, really really quick, yes,

2070
02:47:45.200 --> 02:47:50.360
because I just want to do it
to Okay, so let's start. Let's

2071
02:47:50.360 --> 02:47:56.280
take that. Okay, that's fine, that's something completely fine. Yes,

2072
02:47:56.680 --> 02:48:01.200
please go ahead. Okay, so
so that may be changed the investments just

2073
02:48:03.399 --> 02:48:13.799
like I just want to can you, I mean, Charles yourself like you

2074
02:48:13.920 --> 02:48:18.440
wait then will call to speak that
okay, yes, thank you? Great,

2075
02:48:18.520 --> 02:48:22.639
go ahead, So as I was
saying, having been uput as a

2076
02:48:22.680 --> 02:48:28.639
business consultant of putting in nine space, and I'm in the host of those

2077
02:48:28.760 --> 02:48:33.200
getting from an investment pause. I
want to keep all this information in ninety

2078
02:48:33.360 --> 02:48:39.959
Yeah, just any business forgetta you
are any business. Just the more you're

2079
02:48:39.040 --> 02:48:45.840
coming to Nigier. Just know that
you can go upside down because yes we're

2080
02:48:45.879 --> 02:48:50.040
talking about page but personally, no
companies where they are being good. The

2081
02:48:50.200 --> 02:48:54.959
stuffs are big well, and it
is those since stuff that big world that

2082
02:48:54.239 --> 02:49:01.079
the APIs of damages to the companies
in nineteen are making blanket statements. Because

2083
02:49:01.079 --> 02:49:05.319
are making blanket statements. You just
can't say you know this staff a bit.

2084
02:49:05.719 --> 02:49:09.959
You have no proof, you have
none. So let's stick to specific

2085
02:49:11.799 --> 02:49:20.520
not blanket statements. It doesn't matter, it doesn't matter, it doesn't matter,

2086
02:49:20.879 --> 02:49:24.159
it doesn't matter. We'll all business
consultants. I'm a business consultant.

2087
02:49:24.280 --> 02:49:26.360
To the point I'm making this,
if you come, make it specific,

2088
02:49:26.440 --> 02:49:31.239
if you can say company, employees, person So I don't want general generics

2089
02:49:31.280 --> 02:49:35.479
because if your songs go to listen
to the space, you say so specific,

2090
02:49:35.600 --> 02:49:39.239
so way we can we can follow. That's the point I'm making.

2091
02:49:39.239 --> 02:49:43.079
I don't want specific, sorry,
generalities, Let's try to be specific.

2092
02:49:43.399 --> 02:49:46.760
You can call someone else. I'll
let you do that, all right,

2093
02:49:46.840 --> 02:49:52.680
No, no, I all right, okay, So I hear no worries.

2094
02:49:52.440 --> 02:49:58.440
All right, all right, thank
you, I hear you all right,

2095
02:49:58.639 --> 02:50:05.959
got you preachure, you've got the
floor ahead. Thank you so much.

2096
02:50:07.239 --> 02:50:15.360
So my little contribution is that Nigerians
are not over taxed. The problem

2097
02:50:15.479 --> 02:50:20.639
is the Nigerian I've been a taxing
day around people. People living under the

2098
02:50:20.639 --> 02:50:26.840
poverty line according to word Bank,
people who that you require like one point

2099
02:50:28.000 --> 02:50:33.600
one five dollars eight day to live
about the poverty line or on the poverty

2100
02:50:33.639 --> 02:50:37.719
life per individual. If you check
that in there, I should be around

2101
02:50:39.159 --> 02:50:46.920
three thousand for every normal individual to
be about poverty life. You need at

2102
02:50:46.000 --> 02:50:54.799
least three thousands spending power every day
per individual, not per family. And

2103
02:50:54.000 --> 02:51:01.319
if you check the deposit of trans
trance of Ligurians to have bank accounts,

2104
02:51:03.120 --> 02:51:09.959
majority of them for pillue this line
and the chunk of tax the governmental collecting

2105
02:51:11.360 --> 02:51:16.520
is from these cent people, so
you make it seems we are the tax.

2106
02:51:16.719 --> 02:51:20.319
You know that we turn in money
if it is another other countries.

2107
02:51:22.079 --> 02:51:28.360
Most of Naga will be below the
tax bells that means are not required to

2108
02:51:28.440 --> 02:51:31.440
pay tax because what they are end
is not enough to even sustained. So

2109
02:51:31.719 --> 02:51:35.959
you're saying that essentially we're collecting pe
and that pee is the bulk of the

2110
02:51:37.159 --> 02:51:41.000
taxes, and because that pee is
not a living wage, where else don't

2111
02:51:41.040 --> 02:51:46.200
tax that piece? Am I getting
you writing? Yes? This is for

2112
02:51:46.280 --> 02:51:48.920
people who are in the formal sector. For those who are not in formal

2113
02:51:50.040 --> 02:51:54.920
text sector, like people who who
put small businesses, people who are in

2114
02:51:54.040 --> 02:51:58.360
transport. If you can in town, you may be one ked right back

2115
02:51:58.559 --> 02:52:03.680
or one horse driver and see the
kind of book of money they pay out

2116
02:52:03.239 --> 02:52:09.559
every day. Or if you open
a small chaos business, I mean a

2117
02:52:09.639 --> 02:52:15.280
project, if you're opening a small
curres business, just be sure that you

2118
02:52:15.319 --> 02:52:20.239
will be seeing at least fifteen different
tax group every month to command calm money,

2119
02:52:22.079 --> 02:52:26.440
and they I'll ask you how much
do you make here? What is

2120
02:52:26.559 --> 02:52:31.040
your what is your capital? To
know the better they will put your own.

2121
02:52:31.920 --> 02:52:35.280
Do you understand to somebody who has
the same provision store that have capital

2122
02:52:35.360 --> 02:52:39.280
of fifteen million will be taxed the
same ways of our pollution store that have

2123
02:52:39.399 --> 02:52:43.879
the capital of eye frond the thousand
all of them pay if they want to.

2124
02:52:45.200 --> 02:52:48.760
We want to charge you for for
waste management, this an amount.

2125
02:52:50.239 --> 02:52:54.319
If they charge you want to charge
you for for security? This center amount.

2126
02:52:54.719 --> 02:53:00.319
You want to charge you for a
clear this amount. So there is

2127
02:53:00.440 --> 02:53:05.840
no like somebody said about streamlining what
people in and what people can be taxed.

2128
02:53:07.440 --> 02:53:11.000
So Nangia is a tax just taxing
their own people. There is one

2129
02:53:11.079 --> 02:53:16.079
prison can that said that you don't
tax people who I need to leave them

2130
02:53:16.200 --> 02:53:22.680
up to plemoney. That's just the
problem because if you if I have one

2131
02:53:22.760 --> 02:53:31.319
thousand eer for my for my upkeep
today and government is collected from what the

2132
02:53:31.600 --> 02:53:35.799
government is collecting, even if it's
one hundred and aer from it, it's

2133
02:53:35.920 --> 02:53:41.000
very perfuct because that one is not
enough for me. Very yeah, and

2134
02:53:41.559 --> 02:53:43.280
it's a good point. It's a
good point to it because the bulk of

2135
02:53:43.440 --> 02:53:48.920
the taxes come from PAY in Nigeria. Then I think we have V eighty

2136
02:53:48.000 --> 02:53:52.840
that's what's a separate one. But
pay is the bulk of the taxes because

2137
02:53:52.920 --> 02:53:58.079
corporate goes to the federal government.
Nigeria's largest revenue source is corporate income tax.

2138
02:53:58.479 --> 02:54:03.280
Then I believe if it's then V
eight next, So in essence,

2139
02:54:03.360 --> 02:54:07.840
we're under employed on that paid,
but we're over taxed because most of the

2140
02:54:07.959 --> 02:54:11.200
tax lager is regressive. If like
you said, you're not the store,

2141
02:54:11.600 --> 02:54:13.799
they will come and tacked with the
same amount of money, but makes it

2142
02:54:13.920 --> 02:54:18.559
regressive. You're going to pay the
same as a as a shop that has

2143
02:54:18.600 --> 02:54:22.040
a larger capital, you would pay
the same with them. So that's a

2144
02:54:22.159 --> 02:54:28.559
very very good point that you raised
up achieves you, mister Francis preacher.

2145
02:54:28.719 --> 02:54:31.879
Thanks, I appreciate you being up
on Francis, your hand is up.

2146
02:54:35.879 --> 02:54:41.760
Okay, good evening, I believe
me. Yes, sir, okay,

2147
02:54:41.879 --> 02:54:46.440
good evenings. I considerate and not
to be on your space for the very

2148
02:54:46.479 --> 02:54:54.040
first time. I always see the
reinformation and are we check the reminder.

2149
02:54:54.959 --> 02:54:58.360
But my engagements on this doesn't allow
me to come to that. I have

2150
02:54:58.559 --> 02:55:07.120
it my and here so a Angilians
over tasks. So yeah, from the

2151
02:55:07.360 --> 02:55:16.479
bason that just dropped the last submission, I have a bit of his side.

2152
02:55:18.440 --> 02:55:26.079
And at the same time, I
don't etally agree within Mangilians are over

2153
02:55:26.319 --> 02:55:35.879
taxed. So depending on which side
or which states of the Nigeria that you

2154
02:55:35.959 --> 02:55:43.079
are doing businesses okay, so I
am in Legos, but I have a

2155
02:55:43.200 --> 02:55:52.879
little knowledge of people running where I
come from and also the once we're doing

2156
02:55:52.000 --> 02:56:03.360
legos. So I have a company
that I work with and the little closeness

2157
02:56:03.479 --> 02:56:11.600
to some of the top directors.
I have previy information of what the government

2158
02:56:11.760 --> 02:56:24.600
is doing with companies. So I
don't know the double taxing in Nigerias and

2159
02:56:24.719 --> 02:56:28.680
there are taxes that I don't even
know that what is needs. So recently,

2160
02:56:30.159 --> 02:56:37.680
at the close of twenty twenty three, the people that are going like

2161
02:56:39.719 --> 02:56:46.399
gaming, garbling, the football petting
and all these things, the government started

2162
02:56:46.559 --> 02:56:58.280
taxing what they call commission tax number
one. Two they call consumption paths and

2163
02:56:58.559 --> 02:57:07.760
the todd one is somehow funny it's
the turnover tax. So I don't how

2164
02:57:07.840 --> 02:57:16.000
the business operates. So the the
first people are the people that sells the

2165
02:57:16.159 --> 02:57:22.440
tickets to the points. So the
second people, so if you talk of

2166
02:57:22.559 --> 02:57:28.120
lottery, are the people that stand
as middleman between the company and the people

2167
02:57:28.200 --> 02:57:33.399
that say direct to the ordinary man
of district of Legals and other parts of

2168
02:57:33.479 --> 02:57:39.920
the Nigeria. So in these three
channels of this business, each of them

2169
02:57:41.040 --> 02:57:50.520
pays tax on commission tax and the
consumption tax and the coeots. So that's

2170
02:57:50.719 --> 02:57:58.280
a site working if you open a
shop or you want to sell anything in

2171
02:57:58.399 --> 02:58:05.639
the shop, so you have local
governments tacts that they give different names.

2172
02:58:07.079 --> 02:58:15.159
The popular one legos is local show
pal Show. There are another group of

2173
02:58:15.200 --> 02:58:24.639
people that call signage signage disday and
set kind of things around your shop and

2174
02:58:26.319 --> 02:58:30.959
at least you pray for for different
kinds of tact. I might not have

2175
02:58:31.079 --> 02:58:37.000
the correct names now records it is. So can I get you to like

2176
02:58:37.680 --> 02:58:41.719
if you can land the ships,
if you can maybe speak up landing ships,

2177
02:58:41.760 --> 02:58:43.040
so I can just get us to
speak if you don't mind, can

2178
02:58:43.079 --> 02:58:48.600
you make a point? Okay?
Okay? So my point is that Nigerians

2179
02:58:50.120 --> 02:58:56.280
or the public or even the organized
sectors are not really away of how many

2180
02:58:56.440 --> 02:59:03.920
tacks the particular business phase in Nigeria. If you if you look at it

2181
02:59:03.239 --> 02:59:07.600
is up to ten and all of
them are the tax so before we go

2182
02:59:07.680 --> 02:59:11.559
to bad second, so we are
over taxed. No the level of the

2183
02:59:11.600 --> 02:59:16.879
business you're doing. The companies are
crying because much thank you so much.

2184
02:59:16.760 --> 02:59:22.040
I appreciate that. Guys. Guys, we'll go about I just want to

2185
02:59:22.120 --> 02:59:26.159
thank everyone that has contributed. Again, it's a very important topic and I

2186
02:59:26.239 --> 02:59:31.680
begs paying a lot of taxes.
I think the answer has been a conclusive

2187
02:59:31.920 --> 02:59:35.799
yes. We are paying a lot
in volume, in number, and in

2188
02:59:35.959 --> 02:59:39.040
persentage share of our income. We
are paying a lot of taxes, and

2189
02:59:39.200 --> 02:59:46.040
it behooves on the government to essentially
lower the tax trips because we are in

2190
02:59:46.440 --> 02:59:48.479
a recessionary period