Speaker 1: Hey, folks, are welcome to all other money space with
Speaker 1: Minicarlo Aga and of course in the space we're talking money,
Speaker 1: the economy and finance. We're here every Sunday, seven pm.
Speaker 1: We want to make you a better investor, you know,
Speaker 1: a betters then with more information about these topics that
Speaker 1: swill around you to do with money. That's what we're
Speaker 1: here to do every week. This week we've got an
Speaker 1: interesting topic. We're talking about VAT value added taxes, but
Speaker 1: of course discussion about taxes in general, and the question
Speaker 1: is there should be at be shared and also physical
Speaker 1: federalism issues in Nigeria. We just want to talk around
Speaker 1: those taxes and see how we can connect those taxes
Speaker 1: back to our own individual balance sheet and of course
Speaker 1: how the nation can progress if we share that or
Speaker 1: don't share that, or if we discuss physicalpitalism issues. Now,
Speaker 1: let's start off with this bit of a history background.
Speaker 1: The problem I feel personal with Nigeria is that Nigeria
Speaker 1: is maybe operating. We started to do the alphabet and
Speaker 1: we're start to come from maybe letter I M, not
Speaker 1: from A not from beinger from see we just went
Speaker 1: to let I M or letter P. I'm just start
Speaker 1: accounting from there. The structure of Nigeria, the way Nigeria
Speaker 1: is set up, it's not designed for growth. So you
Speaker 1: might have a road here, you might have a bridge here,
Speaker 1: you might have you know, this new policy paths of
Speaker 1: the very structure itself. It's trying to adopt itself or
Speaker 1: the laws are trying to adopt themselves to a structure
Speaker 1: that is deficient and not till you try to fix
Speaker 1: the structure of Nigeria, really can't get transformational growth. You
Speaker 1: can't double your GDP or maintain GDP of like six
Speaker 1: seven percent for decades. Nigeria was doing percent GDP before
Speaker 1: twenty fourteen. Now we're no longer doing that GDP. The
Speaker 1: same nation, same people, same oil. Our GDP has gone
Speaker 1: in half from then five hundred to about two hundred.
Speaker 1: Now we're gonna start worrying about eight hundred billion dollars
Speaker 1: way back into it fourteen and now we're about three hundred,
Speaker 1: same nation, right, no big recession. But what's happening? I
Speaker 1: feel it's because we don't yet have a governance structure,
Speaker 1: a governing way of doings, like creating wealth. So once
Speaker 1: things happened, someone can come. You can come in and
Speaker 1: when you have a bad policy, it takes nation back.
Speaker 1: That's really what's going on in ninety year, and you
Speaker 1: see it in your state, got in your states as well.
Speaker 1: If you come from a state not a fantastic governor,
Speaker 1: your government was fantastic, it was building in the structure,
Speaker 1: and then for eight years you had a wonderful administration.
Speaker 1: You had your roads were fixed, your what was drunning,
Speaker 1: schools were properly fund the teachers were happy. And you're
Speaker 1: the guy that isn't as popular or isn't as competent
Speaker 1: as a ask governor. Then often the whole stage just
Speaker 1: goes into disrepair. Nothing happens, and then it stays like
Speaker 1: this in Nigeria. Look at cross Shiver. Kashuba went from Tinapa.
Speaker 1: You know, we used to hear the Calabar canivals every year.
Speaker 1: Everyone Nigeria goes to the Calaba cannivals. Now we don't
Speaker 1: hear a lot about Cross Shiver the same way and
Speaker 1: also positive examples. I went to put to acquire Bomb
Speaker 1: when the former governor was at how was there? Nothing
Speaker 1: was happening there? I went to that probably was there?
Speaker 1: A lot of change had occurred. So we tend to
Speaker 1: move on the wings and capuses of the individual in
Speaker 1: power center in Nigeria, where if you look at nineteen
Speaker 1: ninety nine all the way till say twenty Let's just say,
Speaker 1: when miss Lette, you see the GTA of Nigeria just
Speaker 1: going upstantly. You know, a passenger inherited zero right and
Speaker 1: he grew the GDP, He paid on the debts. You know,
Speaker 1: he did a lot of reforms and he handed about douayados.
Speaker 1: So you know, sort of held the ship together hard
Speaker 1: about to go. Look a time town took the GDP
Speaker 1: to the richest Nigers I've ever been. Has been twenty
Speaker 1: fourteen since Niger was created at the richest would have
Speaker 1: ever been. And I mentioned by the GDP per capita
Speaker 1: twenty fourteen. So what happened from twenty fourteen that our
Speaker 1: GDP went in half and our PUFT levels went up
Speaker 1: because we changed policies. The new president came and said
Speaker 1: I want to do things differently, and you changed the policy,
Speaker 1: and that I think is the problem with Nigeria. The
Speaker 1: structure of Nigeria isn't certain that you just can't come
Speaker 1: and change everything. Look at America, no matter who's doing
Speaker 1: the win. The next selection, Democrat, Republican, Social Medima. It
Speaker 1: doesn't matter who don't win next election. The buses are
Speaker 1: going to run on time, the hospitals are going to work,
Speaker 1: This are going to get paid. Some things are not
Speaker 1: brought into politics. So the country has got a plan
Speaker 1: on a purpose. Even though you might look at the
Speaker 1: change and say, listen to Chinese do ten year plans. Well,
Speaker 1: you don't see those massive changes. You can't Americans say, oh,
Speaker 1: I'm going to stack all the teachers.
Speaker 2: Oh I'm not.
Speaker 1: Gonna fund healthcare. You really can't do that. So there's
Speaker 1: already a baseline structure for it to operate with it.
Speaker 1: So let's not come into V eight and all that.
Speaker 1: Let's go to the history of V. Eighty. V TY
Speaker 1: was originally a sales tax. Sales tax and sales tax
Speaker 1: was managed by the state of Nigeria, so we didn't
Speaker 1: have to six dates. Back then that was another military
Speaker 1: about nineteen states or so, and each date had its
Speaker 1: own sales tax and those taxes went from two percent, twoven,
Speaker 1: ten percent, so every state had its own sales tax.
Speaker 1: Legos twenty five. You know, we could be two and
Speaker 1: all that. The themgerical men sellers we're going to create
Speaker 1: this new thing called V eight was a new rage
Speaker 1: back then to two thousand and three, it was a
Speaker 1: new rage. We then went to V eighty because it's
Speaker 1: easier to our two administer. It captures more revenue quote
Speaker 1: unquote sources, so we get more money from V eighty
Speaker 1: son from V eighty sorry, from sales tax to a
Speaker 1: V taxation. And when we did that transition, what we
Speaker 1: didn't deal that we took the power away from the
Speaker 1: states and went took it to the federal government. So
Speaker 1: sales tax was done by the states, BA is done
Speaker 1: by the federal. The federal government collects V eighty to
Speaker 1: the federal in revenue service, and the develvernment then shares
Speaker 1: that VT back to the states. So why Beaty was
Speaker 1: first passed. The federal government took twenty percent and gave
Speaker 1: the states eighty percent. No money went to the local
Speaker 1: government of Nigeria that was one of the military. So
Speaker 1: you can see the mindset of nineteria back then. Listen,
Speaker 1: we don't really need them. Localments are not important, just
Speaker 1: the federal and the states. So we took it from
Speaker 1: sales tax to vat. We're not local co materials. When
Speaker 1: we had civilian rule. We then went back reduced federal
Speaker 1: government shared to fifteen from twenty to right, and then
Speaker 1: we didn't include the governmential so we took states from
Speaker 1: fifty to thirty five and kuilt government fifteen. But that's
Speaker 1: not the only issue. How when we didn't give local
Speaker 1: governments fifteen? How do we share the V eighty What
Speaker 1: was the criteria to share the VAD Well, what we
Speaker 1: simply denyer to say, we're gonna share everyone on the
Speaker 1: dying this way fifteen MIRA will go to every state
Speaker 1: by equality. So once you're a STED in Nigeria, you're
Speaker 1: going to get fifty percent of the eighty. Simple, So
Speaker 1: once you create a new state in Nigeria, that state
Speaker 1: gets a fifty percent share of the V eighty pull
Speaker 1: end of story. And that's why you hear these positions
Speaker 1: all the time, craving for state to be created. They
Speaker 1: don't have to do anything justify as it being created.
Speaker 1: Just create a state and it gets here two percent
Speaker 1: of vity collected true equality. Then the past population got
Speaker 1: thirty percent, So fifty percent equality thirty percent from population
Speaker 1: that's already eighty percent. So essentially, if you are a
Speaker 1: state and you've got population, you're going to do anything else.
Speaker 1: In Nigeria. You see get eighty percent of whatever poll
Speaker 1: whene has been created in whatever. So if I'm from
Speaker 1: a lack propulational state, I focus more on the centers,
Speaker 1: don't on foreign direct investments. That's what I do because
Speaker 1: if I have had black population, I'm only going to
Speaker 1: get fifty percent via equality, and I get ten to
Speaker 1: percent from fair population, then of course I get the
Speaker 1: many twenty percent from derivation, which means if I create wells,
Speaker 1: I retain that twenty percent. So that's what we had
Speaker 1: from when VATOS was a sort of reform till this year.
Speaker 1: This year, Prince Nuble said he wanted to reform tax Nigeria.
Speaker 1: If you look at his first proposal that he brought out,
Speaker 1: President Tunibul said he wanted to take v eighty from
Speaker 1: fifty percent equality to sixty percent derivation six percent derivation.
Speaker 1: That's when you saw all hell broke clues. You saw
Speaker 1: the governors come out and say, no, we can accept this.
Speaker 1: We have to go back to where we were before.
Speaker 1: This was a big, big, big pushback. That's where you
Speaker 1: saw the tax reform sort of stalled. I had to
Speaker 1: go back. And when we came back, what did we
Speaker 1: agree printinable now agreed to then make equality retain it
Speaker 1: that percent, So no change there. Then here roads So
Speaker 1: population now went down twenty and the revision that went
Speaker 1: up to thirty. And the revision will change it to
Speaker 1: say that if the division's going to be based on
Speaker 1: consumption not on location, which means if you are using
Speaker 1: an empty m phone, for instance, you paid eighty where
Speaker 1: you use the phone, not where emptyin is headquartered. So
Speaker 1: that's a bit of a change there. But you can
Speaker 1: see where it's to. What's going to the way to
Speaker 1: incentifize the states to create wealth, because when you create wealth,
Speaker 1: you can then retain more of the wealth. If you
Speaker 1: simply share money based on population and equality, then no
Speaker 1: one's going to be incentifized that the creator.
Speaker 2: It now goes to that.
Speaker 1: Question should be at b shipped. The point we're asking
Speaker 1: this in this if you need to create wealth in
Speaker 1: your if you have five kids and want to create
Speaker 1: wealth for your chickids, do you tell those kids that
Speaker 1: whatever they score in school, whatever homework they do, they
Speaker 1: will all get equal share. Or would you say whoever
Speaker 1: comes first to get a new game, whatever it comes
Speaker 1: first to get a new bicycle. That's how you incentivize
Speaker 1: your own kids. When Nigeria tell states that the sixth
Speaker 1: states or ty five states and says it doesn't matter
Speaker 1: what you do, you're going to get share revenues fifty
Speaker 1: percent one time. They're also going to get thirty percent
Speaker 1: of the revenues by population. That doesn't incentivize anyone. What
Speaker 1: goes to my point that the reason why it has
Speaker 1: not developed, has not grown larger atest today is because
Speaker 1: the structure of the country is fault. What structure is this?
Speaker 1: The physical federalism structure is fault. Nigeria is not designed
Speaker 1: for grouth. What is growth? Economic growth, economic development. We're
Speaker 1: not designed to grow. No states is incentifized to go
Speaker 1: and create wealth. You are inside device to receive money
Speaker 1: from the government at the center and not to create
Speaker 1: the growth. I give you a good example. We all
Speaker 1: say this. We look at the pyramids in the north.
Speaker 1: We had a granmart pyramid in a month of Nigeria
Speaker 1: and if you go back to your fifty books, you
Speaker 1: see those pyramids. They are wonderful. Nigeria used to be
Speaker 1: one of the largest exporters of pyramids of ganots in
Speaker 1: the entire world, Nigeria, the entire world, right. And then
Speaker 1: if you ask people why did those grandmart pyramids disappear,
Speaker 1: the answer you is going to be that got crude oil.
Speaker 1: That crude oil came, so they got The governor simply abandoned.
Speaker 1: I went at a crew. But that's not true. That's
Speaker 1: not true. What essentially happened was that when we have
Speaker 1: this physical federalism in the nineteen seventies. Before nineteen seventies,
Speaker 1: the military changed the sharing formula. They said, if you
Speaker 1: create wealth in your state, the money goes to something
Speaker 1: called FUK. Before nineteen seventy there was no FUK. FARC
Speaker 1: was the creation of the military. They credit the federal
Speaker 1: accounts that fact that we share money because the revenue
Speaker 1: fund they created it, and they also created how they
Speaker 1: share money in that revenue fund. So states could not generate.
Speaker 1: You cannot rest to their company only for the macro
Speaker 1: rester their company, and then state wealth was then shared.
Speaker 1: So all those governors in the past the groundnots permit
Speaker 1: in Cano, when they exported groundnots, the money went back
Speaker 1: to Carno, to Kruna sixty seven percent. Then canon coud
Speaker 1: not pay the tax to the central government of thirteen percent,
Speaker 1: the same thirteen percent elevision. You see, that's what they
Speaker 1: paid as tax po central government. They retained the bulk
Speaker 1: of the funds and paid into their tax to the
Speaker 1: quote unquote which was legos at that time. When emerged
Speaker 1: changed it and said no, this moment that you're making
Speaker 1: from granot, it's going to go to park and then
Speaker 1: from park or then shared accurring to minimum resk Compunity
Speaker 1: of states, land masks popular. That's when agriculture collapse in
Speaker 1: Nigeria because the governors were no longer incentified to grow
Speaker 1: ground notots. All they had to do was simply do
Speaker 1: is census and have a large border mass and that's it.
Speaker 1: You get your money. So a state like Niger State,
Speaker 1: for instance, all it has to do is only has
Speaker 1: a land mask is just to fight for population. What
Speaker 1: it gets population, it's going to get more moment than
Speaker 1: any state in Nigeria, including the oil developing state in
Speaker 1: percent back then. So that's how you have this structure
Speaker 1: today where agriculture collapse or because of crude oil, but
Speaker 1: because of the physical laws. That's said, if you generate
Speaker 1: wealth through agriculture, you export peanuts, or you export rubber,
Speaker 1: or you export cuckoo, you do not get the revenues
Speaker 1: back go to legals. The same thing in Leglas. When
Speaker 1: you exported cuckoo, you're exported whatever it was to deport.
Speaker 1: In legos, you paid your excise taxes to the regional
Speaker 1: government with just the Western government in legals, not to
Speaker 1: the federal government. You pay to the Western government to
Speaker 1: export cock out. So there was a big push cocoa house,
Speaker 1: let's export agriculture, because the more you export, like the culture,
Speaker 1: the more the Western house gets funny. When you change
Speaker 1: that Lord, there was no point to focus on coco anymore.
Speaker 1: Just not focused on Okay, legals already a small sliver.
Speaker 1: Now focus more population. Let's focus more on sales tax
Speaker 1: because they can't get the money in from agriculture. That's
Speaker 1: what feels like your culture. This is the point I
Speaker 1: make one policy change the whole of nature here, and
Speaker 1: that's why we we are to say now we're trying
Speaker 1: to get back to agriculture and West struggling because the
Speaker 1: Simi laws have not been changed. You cannot in simplify
Speaker 1: states to do something where there is no benefits. Then
Speaker 1: no still going to to invest agriculture where they cannot
Speaker 1: keep the revenues they're not. If you look at Ocumo
Speaker 1: oil Palm, it's owned by private concern, which means is
Speaker 1: registered by the federal government. The revenues go to the
Speaker 1: federal government fair corporate income taxes. All the state gets
Speaker 1: is AE five percent of the payroll of Como oil,
Speaker 1: and that five percent is set by the federal government.
Speaker 1: So if you come to V eighteen Edo state, question
Speaker 1: is now should EDU state share the eighty that's a
Speaker 1: question then answer, I think they shouldn't. If you restrict
Speaker 1: eddoes V eighty to what they make for como oil,
Speaker 1: then you are incentivizing ADU State to invest in pound
Speaker 1: plantations to get investors FDI to grow pump plantations because
Speaker 1: they know every pound they put in the ground is
Speaker 1: a potential FDI coming back to them. Because you stop
Speaker 1: V eighty from being shared according to equality, if you
Speaker 1: should be shared, at least the thirteen percent should go
Speaker 1: to the center and be shared by equality, but not
Speaker 1: fifty percent and then population twenty percent. So are thinking
Speaker 1: about seventy percent or no on state actions. If you're
Speaker 1: in a country that way, you will not get reward
Speaker 1: for your actions. That's the point really that we're making here.
Speaker 1: So it looks like just avat issue, but usually a
Speaker 1: physical dancing issue. And we're turning to long term development
Speaker 1: and you can check my record. Go back and look
Speaker 1: in the past, right and ask yourself, when did Niger
Speaker 1: just grew start to store when we passed all the vat,
Speaker 1: when we passed off the fark, when the minis took
Speaker 1: over the power of taxation, of representation from the people
Speaker 1: and took it to the center. That's always that look
Speaker 1: at oil. Oil was there, but we never looked at
Speaker 1: oil beef because oil was being retained by the millions.
Speaker 1: But once you took oil to the center, ever, they
Speaker 1: ran to the center. So, guys, I'll be the last example.
Speaker 1: If you want to speak, I'm going to add you.
Speaker 1: If you have a DM, you can request and of
Speaker 1: course i'll look at your DM. The last example. I'm
Speaker 1: going to give us to drive this home. And it's
Speaker 1: very very pick up all of us. If you look
Speaker 1: at the federal government, look at how the most the
Speaker 1: most important thing the government and give you today. It's
Speaker 1: going to be primary education. It's going to be healthcare,
Speaker 1: primary health care. So educational healthcare at the primary level.
Speaker 1: Let me give you a start. There are more more
Speaker 1: primary school students and school students and university students combined.
Speaker 1: Who does this constitution say manage primary schools is the
Speaker 1: local government area? Local government area? So both what funds
Speaker 1: do we give local governments in Nigeria we give them.
Speaker 1: That's the fifteen percent of the eighty. If you look
Speaker 1: at the eighty, look at fact the local governments get
Speaker 1: less than the states. Remember what I said when we
Speaker 1: first of all past v eighty. Local government's got zero,
Speaker 1: state got eighty. For government got twenty. So we've never
Speaker 1: looked at local government areas as a ravenue for us
Speaker 1: to grow the economy. But they counture and give them
Speaker 1: primary education and primary health care to take care. So
Speaker 1: how do you grow an economy where you see that
Speaker 1: the primary health care primary dictation should be managed by
Speaker 1: the local governments, but local conventionally have no funding. This
Speaker 1: is structure and speak of. So who funds primary schools
Speaker 1: in Nigeria? States and the federal government. So you see
Speaker 1: as to going on stripe, that's a testiary education. But
Speaker 1: the primary guys should be the local government. The taxation
Speaker 1: should remain at the local level with MESDAT is supposed
Speaker 1: to be a local government taxation to support the primary education,
Speaker 1: to support the primary health care at the local level.
Speaker 1: That's what you're retain the funds for, not as the
Speaker 1: local gents have money, but so they can do what's
Speaker 1: in the constitution, the primary education, the primary health care.
Speaker 1: That's the whole idea. But we'll flip it around. The
Speaker 1: money has going to the federal, but the federal has
Speaker 1: no rules. The progments are in charge of education Nigeria.
Speaker 1: It's not they might have a manijor of education, but
Speaker 1: they do not have that rule. The federal going to
Speaker 1: thought row education next year is supposed to be the
Speaker 1: primary They look at the local governments at the state
Speaker 1: and this is the point where I'm talking about the
Speaker 1: tax issues do not aligned with the growth. You cannot
Speaker 1: do the economy without students that are trained, and if
Speaker 1: you cannot grow the economy by not funding it. So
Speaker 1: if you look at everyone in their budget, we're saying
Speaker 1: only only fifteen percent is going to go to local
Speaker 1: goment areas. And look at matiers are the ones that
Speaker 1: are set up for primary education and primary health. This
Speaker 1: goes back to the point I make the structure is off.
Speaker 1: Because the structure is off. That's why we did not develop,
Speaker 1: because the structure is off. I think I've spoken to
Speaker 1: it enough, so you guys have the flaw. Please request
Speaker 1: to speak if you have an account of view to
Speaker 1: what I've said. I really have your twitt here on
Speaker 1: DM Yes quick one, yes when b eighty Just to
Speaker 1: answer mister Edward, Yes, the military government passed the eighty correct,
Speaker 1: and the first one they passed was eighty percent two
Speaker 1: the federal government. Sorry, it's eighty percent of the states
Speaker 1: and to the federal government. Local governments were not added
Speaker 1: in the first passage of the eighty. They were not
Speaker 1: because I was pasted on the military regime. Local governments
Speaker 1: only came in where the civilians the civilians part democracy,
Speaker 1: and then then changed it to reflect the Constitution and
Speaker 1: added local governments as a tired tier of office. Hence
Speaker 1: locals got that fifteen percent. But the very very first
Speaker 1: one that was past local governments who were not included.
Speaker 1: So that was to correct that said, yes, there was
Speaker 1: no local government. It was the military the governments, but
Speaker 1: they were not well the military regime. And then that
Speaker 1: was corrected. Ye, so great, so yes, glad I got
Speaker 1: to that I have access to. You can share that
Speaker 1: with me and I will read that after the space.
Speaker 1: Thank you. Justin Yes, primary schools and primary health care
Speaker 1: are the responsibility of local governments in Nigeria, not states,
Speaker 1: not federal. The states and the federal support with funding
Speaker 1: with policies with guidance, but the constitution is rather clear
Speaker 1: on who is in charge of the funding and the
Speaker 1: administration of primary schools and primary health cares in Nigeria.
Speaker 1: General hospitals are more of us stating, they are more specialists,
Speaker 1: they are more you know, at the capitals. There are
Speaker 1: bigger institutions. But all our local government areas welcome from
Speaker 1: local comments areas. We should have a prime rehealth care
Speaker 1: or care centers all across the government areas. And these
Speaker 1: are supposed to be funded by the local government taxes
Speaker 1: in Nigeria and local goverment taxis are like marriage slaughter
Speaker 1: slab things like that. You can't fund education of the
Speaker 1: revenue heads. The whole idea of vating because we copied V. Eight,
Speaker 1: the whole idea of V. Eighty is supposed to be
Speaker 1: a local thing. It is supposed to be a sales
Speaker 1: tax thing. Remember when we have sales taxes. It was
Speaker 1: a stating not a favorite thing, was they stating. So yes,
Speaker 1: I'm hearing you. I'm just sureing the mesage guys. So
Speaker 1: it's asking here. But that would mean we have thirty
Speaker 1: five different state taxes for each states. Yes, that's what
Speaker 1: it would mean. And there is no problem with having
Speaker 1: tety five separate taxes in the nation. If we have
Speaker 1: a hundred uy because you're doing your business in one location.
Speaker 1: You are doing business in one location. It doesn't matter
Speaker 1: if you cross state lines. If you are let's say
Speaker 1: you are CoA Cola and you do your business seven
Speaker 1: hundredth before local content areas, you are paying sales tax
Speaker 1: in those local government areas. That's where you're paying your
Speaker 1: sales tax. Are You will pay the sales tax at
Speaker 1: the point of sales. If it's a V eighty is
Speaker 1: the final consumer pain at the point of consumption. It
Speaker 1: doesn't matter if there's one tax rate or one hundred
Speaker 1: tax rates. Whoever is invoicing it is only going to
Speaker 1: use one tax rate. So the point is when you
Speaker 1: go to say Bauchi, they're not going to ask you
Speaker 1: are you from Bauchi? Are you from Abia? They're simply
Speaker 1: going to invoice you based on the location of that
Speaker 1: period machine in Bauci. So whether there's one hundred tax
Speaker 1: rate doesn't really matter. Where are you buying or where
Speaker 1: are you consuming? And let's go to the bigger point here,
Speaker 1: which I was going to get into. It figures that's
Speaker 1: there to ask those questions. Look at the bigger point.
Speaker 1: If you have an economy where you have state that
Speaker 1: have established advantages. If you look at Niger, you have
Speaker 1: the coast of Nigeria. All the states on the coast
Speaker 1: of NIGERA have an advantage because they can have parts.
Speaker 1: Dangote is building a port in state. So Ogun State
Speaker 1: in the next ten years is going to have a
Speaker 1: huge advantage, whether a state like Niger or a state
Speaker 1: like Yobe or like a boy that has no ports.
Speaker 1: So what you do is that if you are a
Speaker 1: born state, you want to build an economy to attract
Speaker 1: Dangote to come to your state. How do you attract Angot?
Speaker 1: You say, dangotis if you come to my state, I'll
Speaker 1: give you one percent taxes to pay. So my v
Speaker 1: eight will be one percent in a boi by peer
Speaker 1: p will be one perent in a Borieango is already
Speaker 1: paying five percent taxes in Ogon or Lego or whatever,
Speaker 1: so he will consider cyco factory in a Boie because
Speaker 1: his tax base will be that's the advantage you have.
Speaker 1: But the government stays everyone should have the same tax rate.
Speaker 1: I eat the same pay of five percent, the same
Speaker 1: corpet in contact with. Then there's no advantage that a
Speaker 1: Bornie can give dan Gote. Why would they go to
Speaker 1: go to a boy that has no part, that has
Speaker 1: no exources When he will play the same tax rate
Speaker 1: in Eboie and' be that he will also play In,
Speaker 1: legos he might as well stay In ogo states near
Speaker 1: his sports and pay the same. Fees so the taxes
Speaker 1: are supposed to be to the states and negotiating to
Speaker 1: to go.
Speaker 2: With to go talk to the.
Speaker 1: Manufacturers, listen if you come to my, STATE i am
Speaker 1: able to give you this incentive to come to my.
Speaker 1: State which is exactly what happened to The United. States
Speaker 1: you See california And texas And florida And New york
Speaker 1: fighting for. Companies the government of taxis used to go
Speaker 1: To california and literally Market american companies In california to
Speaker 1: come To. Texas enjoy low. Taxes, right that's the whole
Speaker 1: idea of what states are the laboratories of, economics so
Speaker 1: you can try all these. Ideas a state can. Stay
Speaker 1: we're going to have zero taxes for property tax and
Speaker 1: states that would attract companies Become Ogle state for, instance
Speaker 1: and say if you build property In Ogo, state will
Speaker 1: TAX u? Zero tallementary what you're trying to. Do they
Speaker 1: are trying to get the tenants In legos to come
Speaker 1: To Ogle state and build In ogon and not In,
Speaker 1: legos and that's where you have the. Connectivity you cannot
Speaker 1: have the same tax rates because it's a negative on
Speaker 1: the states that have no other attributes apart from. Taxation
Speaker 1: cyrus Hydaser, Pret i'm doing very, well so thanks For.
Speaker 1: Jenny i'll be talking about, taxes physical, federalism trying to
Speaker 1: link THE v eight number one to the structural. Issue
Speaker 1: we don't we don't really have this long temp because
Speaker 1: smoke can come tomorrow and SAY i won't change this out,
Speaker 1: tomorrow and then we lose out on that long term.
Speaker 1: Planning i'm try to link that INTO. V. Eighty the
Speaker 1: state competity doesn't know that what it takes.
Speaker 3: Time, Absolutely i've been listening since AND i completely agree
Speaker 3: with almost everything you, said because if there's anything that
Speaker 3: want the well with the, economy and if you ask
Speaker 3: my think that government or the leadership of our government
Speaker 3: are putting.
Speaker 4: The car before us.
Speaker 3: Reform thing and sometimes we just don't and try to
Speaker 3: just you, know well like say tweak, things but we
Speaker 3: are not looking at things from a bit of.
Speaker 4: Picture because if you really want to.
Speaker 3: Solve mandia economic, issue that kind of as that want
Speaker 3: to be.
Speaker 4: Exploring these are the kinds of.
Speaker 3: Issues and like you, said some state beginingship would be
Speaker 3: the taxation not only the eighty seven.
Speaker 4: Point five percent a court. Board the same thing goes
Speaker 4: with p.
Speaker 3: Right the same thing goes with, compacts which is which
Speaker 3: is taken by the Recommend the same thing goes with
Speaker 3: important state that in you, know call it importantly all
Speaker 3: across board as. Unified that one of the assumption that
Speaker 3: the cost of the businesses.
Speaker 4: In the state is, similar which is not the, case
Speaker 4: which is not the. Case even the complexion of.
Speaker 3: What is state has in terms of like call it
Speaker 3: in digital's advantage.
Speaker 4: Is different from what ural state as.
Speaker 3: Right if for, EXAMPLE i want to established in the
Speaker 3: less it is not east on the north. Section he
Speaker 3: has account for the risk management of insecurity as opposed
Speaker 3: to saying that you want to establish in legos or
Speaker 3: in other places that are not that are not exposed to.
Speaker 4: That kind of. Disadvantage so when have that kind of.
Speaker 4: SENIORITY i don't have anything that makes you into company
Speaker 4: charity to. Investors the PROBLEM i was.
Speaker 3: Reading the lis sent by world. Back i'm not astly work.
Speaker 3: Back we won't any place are spoken about. It the
Speaker 3: only five states In nidia are the only five state
Speaker 3: and SO i on the town WITH nal generator opening without.
Speaker 4: The pendence or monthly fat for a government.
Speaker 5: That is our.
Speaker 2: Bad you, know that is our you, know not only.
Speaker 3: Bad even those stadiums are not even they are just
Speaker 3: the pendent on whatever that's given to. Them some states
Speaker 3: almost that they won't even anything, internally but the so.
Speaker 4: And you be so personally still that you find it not.
Speaker 2: To because.
Speaker 1: For cyrus can can they can they? EVIL i mean
Speaker 1: we always here this issue where we stay the states
Speaker 1: can survive without on i G. R but the i
Speaker 1: G r is really tied back to crude. Oil it's
Speaker 1: still tied by one way or the. Other if you
Speaker 1: say doctor for, instance that's going to. STAY i G
Speaker 1: r is from crude. Oil so IF athinge happens to crude,
Speaker 1: oil Can delta state? SURVIVE i don't think they. Can
Speaker 1: so that argument that what would make it even seeing
Speaker 1: without the specification just the personally include oil those they
Speaker 1: HAVE I g IS I gr from any types of crude.
Speaker 1: Oil still just making a qualification.
Speaker 4: Absolutely even which could oil state. Speak and also without
Speaker 4: The fur, government without.
Speaker 3: Our, location so they don't ed anything. Personally if you
Speaker 3: look at this Like legos for, Example legos idea about
Speaker 3: sixty percent calls for the company indo attacks to be
Speaker 3: in which you said will lead to absolute about but
Speaker 3: a part time of which comes of good, tactics, right
Speaker 3: and all the others that it gets from within the
Speaker 3: state and things like that to.
Speaker 4: Get other you, know millions most motty like.
Speaker 3: Both but they can actually you, know still form certain
Speaker 3: potages Something i'm, naked certain things that if you compare this.
Speaker 4: Is it's LIKE i don't want to never. Sitable it's
Speaker 4: like you'll be h your big gets anything.
Speaker 2: That's.
Speaker 4: True it's all fuck fu fu.
Speaker 6: Fact so this, issue.
Speaker 3: So this issue of fiscal f until we, START i,
Speaker 3: said apocating for more.
Speaker 2: States in the.
Speaker 4: Country then you ask, Yourself.
Speaker 3: I'm in the state in a general is scally feasible
Speaker 3: in terms of the difference from.
Speaker 2: In the first, Place i'm in the.
Speaker 3: States you know have any kind of physical structure THAT
Speaker 3: i made them in a state. World now to to
Speaker 3: to to what you said about that fast they, SEE
Speaker 3: i think all your taxes that are collected locally within
Speaker 3: the state should be based on what the state economic,
Speaker 3: position economic, status and economic.
Speaker 4: Roots that is how you build an.
Speaker 6: Economy if you look at the.
Speaker 4: State Like, delaware they don't have anything.
Speaker 3: Start and you see all these state companies going there
Speaker 3: to build you to build their their companies because they
Speaker 3: could take advantage of that compared to other states that
Speaker 3: have those.
Speaker 4: Things so if you really want to see, us it
Speaker 4: should go beyond.
Speaker 3: Just sheerly formula and more about decentralizing the lays. Itself
Speaker 3: that would that would target our government.
Speaker 4: Themselves or our distate government and. STUFF i put your
Speaker 4: thing so THAT i feel like this is a very
Speaker 4: very important for that and it's so interesting that we
Speaker 4: don't even bring it to fall in more conversation because
Speaker 4: all we care about is how.
Speaker 2: Must my own state is.
Speaker 4: Getting that is where that's where we come from still.
Speaker 4: Getting that's what the fight was.
Speaker 3: About remembers be from.
Speaker 6: The bag.
Speaker 4: About the structure or the stative is a little.
Speaker 3: Great it's about how MUST i get at the end
Speaker 3: of the what is the potom? Like if it does
Speaker 3: not help me in getting more, money which are going
Speaker 3: to spend on SUVs and medical, Talkism i'm going to
Speaker 3: get taken.
Speaker 2: It so that is the.
Speaker 3: Conversation that's the point of commuture movements working just.
Speaker 1: To emphasise the point like MANY i grants forget That
Speaker 1: president's you know position this type from act as a
Speaker 1: way of it's what the derivation build derivation to take
Speaker 1: the what creates revenues away from sharing to. Derivation he
Speaker 1: proposed sixty of the eighty as. Derivision it was shut
Speaker 1: down WHEN i have, moved forgotten all about that because
Speaker 1: have gotten what they. Wanted come to sleep When i'm
Speaker 1: talking about the invadual This his real aim was to
Speaker 1: change the. Winner look at the government not as a
Speaker 1: guy that gives you, money but go and create your
Speaker 1: wealth and retain. That well sixty percent might thin that have.
Speaker 1: Passed might if the states were retaining sixty percent of their.
Speaker 1: Wealth and that would then mean that this LIKE biosa
Speaker 1: will then get triple or driple what they get right
Speaker 1: now from the oil. Companies good and. Bad But i'm
Speaker 1: of the view that if you get more money at
Speaker 1: the local, level you can hold go, faster then you
Speaker 1: can hold the Federal suppose don't go. Anywhere let's let's
Speaker 1: let's get more to.
Speaker 4: SPEAK i keep good, afternoon.
Speaker 2: And everybody on the, space thank you so.
Speaker 1: Much so first of, all we need to get this
Speaker 1: understanding plan like the governors should actually see themselves. Achieve executive,
Speaker 1: officer what the job of your job is to market
Speaker 1: to your. States there's no states that cannot generate derivation of.
Speaker 2: That if we're to even to, go if we're to
Speaker 2: say that a should not be shared at, all there's no.
Speaker 1: States i've been wondering why A niger states.
Speaker 2: Not to have be, refined you know in the. Locality
Speaker 2: nobody's stopping, there you. Know so.
Speaker 1: The idea behind is just for you to be getting
Speaker 1: a vative was make sure you'll be you can make.
Speaker 2: It you'll be has big expanse of.
Speaker 1: Flag your has the largest cattle, market so they can
Speaker 1: put and comparati to beef complete all this kind of
Speaker 1: consumption with the, stuff.
Speaker 4: You, know AND i get the.
Speaker 1: Office so there's a lot of things that can be,
Speaker 1: done but you have to think out of the. Box
Speaker 1: i'll give you another. Example, yeah, people some people and
Speaker 1: maybe those too. Much THEN i just said and a
Speaker 1: lo That i'm sure must have been one of the
Speaker 1: people that are going to rally the president that, okay
Speaker 1: let's stop just exporting share.
Speaker 2: Notes you, know let's refined to. Share but that's in
Speaker 2: our he was what did he?
Speaker 1: Do he brought in his, shape but the factory or
Speaker 1: the finality or they got that brought it.
Speaker 2: In and then if you can get your share as
Speaker 2: to be sent.
Speaker 7: Share not be.
Speaker 4: Production in the whole.
Speaker 2: World so you can refine your shame within.
Speaker 1: Your states and export it as a finished, product not
Speaker 1: as not as a romantil.
Speaker 2: Any other thing you, know you can't.
Speaker 1: Do, also there's every state has its own comparative, advantage
Speaker 1: but the governors have been mean to release it back
Speaker 1: and see the diversively the both. Economy we we just
Speaker 1: collect a location and share you go to go to
Speaker 1: the resale and go to this.
Speaker 2: Exposors of children there maybe in.
Speaker 1: The household and they keep the you, know so we
Speaker 1: should the gods would think. BEYOND i think you don't
Speaker 1: only think of. Now you, know one day we END
Speaker 1: i don't know how. NAGY i guess by that time
Speaker 1: oil maybe oil, ends or if oil doesn't and the
Speaker 1: world doesn't patronize anymore where school which who is running after?
Speaker 1: Cool you, know so they need to start thinking now
Speaker 1: and thinking that's not just for the. REASON i guess
Speaker 1: what at that time That i'm talking, OF i don't.
Speaker 2: Know no longer will be. Remium you maybe findia that.
Speaker 1: Time so now is the time to live in the
Speaker 1: world and get busy and a trouble the investment.
Speaker 2: When the president is GOING i keep.
Speaker 1: Saying, this don't sit down your states father along and
Speaker 1: good for. Businesses you can attract your states starts out
Speaker 1: to be. Legal don't sit. Down if we don't, know
Speaker 1: then investor you can talk to following the president anytime
Speaker 1: is going, broad going to going To brazil or those
Speaker 1: father Along blue for people in business will be the
Speaker 1: talk to them your states very well Well wells also
Speaker 1: made this. Point the state has all scored. Constantly the
Speaker 1: best STATES intel do In nigeria is good the. States
Speaker 1: The states has got the best numbers in terms of
Speaker 1: doing that means the, policies their guidelines high and get
Speaker 1: permit and at the best Of. Nigeria but again the
Speaker 1: government Of gombi has done THEIR i would then go
Speaker 1: to go To goumby if it's going to still pay five,
Speaker 1: PERCENT paye test percent P I t if it goes
Speaker 1: to any. Other so that's again when it Stays i've
Speaker 1: don't done. This the government is not incentivizing creativity or
Speaker 1: the state. Governors so is a big example crossing WHAT
Speaker 1: i means a big. Example if you go out and
Speaker 1: you try to change the economy of your, state you're
Speaker 1: actually taking a. Risk In, nigeria it's better to just
Speaker 1: sit down quietly and do the simple things like building
Speaker 1: a shop. Right you, know Cross over tried to build
Speaker 1: it in upper and they got. Burnt but the god
Speaker 1: does that built shop, right didn't get. Burnt and that's the.
Speaker 1: Fact the bad thing With nigeria that when you take
Speaker 1: that risk doesn't go with. You they don't support. You
Speaker 1: it penalize you for taking. Risk and that's why the
Speaker 1: country isn't growing in my. View, okay, bye thank.
Speaker 8: You thank you very.
Speaker 4: Much thank you me enjoying this.
Speaker 6: CONVERSATION i remember that. SOMETIMES i think three.
Speaker 9: Years ago there was a case in university and government
Speaker 9: and this beauty of. It SO i think part of
Speaker 9: the final judgment all the kiss that the stupid basically
Speaker 9: worn in.
Speaker 1: Courts that's. SETTING i don't, setting don't fulfill with them
Speaker 1: of this.
Speaker 6: Date SO i want to when in the constitution it is, Federal.
Speaker 2: No it's, not it's.
Speaker 1: NOT i think IF i recalled the judgment was that
Speaker 1: the courts agree that look at what the reversitis, Saying
Speaker 1: reversitis there's nowhere in the F i. R s laws
Speaker 1: that allowed them to collect the eighty and they're, right
Speaker 1: there's nowhere then in the fires laws that allowed them
Speaker 1: to collect be. Eighty so but when they did do
Speaker 1: they didn't go to. Court they actually saw they stopped.
Speaker 1: It he stopped the case and they were talking out
Speaker 1: of court the virus is just collector that that, was,
Speaker 1: yeah they will collect for you and they will. Share
Speaker 1: but the rivers, said there's nowhere in your act that's
Speaker 1: you can COLLECT v eighty.
Speaker 2: And do it.
Speaker 1: Right but the case sort of what paused and that's
Speaker 1: also when in the constume that, says THE v eighty
Speaker 1: is because they're by virus ahi from. Nowhere THE v
Speaker 1: eight is basically. There it's it's a it's a consumption,
Speaker 1: tax it's collected and it is shared that it's just
Speaker 1: a shame from that's by. Fact so it's not the.
Speaker 1: Consition it's not in countion just SAY. V eighty is,
Speaker 1: there but it's the fact that shared the shame from
Speaker 1: which is federal Fifty no federal ten states fifty lookal.
Speaker 1: Governments AM i saying fifteen fifteen that's how it's, done,
Speaker 1: right fifteen? Fifteen, yeah, JEEZ i can tell.
Speaker 2: You, yeah.
Speaker 1: It's not gonna go because if that case goes to
Speaker 1: judgments back, then you, know back then you of. It
Speaker 1: it was mister buhariy versus mister And wiki and of
Speaker 1: course Mister weik was interested in getting the revenues back
Speaker 1: to the, center but, sorry back to the state from the.
Speaker 1: Center now Miter wiki is in the, center so because
Speaker 1: it's interested in getting the revenues to the center away
Speaker 1: from the. State so he has sort of piped low
Speaker 1: on that and nothing's going to happen on back case
Speaker 1: because he's not going to bring that case up. Again
Speaker 1: Mister tinerbul is a strange. Person, NOW i know Mister
Speaker 1: tible wants the powers to go back to the regions
Speaker 1: and to the. States, well he's a, president so he
Speaker 1: needs the revenues today to stay in the center to
Speaker 1: help him accomplish most of his. Games BUT i know HIS,
Speaker 1: dna his. Deributionist he wants, powers physical powers to go
Speaker 1: back to the regions and. Stick SO i suspect before
Speaker 1: he leaves, office something will. Happen in terms of, that
Speaker 1: something will. Happen they're popping down on the tax. Reform
Speaker 1: maybe he looks on that. WAY i don't think living
Speaker 1: in office without making derivation a bigger. PUSH i, mean
Speaker 1: it doesn't make any. Sense look at the. LEGOS i
Speaker 1: saw a video the other day of the national state Only.
Speaker 1: Legos it's A pea. Style now that's an. Asset legos
Speaker 1: have that. Asset you go to The equali the federal
Speaker 1: comments IN nikoi no matter what we talk about the
Speaker 1: poses about those projects there In lego, States legos should
Speaker 1: get a special phone to take your federal. Assets because
Speaker 1: every want to go To lego. State but they get
Speaker 1: less money than say can cand of for local. Governments
Speaker 1: legos has about. Something so it's that's one to go To,
Speaker 1: legos but more responsible go To. Legos so vy if
Speaker 1: you if you the way it. Works IF i build
Speaker 1: the road AND i build a hotel state, GOVERNMENT i
Speaker 1: get more the if the road is, bad Like abbia
Speaker 1: still fixed that road On Protacot. Road when they fixed that,
Speaker 1: road there's more street on that, road there's more eity
Speaker 1: on that. Road so the incentive is that if you
Speaker 1: fix your road in the, state you're able to get more.
Speaker 1: Revenues that's the Whole, like that's why it consigns, us
Speaker 1: because the states want to get more, revenues so they
Speaker 1: fixed more. Roads but if you take away that power
Speaker 1: to retain that, viatin why would the states fix it
Speaker 1: fix the? Road apart from maybe getting social media, vibes
Speaker 1: why would the state fix the. Road there's no benefits
Speaker 1: from fixing the road in the. State that's Where i'm
Speaker 1: going to do.
Speaker 2: This oh go, Ahead.
Speaker 1: OH i didn't THINK i.
Speaker 2: WAS i was. Speaking, Yeah so WHAT i wanted to.
Speaker 9: Add, was let's us backed them the proposed by sharing
Speaker 9: that specific.
Speaker 6: The point most of the that we're, gating.
Speaker 9: We think we're using as there was that the exemptions
Speaker 9: that it so happened that the goods were the goods
Speaker 9: that they are efficient producing because they're producing in mass.
Speaker 10: Coming from.
Speaker 9: That so if they allow the derivations to, go they
Speaker 9: would best because they mostly would use advatual products and
Speaker 9: most and those types of products for a f on the.
Speaker 9: Exemptionalists so why would anybody want to allow into Person
Speaker 9: they know that.
Speaker 1: What they is not on the very fair, point very
Speaker 1: very very fair. Point so let's let's talk about. This
Speaker 1: let's say digestates makes what they, make, Right so, yes
Speaker 1: if you sell food is vert, three but the process
Speaker 1: of the cassaba is not that. Three the process so
Speaker 1: if you have a cassava processing plant In, niger the
Speaker 1: fuel that uses the either plant uses the additivity and
Speaker 1: are making are also NOT bat. Three the experts on
Speaker 1: that planet also NOT vat. Three so the raw food
Speaker 1: itself that you sell in the restaurant IS vat, three
Speaker 1: but the processing to get that food it's NOT vat.
Speaker 1: Three so exactly helping that he's, Saying, niger take if
Speaker 1: you make the cassava add value value added add value
Speaker 1: to the, cassava then charge v. Eighty you can charte
Speaker 1: vi eighty on the. Food but you can CHARGE be
Speaker 1: eighty on cassava flower on ethanol In, China, China nigeria
Speaker 1: nearly one billion dollar contract to supply casaba. Chips nia don't.
Speaker 1: Supply we couldn't supply. Vertiable so if big states leaves
Speaker 1: are mixed, ethanol it can sell and CHAT v eighty on.
Speaker 1: That it's only food that they said you cannot CHARGE
Speaker 1: v eighty on agricultural In puty as, well if you
Speaker 1: have the, value you can't charge your vty on. That
Speaker 1: there's so much you can make from. Food look at.
Speaker 1: Cattle you make more money from, cattle the, blood the,
Speaker 1: horn the, skin you, know the the hoofs than the meat.
Speaker 1: Itself that buttons, chemicals bod is, fertilized that the hoofs
Speaker 1: mets and like the hides and. Skin you can explore
Speaker 1: the hides and skin than just the meat. Itself so
Speaker 1: while the meat is, beaty you can't touch viity on food,
Speaker 1: mean but you can't charge bet on the on the
Speaker 1: on the place that you get on the, blood, blood
Speaker 1: meal and all. That so it's just his name is.
Speaker 1: Value you are the tax you tax when you add.
Speaker 1: Value so that's How i'll answer that to.
Speaker 9: Them an observation is that SOMETIMES i feel LIKE i
Speaker 9: feel like when we are having, discussions we are to be.
Speaker 1: How in how you USES i.
Speaker 9: Don't let me quickly that because at times you, say for,
Speaker 9: example customer is add value to it the WAY casa is.
Speaker 4: Consumed we need the amount of.
Speaker 2: Value you cannot do.
Speaker 6: It you consume cars will be processes to.
Speaker 2: That we or through from Where i'm.
Speaker 9: From and this is a lastly treated Before, Maco so,
Speaker 9: IUL i think there are restaurants that actually add that to,
Speaker 9: pas but most times we don't eat from suffers from
Speaker 9: service from service onans and those type of restaurants to
Speaker 9: be placed in seteen environments like legally legals of this, world.
Speaker 2: And so the.
Speaker 9: The specifics of poly adding value those this black exempt
Speaker 9: as we wish.
Speaker 6: To wh when we consume by from facts because.
Speaker 2: By processed to.
Speaker 6: Crucial we still meet.
Speaker 9: The mod really by fresh really not that easy to
Speaker 9: to to add value to these things and to off
Speaker 9: when we Because i've heard someone say station produce station investing,
Speaker 9: process but usually we can all testify that when it
Speaker 9: comes from the location of. Funds, REALLY i don't replacing
Speaker 9: that that it's not as that's.
Speaker 1: A, good that's a very. Good that's a very good.
Speaker 1: Point so let's go back to. Right let's be very very. Specific,
Speaker 1: now the largest produce of on The Planetteria, thailand also,
Speaker 1: mixed But thailand has got more. Processed they do about
Speaker 1: they're able to process that casaba and export. It because,
Speaker 1: cassa you can make high quality cassabad easy for. Medicine
Speaker 1: it's like sugar for the. Medicine you can do the
Speaker 1: eternal from cassava as few well for. CARDS i Just
Speaker 1: China King, NAJA i wanted to buy nearly beyonders cassava.
Speaker 1: Chips that do make me that. Contract the Point i'm
Speaker 1: making cassava if you take WHEN i know that after two,
Speaker 1: days it don't supports the dangerous to eat it out
Speaker 1: of two days they're process. It do you look at
Speaker 1: the mind. AREA i have a cassava processing factory because
Speaker 1: in my we make my largest proper my local went is.
Speaker 1: Cassava but there's no cassava processing factory in my local.
Speaker 1: Wentary and what they do is that they want the,
Speaker 1: canserver they bring it out of the, ground then they processed,
Speaker 1: It they, dry they fry and it comes, gary but
Speaker 1: that same cassava if you simply, panted they are this
Speaker 1: context From. Holland when you can putting at one end
Speaker 1: and you can do whatever you. Want what is high quality?
Speaker 1: Flower where is the eternal to give it to you
Speaker 1: from that? Continent if we have that in my local agreement,
Speaker 1: AREA i mean it's all those farmers will then have
Speaker 1: best all their casserver converted to high the cassal. FLOWER
Speaker 1: i get paid on the, spot whether it is neyra
Speaker 1: or BECAUSE i get exporting that cassava produced out To,
Speaker 1: china and that is. Vatibal it's not. Food it's an
Speaker 1: industrial statu or an industrial product that he's. Making there's
Speaker 1: a big plant in the natural word that does from
Speaker 1: this big food, COMPANY i forget their. Name they have
Speaker 1: a cassava. Plant there is vasiable there because it's not.
Speaker 1: Food they're exporting the start of the ethanol or whatever
Speaker 1: it is from. There that's the Point i'm. Making gary
Speaker 1: is from, cassava but eternnel is also from. Cassava so
Speaker 1: gary is a low quality out from, cassava which we eat,
Speaker 1: it but it's low quality. Right so the same way
Speaker 1: you can take that cow and you can eat the. Meat,
Speaker 1: fine you got to take that cow and take their
Speaker 1: hides and skins out To italian. SHOEMAKERS i make more
Speaker 1: money from those from the hides and. Skin you can
Speaker 1: sell the blood as blood. Meal you can sell the
Speaker 1: buttons the hoose and then runs as boom as the,
Speaker 1: buttons so it's more value ardph just take and just throw.
Speaker 1: Away that's the Point i'm, making. Right so if we
Speaker 1: bring these guys and know better the integrative, FAMILY i
Speaker 1: will tell you how you can integrate all this stuff
Speaker 1: and make more money from that same. Thing gary just
Speaker 1: can't Be. Gary that's two units to to. Limit that's
Speaker 1: What i'm GOING i phone to be. Macros reality is
Speaker 1: if you google online that you see The chinese order
Speaker 1: For i'm trying to find actial straight you see.
Speaker 2: That it MAKES.
Speaker 1: I want to get no information to. Speak if you,
Speaker 1: speak let me get no information and they want to
Speaker 1: go back to you. Guys if you don't mind no,
Speaker 1: information all the lights, hello go, ahead AND i just
Speaker 1: get a quick quickness said here kind of just want
Speaker 1: to be just want to, clarify need to clarify this for.
Speaker 1: Me is there still sales tax or sales tax REPLACE
Speaker 1: v eighty. V eighty other tax replaced the sales tax In.
Speaker 1: NINEGERIA i went towards passed way way back in two
Speaker 1: thousand and. Three some, STATES i Know lego states in,
Speaker 1: particular went to, court AND i Think Lego state. One
Speaker 1: so From Lego, states you see that you're inversee you're gonna,
Speaker 1: eat or you go to a, hotel you see it
Speaker 1: has sales tax on your. Seat So legos actually went
Speaker 1: to court AND i think they won that case that
Speaker 1: were allowed to. CHANGE i don't know if all other
Speaker 1: states are which if they want that, case that means
Speaker 1: other states.
Speaker 2: Can.
Speaker 1: So will it be double, taxation, yes but that's really
Speaker 1: how governments work. Anywhere you go to my fine federal
Speaker 1: state and even look at. Taxes but the point is
Speaker 1: we can't say because of that wouldn't allow the federal
Speaker 1: to say not just to, read but the collection of.
Speaker 1: TAXES i don't think it's. Right you can't empower the
Speaker 1: revelopments to do primary education and they don't give them
Speaker 1: the tax revenue to do. It something's going to suffer
Speaker 1: and it's going to be us in the. End just
Speaker 1: to clear that From, yeah that's, good.
Speaker 4: Little as a.
Speaker 3: Fight saint, stack AND i think other state like leivers
Speaker 3: orders like that's the kind of some state even consumption
Speaker 3: tax for some reason some state some taxi or like
Speaker 3: before if you use like loosely goos, hotel.
Speaker 4: If you restaurant for, example those kinds of things like
Speaker 4: depend on what you do in this.
Speaker 3: State they still find the way to, collect to, say
Speaker 3: stacks from, you you, know, locally including. That so if
Speaker 3: you take your in you'll see that they had some
Speaker 3: service started recollect from you that belongs to the, state
Speaker 3: and that one of, it one of the legals are
Speaker 3: affected in his own lookal and amisation of tax in
Speaker 3: ego TAXES I i said about there in the level
Speaker 3: of taxes and. Reform commercial motor is mostly so the
Speaker 3: day and that's a single point of multiple. Taxation there's
Speaker 3: this use this thing that we doing the time was
Speaker 3: going to different. Places AND i asked, him of course the,
Speaker 3: trader you, said one of the things that you want
Speaker 3: to do with the struct from is to unitas collection
Speaker 3: and to ensure that there is no news and taxes
Speaker 3: across state and local government.
Speaker 4: Board why that may between the. Books how do you
Speaker 4: intend to implement it? Locally because if you put.
Speaker 2: Your see your your.
Speaker 3: Your shop or YOUR i don't know if you polish
Speaker 3: your kiosk outside In, legos in the place In legos
Speaker 3: WHERE i am someone who come and meets you the
Speaker 3: nexsity and collectors from you if you're if a purpose,
Speaker 3: legals you put a post out there that meet you
Speaker 3: as you put, them you'll give you the chance station
Speaker 3: was increased in fact for the next two. Years that
Speaker 3: was that was the, opposer that was the only proposed
Speaker 3: that first verse don't increase to ten percent and fifteen
Speaker 3: percent in the next two years by twenty twenty seven.
Speaker 3: Eight SO i got asked, him how do you intend
Speaker 3: to implement locally those laws that you say these, guys
Speaker 3: because that has now, increased how do you intend to
Speaker 3: implement the? LORD i, say you can no longer collector
Speaker 3: from the market, women from the, traders.
Speaker 4: From the, motories from.
Speaker 2: The you, know local shop owners and.
Speaker 3: WHATNOT i didn't get the search for to you answer
Speaker 3: because you to do that or it went about me police,
Speaker 3: state right or if governments send in their army to
Speaker 3: go and stop people from collecting those tactics in. Government
Speaker 3: so it's a lot of cider system AND i think
Speaker 3: the only way to solve, it like you, said is
Speaker 3: to give back the power of tax, collection art collection
Speaker 3: and other tax collection back to the.
Speaker 4: States so they can regulate their.
Speaker 3: Own tax system and as they see fit in their own.
Speaker 3: State every state have different economic activity that drive different economic,
Speaker 3: demands different, insective different, climate and the state themselves can
Speaker 3: decide with the local. Governments this is how we're going
Speaker 3: to administer this tax as need to affect our. People
Speaker 3: even if that we're talking about about thirty percent of
Speaker 3: the verts come from importanct, right so others come from
Speaker 3: like manufacturing and finance and other.
Speaker 2: Places communications and about they.
Speaker 3: Use chunk of comes from important fact itself and that
Speaker 3: important vert of cause they say loss to the further
Speaker 3: government and some stage.
Speaker 1: Do not have the power to administer.
Speaker 3: Improvert so how then do you regular regularize this thing
Speaker 3: to make sense in?
Speaker 1: Practice AND i think they reform. ITSELF i don't want
Speaker 1: to just credit what they've done that that's one of my.
Speaker 1: Objectiviator do not talk to some of these things in
Speaker 1: terms of practical way to solve these, issues BECAUSE i
Speaker 1: believe strongly that after this reform is implemented and imposed
Speaker 1: in twenty tis.
Speaker 4: All these, men all the state.
Speaker 3: Autos look at actors who still come and be collecting
Speaker 3: market taxes.
Speaker 4: From market to. Men there's the market to man.
Speaker 3: Because are per day seven see seven taxes for different
Speaker 3: reasons to these local.
Speaker 2: Players and what is talking about?
Speaker 1: THAT i, MEAN i, mean you're you're, Right and this
Speaker 1: goes to the really to the heart of this. Question
Speaker 1: this is the real heart of, discussion because what has
Speaker 1: happened that the federal government wants to take over the
Speaker 1: taxing powers of state and local, government which is. Wrong
Speaker 1: so there's the Point i'm. Making you cannot go and
Speaker 1: say we're going to scrap sales tax and then we're
Speaker 1: going to DO v. EIGHTY i don't think the fragment
Speaker 1: had that. Power that's why the military did, it because
Speaker 1: was the. Military it was today That i've gone to
Speaker 1: court and stopped. IT i don't like how pensions In.
Speaker 1: Nigeria the federal government does, pension but it couldn't go
Speaker 1: as crap state, pensions he. Said pragament, Says, okay we're
Speaker 1: going to give a guideline and you can join and
Speaker 1: if you jump from the federal stock, market if you
Speaker 1: join as a, state exact same.
Speaker 4: Thing.
Speaker 1: Go let's let's be, practical like. Mister as you're, practical
Speaker 1: then go to where to sell up is refined organ.
Speaker 1: State this refining legals what's going to be an no good?
Speaker 1: State AND i hear it gave him lots of things to,
Speaker 1: pay pay this pay, vat he pay copy tax pay.
Speaker 1: Line that's ONLY i, say run To legos And legos
Speaker 1: smartly adopted him and send him to their free free trade.
Speaker 1: Zone and he put his refining the free trade. Zone
Speaker 1: now he's. There now that's calling him. Back he's going
Speaker 1: to do it a port next door In Logo. State,
Speaker 1: neah he's refining almost the. Same po're going to bring
Speaker 1: the stuff there and take our stock to the. Port
Speaker 1: but that's the Points i'm. Making if it was just
Speaker 1: one tax, system he would have to stayed In Logal
Speaker 1: state because there was not A lego state would have
Speaker 1: be able to give. Him but Because legos was able
Speaker 1: to give him a lower lower cost of starting, up
Speaker 1: he ran To Lego. State and that's the point. Again
Speaker 1: so when you go to your, question if you didn't
Speaker 1: go and SAY i MEAN i heard, THAT i will
Speaker 1: say that one way he was going to stop the
Speaker 1: guys on the road and those guys that can look
Speaker 1: out the boys cutting money from me on the. Road he,
Speaker 1: said when they ask you to, pay go ahead and.
Speaker 1: Pay collect the receipts from the local. Government then bring
Speaker 1: it to a nice dry revenue service office that that's
Speaker 1: this is that you paid the better they went to
Speaker 1: refund you that, state that's the. State then it would
Speaker 1: then debit the state account When niger avenue. Service so
Speaker 1: that way they still now know that where their boys
Speaker 1: collect money from you on the, road they're going to
Speaker 1: look to the deduction from the. Center it sounds. Nice
Speaker 1: it sounds, nice but like you, said would have been
Speaker 1: easier to seek to, say, hey stay we pass in.
Speaker 1: VAT i want you guys to produce your. Taxes if
Speaker 1: you don't rease your, taxes nobody will do in your.
Speaker 1: State business will cut your, State that's the. Truth if
Speaker 1: your state is not business, friendly nobody will go. There,
Speaker 1: now everybody of course will want dangers to constead of
Speaker 1: the company in their state because they've seen what the
Speaker 1: refinery can. Do if then when it goes to their
Speaker 1: SAYS i want to do the new, refinery you will
Speaker 1: see State god knows coming to him to market him
Speaker 1: to come to their. State why Because legos that way
Speaker 1: they same with The, legos the deepsy parties or piece By.
Speaker 1: Legos it's built by these guys From. Singapore but they
Speaker 1: went To lego and they're gonna Get, okay we'll give
Speaker 1: you to the persent equity want to build a, port
Speaker 1: the same thing because the state has put on yourself
Speaker 1: with their laws to state we are able to negotiate
Speaker 1: this big transitions with the stake and do the. DEALS
Speaker 1: A quibum has more money quote unquote And legos and
Speaker 1: they have their natural harbor in That quibum try to
Speaker 1: deep sea and in the best of that deep sea
Speaker 1: port in A quibum, state But legos have so again
Speaker 1: it's back to laws and policies and little say high
Speaker 1: tax state literally the high tax. State so any state
Speaker 1: that come says Like ugoon and Says i'm in low
Speaker 1: cost Or, legos they will Take legos breakfast money even at.
Speaker 1: Night and that's how we need this taxing to be
Speaker 1: very flexible and Just legos want. Simple the. North if
Speaker 1: you have a low tax base because you are friendly
Speaker 1: lower V, etavi it it goes to fifteen and you say,
Speaker 1: no my this is going to be then more complicability
Speaker 1: your state to do manufacturing plants in your state because
Speaker 1: avoid that tax. Burden but if you make it all,
Speaker 1: uniform why WOULD i go to your states When i'm
Speaker 1: going to pay the same rates in legos and these
Speaker 1: negos would give me access to the. Ports and that's
Speaker 1: why Stay god does not thinking spetifically UNIFIED. V eighty
Speaker 1: that is shared is a tax and a burden on
Speaker 1: the smaller non developed. States you cannot be changed to
Speaker 1: save the eighty that legs. Charge you're shooting yourself in the.
Speaker 1: Foot activists in, mano you've got the, floor sple go.
Speaker 1: Ahead if you've got the, floor some when your hands
Speaker 1: upause you want.
Speaker 2: To thinking as you move? On yeah, yeah.
Speaker 1: Yeah so What i'm thinking is That, coulo the couloutions giving.
Speaker 4: Imagine legal became the.
Speaker 1: Fatastic you take yours to zero or it will give
Speaker 1: give give a negative. Verbs if the state comes to your,
Speaker 1: place you pay them to come to your. States what
Speaker 1: is what are states In america?
Speaker 2: Doing?
Speaker 1: Google google announced In america years ago that we're going
Speaker 1: to put up a that'ta center In america all the
Speaker 1: states that. Company there was a town In america that
Speaker 1: changed their name To Google google to come to their
Speaker 1: do they change their Name google? It the town changed
Speaker 1: their name To google to attract to their. States so
Speaker 1: if they're gonna say go to two, percent you need
Speaker 1: companies to come to Your there was a banking that
Speaker 1: was paying people, interest not charging. Interest they were paying
Speaker 1: you interest when you take a due transgrol with. Them
Speaker 1: that Was Goden Express. Bank yeah it's failed, now but
Speaker 1: they were paying because they were trying to compete and.
Speaker 1: Breakout so if you're in a small, state if you're
Speaker 1: understand like a, bowie you have no, ports you have no,
Speaker 1: power you have no, railway you have notional, airport you have,
Speaker 1: nothing and you are competing with, legos how do you?
Speaker 1: Compete to simply tell, businessmen if you, count you were
Speaker 1: going ten, years NO v eighty ten, years no, pay ten,
Speaker 1: years no No palgram. Nothing So i'm gonna, Ask, okay
Speaker 1: if they, come how will they make? Money would they rent?
Speaker 1: Homes their rent homes are. Big won't they pay for?
Speaker 1: Water would they buy? Food that's why you then charge
Speaker 1: YOUR v eighty on the peripheral activities that they.
Speaker 2: Are that they're.
Speaker 1: Doing, now if there are more people coming to a
Speaker 1: point in state what. Happens airlines will not find fly
Speaker 1: to a, boy right to be more manufacturing a boy
Speaker 1: to take care of the new market and the. Boy
Speaker 1: but that's how you have to think of. It it's
Speaker 1: not going to be a four year, plan but an
Speaker 1: eight year. Plan you know one thing once AND i
Speaker 1: always go back To. Legos the thing With legos that
Speaker 1: you can see the progression in their. PLANNING i remember
Speaker 1: When blatmobo brought In enron to build to do power In.
Speaker 1: Legos everyone Bad. Legs why didn't He will he do?
Speaker 1: It the federal government told him that any power that
Speaker 1: everyone will Get legos will first have to go to
Speaker 1: the national grade then be. Shared they won't come out To,
Speaker 1: legos So legos, said will have done the donkey work
Speaker 1: of bringing An enron back To. Legos they bar then
Speaker 1: produce power on the coast Of, legos but that power
Speaker 1: will first all go to national, grid maybe go to a,
Speaker 1: boring go To, kirra go to, neither then to come To.
Speaker 1: Legals it doesn't make any. Sense so of COURSE i
Speaker 1: told you went, away and that's what's. Happened this is
Speaker 1: important making if you have tax laws that do not
Speaker 1: encourage growth and, development but only focus on Ig you
Speaker 1: really can't.
Speaker 2: Help to meet the.
Speaker 1: Growth you can act stinct to you that you, said
Speaker 1: they'll say face to look at, government area face. Government
Speaker 1: CAN i task my one or five? Percent Then, ida
Speaker 1: what are THE productmic and tax?
Speaker 2: Companies? Yeah?
Speaker 1: Okay for are you a same?
Speaker 2: Picture?
Speaker 4: Yeah is funiny? Works?
Speaker 2: Uh?
Speaker 6: Yes also for still governments if it becomes.
Speaker 4: Or that cost each other where.
Speaker 2: They get money.
Speaker 1: FOR i, mean it's the same way you use.
Speaker 6: Salaries so look look at.
Speaker 1: It in terms of. DAY i hear. You that's a
Speaker 1: good question because you're saying this became called a loss.
Speaker 1: Leader the most important. Thing it's called market, share not.
Speaker 1: Profit market share is more. Nonprofit let me ask you a.
Speaker 1: Question if you Were Lego, states would you take a
Speaker 1: ten year zero income on ANYTHING dan go to refinery
Speaker 1: FOR dot come to. Legostics would you accept as the
Speaker 1: governors for the next ten years That god will pay
Speaker 1: you zero but the final comes To. Legos we have
Speaker 1: said yes or, no that deal came to your. Table.
Speaker 1: Governor what you have said you know you're saying it's
Speaker 1: because you know and in the next ten, years what
Speaker 1: you're going to get from having that that's a factory
Speaker 1: In legos will make up for make up for what
Speaker 1: you're going to. Lose so, yes it's still got to be.
Speaker 1: Strategic you've got eighty years as the. Governor maybe for eighty.
Speaker 1: Years and while we go Back legos, again While legos
Speaker 1: have seemingly seemed to, progress even look At Uguan. State
Speaker 1: Augan state has a better economic argument because there is
Speaker 1: a cheaper alternative To. Legos but why Has Augan state
Speaker 1: not develooked the Way legs has developed because they had
Speaker 1: this sixteen or twenty four years of the same government in.
Speaker 1: Power you go handle over to his successful, fashion this
Speaker 1: fact that all speak. Biting let's let's be clear. Here
Speaker 1: and the other guy was picked biting but has been
Speaker 1: run as A legos since nineteen next. Nine and because
Speaker 1: he has done, that it's the same, policy the same,
Speaker 1: program the same agena as what they are basically doing going.
Speaker 1: Down so what they're looking legosok at four years or eight,
Speaker 1: years they look that plant like The chinese have Planned,
Speaker 1: legals they're looking long. Term the blue, Line this blue
Speaker 1: Line legals has blue. Line read when they said that
Speaker 1: blue line red line a long time, ago that was
Speaker 1: metro line with lative jack on day and it stopped
Speaker 1: all dative jack on. Day and when they started wanting
Speaker 1: to do it, again they run into THE plp issue
Speaker 1: where they said the real lines were actually owned by
Speaker 1: the federal government combinating back then it was when Yeah
Speaker 1: adua Came, YEAH i, said, yeah we will be built
Speaker 1: right away for the real. Lines even the L likely
Speaker 1: bridges In, legos The lucky bridge that Connects lucky and,
Speaker 1: equally they couldn't have done with that federal government approved
Speaker 1: government that said, yes you can have right off to
Speaker 1: land the bridge on our side of them and all.
Speaker 1: That so this consistency in government is a big advantage for,
Speaker 1: them big advantage that they can plan for eight. Sixteen
Speaker 1: because if you come and tell me you said your
Speaker 1: answered here to that question About dangote coming to your
Speaker 1: say for ten. Years, honestly if you tell the Government
Speaker 1: flint That dangote will, come will not make revenues for ten.
Speaker 1: Years so he will be, governor he will make, revenue
Speaker 1: but the next governor make. Revenue manly don't, know say you,
Speaker 1: know because they also want to. Shine they don't want
Speaker 1: the Next you're.
Speaker 2: Lacking but that is the.
Speaker 1: Truth how many people will SAY i will do the
Speaker 1: donkey walk land dang go to. Refinely then my successful
Speaker 1: after eighteens will shine with the. Revenues that's what they will. Say,
Speaker 1: no if you can't do four, years don't. Come and
Speaker 1: that's what's Happened. Nigeria we don't think in terms of
Speaker 1: the long. Term if you're To, pennsylvania where are you?
Speaker 1: Governor for you A Democrat, republicans it's still the same economic.
Speaker 1: Plan you're the same With New york think we text
Speaker 1: ares same with you, know but here is the wills
Speaker 1: and caps of the guy in the seat at the
Speaker 1: moment that's a big fight away were feeling and now
Speaker 1: the how are you doing and how are you? Doing
Speaker 1: thank you very, well.
Speaker 2: Sir it's a very interesting.
Speaker 11: Discussion just a quick point regarding your thinking on states,
Speaker 11: competing and the gentleman made a good, point, well you,
Speaker 11: know how do you compete with legal state for?
Speaker 2: Instance and you, say, well did you take your down to?
Speaker 11: Zero and so there's a few implicit assumptions right, that,
Speaker 11: yes you're saying that there are other ancilliary ways you
Speaker 11: can correct revenue and spark economic, activity et, cetera make
Speaker 11: up your potential revenues that, way and you often you
Speaker 11: often Reference american markets and so, On so isn't there
Speaker 11: a lot of IMPLICIT i guess my question is around
Speaker 11: this notion that states should be. Competing what are you
Speaker 11: taken into consideration the stage of economic Development nigeria is
Speaker 11: In nigerian states are. In it's you, know you have
Speaker 11: to have a kind of level playing field or a
Speaker 11: starting playing field able to can start.
Speaker 6: Effectively i'm not entirely sure that we should be.
Speaker 11: Competing there's something that needs to happen before you even
Speaker 11: start saying that states needs to. Compete, so for, INSTANCE
Speaker 11: i feel like cooperation and nationalization or certain resources and
Speaker 11: assets makes sense given the stage of economic development where
Speaker 11: we're in some of the Poorer nigerian, states given the
Speaker 11: responsibilities of the state's, healthcare, education et. Cetera you, Know
Speaker 11: i'm not sure competition between states is the best, way
Speaker 11: notwithstanding kind of the political. Backdrop so to be trying
Speaker 11: to try and be, SUCCINCT i feel like there is
Speaker 11: a level of cooperation and nationalization of certain resources to
Speaker 11: give everybody star revenues rather go than the direction of
Speaker 11: given the stage development where we are at a micro,
Speaker 11: level does that make.
Speaker 1: SENSE i think if you bring up a good, topic
Speaker 1: a good, point BUT i hear where you're coming, from
Speaker 1: and that's it's. Fair you're not.
Speaker 2: WRONG i hear you.
Speaker 1: Exactly so my combat is going to be this. Right
Speaker 1: it depends on what the state wants to. Do IF
Speaker 1: i am a progressive governor AND i have a state
Speaker 1: that has a lot of young, people AND i want
Speaker 1: to create jobs for those young, PEOPLE i need to
Speaker 1: bring the private sector into my. State the government can
Speaker 1: do it. Now IF i want to bring the private,
Speaker 1: sector let's be specified from Abbeyistic le's not From abyas.
Speaker 1: STATE i need to bring a producer From legos or To.
Speaker 1: Nigeria the producer Knows lego before he Knows. Abba he
Speaker 1: Knows lego because his bankers have a bank In. Legos
Speaker 1: reports are going to, live so he knows The legos
Speaker 1: before he knows the same way in we Know New
Speaker 1: york before Know. Montana why WOULD i go To. Montana
Speaker 1: montana's got to make me a DEAL i can't. Refuse
Speaker 1: IF i go To neggas doesn't really need. Me IF
Speaker 1: i If i'm a ten million dollar, enterprise legers can't
Speaker 1: do without.
Speaker 4: Me in all.
Speaker 1: HONESTY i, mean they want, me but they don't need.
Speaker 1: Me but IF i take ten lot To, abia man
Speaker 1: out of the governor red. Carpet so you've got to
Speaker 1: as An ibi state, governor you've got to create in
Speaker 1: that state Of abbia seem less business integration because your
Speaker 1: goal is to create jobs.
Speaker 2: For the young.
Speaker 1: People if that's not your, goal you're. Fine you can
Speaker 1: just build your SUVs and you're. Fine nobody will have sole.
Speaker 1: You but if your goal IS i want to create
Speaker 1: jobs for the young you to my state and need
Speaker 1: the price to come, in Then i'm Going i'm going
Speaker 1: to build A rwanda in The naga. Daughter ruana has.
Speaker 1: Nothing singapore had. Nothing singapore was competing with the country
Speaker 1: Called malaysia that had everything in gold include. Oil but
Speaker 1: look At singapore. Today so we've got to, say what
Speaker 1: is the? Goal what is the twenty twenty five year?
Speaker 1: Ago what do you have in mind to compete? With
Speaker 1: when Did china start to compete in google? State when
Speaker 1: nineteen seventy, Nine china was still still poorer Than, nigeria
Speaker 1: And nigeria's were richard The chinese as at nineteen seventy,
Speaker 1: nine The chinese came To nigeria to look at the.
Speaker 1: Overhead Brazil legos A Julius burger had been a mark
Speaker 1: the entire. World they couldn't go to The, west our.
Speaker 1: Communists they came To. Nigeria And i'm Quoting James. Wood
Speaker 1: he's A China Ni. China what's called business? Forum he
Speaker 1: said it the intern. Bicycles The nigeria's up driving, Cars
Speaker 1: black people driving. Cars so it depends on what you
Speaker 1: want To, achievedly as the, buffner there are many states
Speaker 1: In nigeria that have BEEN i have no business having
Speaker 1: airport or good but the airport and good. Roads i've
Speaker 1: been to all states In nigeria or someone one and.
Speaker 1: TWICE i went To quara on The saraki roads in
Speaker 1: the capital were, excellent no porthole. WHATSOEVER i went to
Speaker 1: A quibum under. Attack nothing was in A quibum under.
Speaker 1: Nothing babio is came built, Everything grburgar built.
Speaker 2: Everything that quite.
Speaker 1: State so it's your what do you want to achieve
Speaker 1: in the. Southeast some girls are, joking some girls have
Speaker 1: been very very. Serious it's what you want to. Achieve
Speaker 1: if you want to have an economy of hotels and every,
Speaker 1: people we can prove flying to this the, city meet with,
Speaker 1: girls go to the. Clubs you can do. That if
Speaker 1: you want to build, them manufacturing, bizuppo, coming create, wealth
Speaker 1: it's your. Call LIKE i, said, Oh go state have
Speaker 1: more attributes today Than legos because there Are legos In
Speaker 1: coute Barran legos are the same place, now but Bars ago.
Speaker 1: State so if a state just says we are the
Speaker 1: cheap alternative, legos all this housing estates that are moving
Speaker 1: legals Like ugan can build, them connect them by speed
Speaker 1: rail TO cms To, ecorro do to beget and it's
Speaker 1: all over for. Legos real estates they can do.
Speaker 2: That so nowally they're not.
Speaker 1: Wrong it's just what does the god wants to. Do
Speaker 1: if he says he wants to compete With, legos it's. Possible.
Speaker 1: Delaware just side talk About. Delaware why do we want In?
Speaker 1: Delaware why not In New? York they all Have there
Speaker 1: are fifty to fifty state secretary of state In america
Speaker 1: Fifty why do we all go To. Delaware that's the
Speaker 1: reason why we don't go, there, Right, nono then they
Speaker 1: come back or you want to cualify.
Speaker 2: Anything, Yeah, no your point are really well.
Speaker 4: TAKEN i guess and excuse me.
Speaker 2: IF i get a little bit.
Speaker 11: High level here of philosophical or is that you, know
Speaker 11: AS i look at, it if we're making the assumption
Speaker 11: that we are this kind of one nine jury on
Speaker 11: to further, notice, right and there's.
Speaker 4: This kind of thinking.
Speaker 2: We have to we have to kind of put together a.
Speaker 11: Tax, strategy erconomic development strategy with recognizance of where we
Speaker 11: are in kord of stage of. Development and at this
Speaker 11: stage of, DEVELOPMENT i don't know if competing states competes
Speaker 11: because at the end of the, day competing denotes a
Speaker 11: zero some, game which is if there are some states
Speaker 11: are consistently out, competed what does that. Mean that means
Speaker 11: that effectively our stage is losers and, provised et.
Speaker 2: Cetera SO i guess my encouragement is because one of
Speaker 2: the things THAT i.
Speaker 11: Don't want to do AND i think we should we
Speaker 11: should shy away, from is to continue to emulate or
Speaker 11: Use western macro microeconomic models as a reference, model because those,
Speaker 11: models for in my estimation and the wall shows that
Speaker 11: today are not entirely feasible and they have they have
Speaker 11: tricked off issues THAT i don't think align well With african.
Speaker 2: Culture so my thing is there.
Speaker 11: Are other ways that we can actually create that wealth
Speaker 11: and growth of our necessarily states competing with each, other
Speaker 11: because you, know if one state is a, loser aren't
Speaker 11: we all.
Speaker 4: Losers you, KNOW i think you're.
Speaker 2: Strong you're strong as your weakest.
Speaker 11: Link so the idea is not necessarily, compete but to
Speaker 11: find incentive structures that will allow all of us to
Speaker 11: come up at a certain. Rate, yes there should be
Speaker 11: allocations or incentive structures designed so the states can go
Speaker 11: fast in certain, directions but we have enough, resources there's
Speaker 11: enough for all of us to have a certain base
Speaker 11: and then and at a certain, point creating centive structures
Speaker 11: for cent states who have comparative advantages to push in that.
Speaker 2: Direction SO i guess as we have.
Speaker 1: These, discussions and this is the PROBLEM I i to find.
Speaker 11: In terms of our discourse around, taxation, gamy, development is
Speaker 11: that there has to be an underlying philosophy that guides these.
Speaker 11: Things because if you don't have underlining philosophy and get
Speaker 11: into the technocratic elements of, it then you can get
Speaker 11: lost in the needs and then also you get lost
Speaker 11: in terms of. Perspective and the final POINT i made
Speaker 11: BEFORE i go is identity drives economic, behavior and economics
Speaker 11: can center.
Speaker 2: Structure so for, instance you're not.
Speaker 11: Going to go and sell pork or build a pork
Speaker 11: manufacturing plant In Saudi. Arabia they don't do, that, right
Speaker 11: like they don't need work As, muslims, Right so we
Speaker 11: need an establishment of an economic philosophy AND i don't
Speaker 11: think we have that yet at a federal level in.
Speaker 2: General and so.
Speaker 11: These efforts that we make at a technocratic level in
Speaker 11: terms of structuring schemes and, STRATEGIES i just don't think
Speaker 11: they were actually going anywhere because we don't have the
Speaker 11: underlining economic. Identity and last of, all we shouldn't Use
Speaker 11: western models or say, well this is what they do In,
Speaker 11: delaware BECAUSE i just don't. THINK i don't agree with.
Speaker 11: THAT i just don't think that would be good for
Speaker 11: us As, African Ermous.
Speaker 2: Nigerian SO i leave my.
Speaker 1: SUBMISSION i, mean, well well, taken let people say, this,
Speaker 1: right how Do chinese? Operate to be the premier Of?
Speaker 1: China you are taking at a very very young, level
Speaker 1: and you are sent out to local government to. Run
Speaker 1: if you perform, word you go to the next. Level
Speaker 1: you are giving the state to run perform world you're.
Speaker 1: Giving WHAT i mean is that they are. Competing g
Speaker 1: was competing with on that premier around the location and
Speaker 1: whoever you know it's able to prove his mettle get
Speaker 1: into the port to. Do that's how they do. It
Speaker 1: that's why they're all like they know what they're. Doing
Speaker 1: just just make the. Point and it's a very very bad.
Speaker 1: Example if you're On twitter today In, nigeria that's a
Speaker 1: lot Of bigger, three a lot of tribalism On. Twitter
Speaker 1: imagine if we only had one tribe and that bigger
Speaker 1: tree was we had state our competing against to have
Speaker 1: the best y results. Annually so every year from Maybe
Speaker 1: january To, november you see All nigeria, saying, hey my
Speaker 1: si is gonna confirs might said this is gonna confort.
Speaker 1: In just imagine if we had that and the waver
Speaker 1: came first in it's, celebrater the school gets, loved donations
Speaker 1: are given awards and then we now have bragging right
Speaker 1: the same way we brag About chelsea and as that's
Speaker 1: not one. Today if you, today you you cannot if
Speaker 1: it's as not are working the head held. High the
Speaker 1: look guys are very. Sad they say we have the
Speaker 1: same quote un quote bigger tree for ee epl imagine
Speaker 1: if we had it. Competing it's the same competition because
Speaker 1: when you, compete its out the. Best you put your foot.
Speaker 4: Forward you do not want to.
Speaker 1: FEEL i, know because the first guy has hit, EIGHTY
Speaker 1: i have to hit. Sixty because the guy has hit,
Speaker 1: NINETY i have to hit. Seventy but if the first
Speaker 1: guy didn't, fourth we go see your. Point if the
Speaker 1: first guy is on, FORTY i can be at. Ten
Speaker 1: If Lego, State Lego state did not do a deep,
Speaker 1: SEAPORTS acquieb will not. Pressure i'm going to do deep
Speaker 1: seaports if legosy that is not should as literally as,
Speaker 1: possible And i'm going to do light loss in their.
Speaker 1: State legos lights or not is the economic capital Of.
Speaker 1: Legos we look at. Them if le goes into, comatos
Speaker 1: they get a bad governer and they just go. Comatos
Speaker 1: no go. Comatos even if the states in southeast rises
Speaker 1: and SAYS i am now the last In southeast because
Speaker 1: the Logestic legos is doing nothing like that do, Anywhere
Speaker 1: so we've got to compete amongst us let. US i
Speaker 1: think it's a different. Case it's but the tetty four
Speaker 1: states have got to, compete and doesn't mean complet doesn't
Speaker 1: mean you are. Fighting you are competing for, results to
Speaker 1: get the best, policy to get the best. Outcomes why
Speaker 1: can we compete on who's going to save the most
Speaker 1: funny in the school system or the lowest debts per
Speaker 1: maternal mortality in the local. Government that's. COMPETITION i want
Speaker 1: to see that competition in a few years, Ago, oceanman
Speaker 1: his model was covered by The World. Bank his model
Speaker 1: of maternal mortality was covered by The World. Bank and
Speaker 1: you're also adopted some parts of. It when a good
Speaker 1: luck adopted no part of, it that's. Competition so it
Speaker 1: doesn't mean that we we are competing of THE i
Speaker 1: hear you of putting holes, together but we want to
Speaker 1: see best practice and rabbits around with. It that's How
Speaker 1: that's HOW i see. IT i think we can have.
Speaker 1: PULL i think you AND i a. RIGHT i don't
Speaker 1: think you're right And i'm. Right BUT i also think
Speaker 1: competition means that we look at were doing things the best,
Speaker 1: way copy and implement. That that's just my best.
Speaker 2: Agreed and, actually, people i'd like to give YOUR u
Speaker 2: D m. Competition thank you so much.
Speaker 1: PRESSURE i did that. Activists are you to? Speak thank
Speaker 1: you so much now THAT i appreciate exchange, ACTIVISTS i
Speaker 1: like to. Speak, now all, right that's a city sits,
Speaker 1: Group christmas, group AM i say? Right christus? Group? Christals
Speaker 1: you have the Line cyrus.
Speaker 3: Up, YES i just wanted to respond To look AND
Speaker 3: i get the perspective of trying to be, equity trying to.
Speaker 4: Everybody but at this point you're not going to.
Speaker 3: Do use quotes on court economically bigger, states we're not
Speaker 3: allowing them to.
Speaker 4: Compete what we are doing is that we are just,
Speaker 4: yeah but we're just taking care of.
Speaker 3: Them and they're the desystem that is advocating for has
Speaker 3: been in place for decades and just making those states.
Speaker 3: Loose and that's WHY i would say it has to
Speaker 3: be some kind of destructive policy and ensure that everybody.
Speaker 4: Can now stand on his own.
Speaker 3: Fit and now in terms of, competition, uh, going we're
Speaker 3: not complete with legals, reports they don't have the same
Speaker 3: the same thing right that will use what they have
Speaker 3: almost every since and you have something in terms of, change,
Speaker 3: active in terms of, behavior in terms of human.
Speaker 4: Capital this is WHAT i wanted.
Speaker 3: To be even emphasise on they want every state has
Speaker 3: something that they can.
Speaker 2: Offer no're not allowing that to.
Speaker 8: Happen, now look at what going. On most FMC g
Speaker 8: like like don with like flower flaming.
Speaker 3: Orders they have their equators in, legals but you Go
Speaker 3: marteria they used to process their goods and from there
Speaker 3: they ask, yourself why is their major of their their
Speaker 3: goose of thestitution legals or in other or band states
Speaker 3: and the account in those, places it's because those other
Speaker 3: states have.
Speaker 4: Anything that they can used to attact them.
Speaker 2: Except material.
Speaker 3: Itself so it also boils down to what exactly makes
Speaker 3: your state attractive to human, capital detention to, capital detention
Speaker 3: itself to.
Speaker 4: Investment because capital goes to a place with its blue,
Speaker 4: disk there's no law.
Speaker 3: Risks and will not come and put my billion of
Speaker 3: the billions of the art and money year one days
Speaker 3: another places.
Speaker 2: Of data THAT i can put my.
Speaker 3: Money and the last place those concluding is that what
Speaker 3: we are saying is internal, migration migration of, challenge migration
Speaker 3: of human, capital the addition of captites of mication of.
Speaker 3: Opportunities people leave your space their regions to go to
Speaker 3: places where they feel like there's more economic possibilities.
Speaker 2: For them and they.
Speaker 3: Are what app in the opportunity costs is that those
Speaker 3: stags where people leave so, far.
Speaker 4: It's not because people come on. In it's well because
Speaker 4: there are no.
Speaker 3: They are the climate is not favoring for there to
Speaker 3: invest whereas they have they.
Speaker 2: Are they have the.
Speaker 3: Human the human capital to invest in those, places but
Speaker 3: the climate is most concus for for, them so they
Speaker 3: might and they go to says to. Invest and that
Speaker 3: has into conjection is certain places in dis country where
Speaker 3: all that states WILL i think able really want to
Speaker 3: do something is. Complete they also be that disruption that
Speaker 3: ensured that everybody stand on your feet and everybody can then.
Speaker 4: And and create some kind of economic goo.
Speaker 2: Star people that would really.
Speaker 1: Help and we're talking real. Today Rare it's is now
Speaker 1: more import than crude will today and there's real it's
Speaker 1: all over the northern part Of, nigeria in the middle Of.
Speaker 1: Nigeria so if a company came To nigeria, TODAY i
Speaker 1: want to start up a rare earth manufacturer is highway to.
Speaker 1: Go the minds were being Saying coogie Or, zampara but
Speaker 1: the head office is being leaders disappoint so why would
Speaker 1: they go to set up a head para by the
Speaker 1: trade that, is because there's no. Point it's the same
Speaker 1: pay you're going to pay the same sis you're going to,
Speaker 1: pay so why not put it In. Legos it's not the.
Speaker 1: Airport but If cook would tell, THEM i would give
Speaker 1: you LIKE i, said have these or tax fini whatever
Speaker 1: THAT i would make them considered that at the board,
Speaker 1: level they will, Say, wow we're getting a good. Deal
Speaker 1: if we don't sell up a company in in uh
Speaker 1: we're getting a good. Deal let's pick up on. That
Speaker 1: so we were staying our. Phones nothing is. Happening what
Speaker 1: is happening in those phone because everything but it's In
Speaker 1: legos or so, yeah, completely we can't Run nigeria, well
Speaker 1: Run nigeria for sixty. Years we Can't nager the same
Speaker 1: way with Run nijer for sixty years and things that
Speaker 1: things will. Change we've got to have a transformative thing
Speaker 1: In nigeria and you can't transform with let's build a
Speaker 1: good road, here let's build the railway, here because are
Speaker 1: should we say there are catalysts or they are. Stimilars
Speaker 1: but that's not the real transmitative. Chain we have lots
Speaker 1: of laws pulling those back land use. Actors one physical
Speaker 1: and via fack is. One we've got to one shack
Speaker 1: all these things so the states can, run states can.
Speaker 1: Run look at governments in particular can start to.
Speaker 2: Function that's really the keys in.
Speaker 1: Here if you have a, nation nobody on this space,
Speaker 1: idea anyone without, googling without, googling tell me you know
Speaker 1: if you look at goment, chairman without, googling without, googling
Speaker 1: no one here knows the know and there's no local
Speaker 1: goment in. NATURE i gets less than two hundred and
Speaker 1: fifty million a. Month this is even with the bad
Speaker 1: STRUCTURE i talking. About no lookoutment gets less than a.
Speaker 1: Month look legal generally one point sixty one point one
Speaker 1: point one billion a.
Speaker 2: Month.
Speaker 1: Billion so if you don't really live a, government, chairman,
Speaker 1: really how are you expecting primary healthcare or primary? Education
Speaker 1: we have to fix all that. Stuff, okay what's up?
Speaker 2: Man, yeah it's more question is why is it that
Speaker 2: three morning free? Money why it?
Speaker 1: Works it, works it, works.
Speaker 2: It's for it. Works now you have to do it.
Speaker 4: Right like this.
Speaker 2: More.
Speaker 3: Morning they could have got on the album from The
Speaker 3: national from but.
Speaker 1: Yet, well if if you, give if you give many
Speaker 1: footballers AND i bought millions of night when they were
Speaker 1: footballers and they are broke. Today many, many many many
Speaker 1: workers that worked in the company about half of the
Speaker 1: morning that the football has got and they are reached.
Speaker 1: Today so it's you are you are. Rich income is not.
Speaker 1: Wealth you are rich when you take the income and
Speaker 1: you invest it and then you make a. Return so
Speaker 1: if a state sic is income and it's buying SUVs
Speaker 1: or building conference centers or partner, abroad taking people, abroad
Speaker 1: it's not going to get. Wealthy wealth is created from
Speaker 1: export when you. IMPORT i, mean.
Speaker 2: Look at this The.
Speaker 1: Nigeria look at look at the niger. Picture medical care
Speaker 1: is the most expensive In, america most expensive In. America
Speaker 1: you have a state that has very. Quiet so the
Speaker 1: states In nigeria, says oh this is a very quiet.
Speaker 1: State nobody wants to come. Here but it's that governor
Speaker 1: can go and build one d chist medical, chalist you,
Speaker 1: know beautiful area near the. Lake he can employ two Nurses,
Speaker 1: shali employ one Doctor Patrick, shalis and he will paint
Speaker 1: the doctor's very. Well patnoses very. Well you go To
Speaker 1: america and market The shaley that'll say, hey if you have,
Speaker 1: cancer or you have end of life or you have
Speaker 1: just a disease that you need constant care flights In
Speaker 1: nigeria and stady shalely you will have on. Duty you
Speaker 1: have a doctor on. Call the drugs are gonna come From.
Speaker 1: America will put a video camera there your family can
Speaker 1: see the exact same thing they have In. America they
Speaker 1: have In america multiople's, homes but they're going to offer
Speaker 1: that same opust home In nigeria at a fraction of the.
Speaker 1: Price americans will die to come. Here they will rush that.
Speaker 1: Place so that's so called quiet state that has no.
Speaker 1: Airport have no question is what you both. Want so
Speaker 1: they can go, There they can walk near the lake
Speaker 1: with the. Analysis they will eat real organic, food sunshine
Speaker 1: twenty four hours a day to twenty twelve hours a.
Speaker 1: Day you know that's what they. Want and if you
Speaker 1: you think like that as a, governor you can build
Speaker 1: that thing there and export a lot of medical touris
Speaker 1: impact to your opinion dollars to. You you're employing your,
Speaker 1: nurses you apploying your. Doctors look at the jobs are
Speaker 1: going to. Create look at all the what you're gonna.
Speaker 1: Create but you've got to be in a vague around.
Speaker 4: It.
Speaker 1: Right you just can't SAY i May god not to
Speaker 1: build the. ROAD a governor's job is not to build the.
Speaker 1: Road that's what a commissioner or WHATEVER i can. Do
Speaker 1: your job is to create, wealth to create a, vision
Speaker 1: and the state runs of the. VISION i can build the,
Speaker 1: road my. MAKE i can build the, road especially if
Speaker 1: you give you the. Money your job is to generate
Speaker 1: wealth to build the, road not to build the. Rule
Speaker 1: generate the wealth to build the. Ruth Mister, VARs you've
Speaker 1: got the floor a dever sick.
Speaker 2: Very.
Speaker 12: Much AND i think this topicals is one of the
Speaker 12: key questions acting.
Speaker 1: Alone but when.
Speaker 13: Reference to legos that since they've been stable in terms
Speaker 13: OF uh, party but we have other states Boughten south
Speaker 13: and not that have they have this type of, also
Speaker 13: so what can you can.
Speaker 12: You use a good example as good as STATE uh
Speaker 12: that doesn't have legal.
Speaker 13: Resources and can use that type of CRITIC i don't.
Speaker 1: Give you a medical, Center, okay, yeah, yeah, yeah, yeah,
Speaker 1: YEAH i.
Speaker 14: Know but, UH i think it doesn't align properly because
Speaker 14: let's say the, UNIVERSITY i don't know if that focuses on.
Speaker 12: Health maybe in them together like this university is in.
Speaker 12: Plastic maybe the state of do this and. That SO
Speaker 12: i just want something more particular in terms of what
Speaker 12: we actually in particularstic.
Speaker 1: Many.
Speaker 2: Things it can do. Anything So i'm.
Speaker 1: Okay so you don't like MEDICAL i can give you
Speaker 1: many more examples if you're From so it's not LIKE.
Speaker 2: I don't like.
Speaker 13: ME i just want to link it with maybe a
Speaker 13: particulars that has.
Speaker 12: It's cool or nothing or something so that it's made
Speaker 12: more's made more.
Speaker 1: Understanding, well CAN i be giving a good? Example sense
Speaker 1: medical doctors To spain and spin pays the school In,
Speaker 1: cuba So spain piece In Euros quba doctors like, water they,
Speaker 1: said the doctor To. Spain so The spain is getting
Speaker 1: cheap doctors And cuba is getting forced From spain symbat
Speaker 1: Because Spain cuba has puting the medical. Medics medicine is
Speaker 1: not an expensive, thing so if you come To, nigeria
Speaker 1: it cost us a fraction to train doctor In nigeria
Speaker 1: and to train doctor In. America so all we have
Speaker 1: to do is this on on bradbal. Tack but to
Speaker 1: have an arrangement with the schools or the hospitals are
Speaker 1: broad and say, okay we don't, mind you won't take our.
Speaker 1: People that's, fine but you're going to pay us a.
Speaker 1: Tax that tax to go back to the, school go
Speaker 1: back to the, state go back to the local. Government
Speaker 1: so for every doctor you, train it cost times. Five
Speaker 1: you can get that back from THE, uk from The,
Speaker 1: germans from whoever this guy is going to and normally
Speaker 1: goes back to. Train more doctors goes back to, train
Speaker 1: even the primary school go To we do more investment
Speaker 1: in drugs THAN r AND d In. Nigeria how much
Speaker 1: is medical to how much is? MEDICALS i know who
Speaker 1: knows the. Answer it's not up tennion In nigeria medical
Speaker 1: school to go from year one two years. Four it's
Speaker 1: up a timon who. Knows it's up to termlinar In,
Speaker 1: nigeria how much is ten million? Dollars in million is
Speaker 1: about six hundred and let's say somewhundred dollars a, million
Speaker 1: so ten is like seven like, ten let's make it
Speaker 1: ten thousand. Dollars so what you're saying is that if
Speaker 1: you come To, nigerasty then you say we're going to reform.
Speaker 1: Jackpar if you're To, jackpa no. Problem but we're going
Speaker 1: to say if you're jack buying this, state you are
Speaker 1: going to or the. Country you are going to pay
Speaker 1: a tax back to The nigerian, federal state and local
Speaker 1: governments right when you. Go they will give us attacks
Speaker 1: of maybe ten thousand dollars or twenty five. Dollars we're
Speaker 1: going to use that money to reinvest back in your,
Speaker 1: university back in your secondary school and into a fund
Speaker 1: FOR r AND d for medical and also phone that's
Speaker 1: going to give cheap loans to essamist in the health
Speaker 1: and educational. Sector something as simple as. That so this,
Speaker 1: Way i'm not stopping just From. Jackpine they can jack
Speaker 1: back as you train. Them they. Do you take the,
Speaker 1: money you give it to us whatever it is that
Speaker 1: you want to give it, to and the schools are
Speaker 1: made world. Class it's already. Working so something as simple
Speaker 1: as this is what we can implement from tomorrow and
Speaker 1: you can get it.
Speaker 13: Done, yeah thank you very much for.
Speaker 12: This for, This i've been on on the conversation of
Speaker 12: even stowing this issue as to take, phone, nail phone.
Speaker 2: And elect as all those.
Speaker 13: Issues SO i think we just need more and thinking
Speaker 13: out the.
Speaker 4: People so thank you very.
Speaker 2: Much you're.
Speaker 1: Welcome you've got for. Ivy thank you very.
Speaker 2: MUCH i want to start, buying not of a.
Speaker 7: Question the child is that we as a, nation we
Speaker 7: can make a policy that puts a cap as to
Speaker 7: how much a governor or or whoever In nijera can,
Speaker 7: borrow you, know within their fiscal year and also within
Speaker 7: you know.
Speaker 2: The law and we're not following it.
Speaker 7: Because and then these laws should also come in a
Speaker 7: form of protected. Interest if we they are in nation
Speaker 7: wants to be productive and we want to get more
Speaker 7: effects to, exports we should have some level of concession
Speaker 7: into some sectors to see you'll give you a borrow
Speaker 7: x y z percentage most going into. Agriculture for, instance
Speaker 7: the amount of Money i'm, sorry if you like the,
Speaker 7: CONCERT i like, it or something should be stated somewhere
Speaker 7: in our lot going we're borrowing a certain amount of
Speaker 7: money in a, kid certain percentage of that you go
Speaker 7: into agriculture to ensure that we are into planting cuckoo
Speaker 7: to the extent in five years if we borrowed body
Speaker 7: to plant cuckoo in ten percent of whatever it is
Speaker 7: isn't to build a, coastal believe me will be building
Speaker 7: the room in another twenty.
Speaker 2: Years from the process of the coo farm without borrowing
Speaker 2: money for the.
Speaker 7: Road the laws are designed in those directions that somebody
Speaker 7: who just called me and the jos borrow one a
Speaker 7: trillion and the young build whatever it is that they
Speaker 7: wanted to do even care whether it's going to.
Speaker 4: Make, retoric you. Know so those type of, infrastructure.
Speaker 7: And that's WHAT i started by whether we have dose
Speaker 7: laws and then, too if we have the loss would
Speaker 7: are the chances that we as the, people including our,
Speaker 7: representatives we have a check, book a check list to
Speaker 7: ensure that this wo are sending. Up if you're omitting
Speaker 7: up to distances and, place we call them to question.
Speaker 4: Because we sell, sorry.
Speaker 2: Because we're all of.
Speaker 7: Insent defies the leadership to the extent that money just
Speaker 7: covers everybody's mouth because we are afraid of. Money and
Speaker 7: then we have a work the work sharing that doesn't
Speaker 7: put things a. Check when you talk too, much they
Speaker 7: just catch you for cyber bullying and things like. That
Speaker 7: these reforms need to start from somewhere because if we
Speaker 7: most progress as a, nation all of these we must
Speaker 7: be able.
Speaker 2: To respect because and follow these.
Speaker 7: Principles where we are, suffering especially as a nation where
Speaker 7: we just found some money that comes as a result of,
Speaker 7: application we shouldn't be like. This Saudi arabia And dubai
Speaker 7: And nigeria are supposed to be on the same. Pedesta
Speaker 7: it's not about democracy because those who don't even have
Speaker 7: democracy is said that democracy in our own, instance as
Speaker 7: we call the, course why we look at those orical.
Speaker 7: QUESTIONS i would like us to look at it this.
Speaker 7: Way if you have the opportunity as an, individual don't
Speaker 7: make it like an opportunity to go back money and become,
Speaker 7: rich because don't matter how.
Speaker 2: Much who we as give you has become rich and.
Speaker 7: Prepent like we're not still the money by hiding the
Speaker 7: money abroad to people who are hiding the. Money we
Speaker 7: know we are still in front here to buy houses
Speaker 7: and people tells in those places they.
Speaker 2: KNOW i wonder why we're receiving us a.
Speaker 1: Topic, yeah so your first, question, yes we have the,
Speaker 1: LAWS i know it's at the federal. Level how the
Speaker 1: physical responsility you have to? Borrow we have a thirty
Speaker 1: PERCENT gudp and all that we have the laws federal.
Speaker 1: Level i'm not Sure miny states have adopted that. Symbol
Speaker 1: but your your real question was why it's not being.
Speaker 1: Implemented you look At america, today they are shot. Down
Speaker 1: why because they have spend unless. Appropriation normally you see
Speaker 1: yesterday the same To. America but we cannot spend unless.
Speaker 1: Appropriated and even if it's, appropriated you cannot spend appropriate
Speaker 1: funds unless that that thing has got funded back By
Speaker 1: congress and all. That so they have a those, here
Speaker 1: we don't have. It so your second, question issu, side
Speaker 1: is That nigeria voters are not asking. Questions last, election
Speaker 1: we asked about economic. Plans economic, plans not economic. Plans
Speaker 1: what are you going to? Do you know we had
Speaker 1: three species here we talked to be retainable. Article if
Speaker 1: you go, back you've got species all their recorded and all.
Speaker 1: That mister tin wed not do a lot of public.
Speaker 1: Appearances he did not say anything.
Speaker 4: About the.
Speaker 1: Economy people talked for. Him and when he, spoke he
Speaker 1: does maybe be one sentence or two or one point or.
Speaker 1: Two he didn't say anything in. Manifesto and and when
Speaker 1: manifesto in the space we said a few. Things, hey
Speaker 1: he said he wants to couple spending from the from
Speaker 1: from fact is there the, manifesto it's. There what he
Speaker 1: has been now he said, It we're going to decouple
Speaker 1: spending from benchmark oil and fact it's there in the.
Speaker 1: Manifesto hope nineteen ninety is pretty, dead but The nigerians
Speaker 1: read it, no because he was the word focusing On
Speaker 1: he SAID i want to. Dance people are looking at
Speaker 1: him and all. That so we don't. Read we don't
Speaker 1: hold people to account In nigeria and we don't demand
Speaker 1: this things copy are elected because if you want, to
Speaker 1: if you want to manage, park tell me what you're
Speaker 1: gonna do with the, fact but we don't do. It
Speaker 1: in many states are just. Spenders they cannot create. Anything
Speaker 1: they can't like an ice cream. Stand they can't do.
Speaker 1: Anything anybody can spend. Money if you give your gates
Speaker 1: man a billion nira a, month he will spend. It
Speaker 1: so is a governor a real governor in REAL ceo
Speaker 1: should create, wealth not just. Spend, well that's how you
Speaker 1: know you're A, ceo not to take. Money that fact
Speaker 1: has given you a build room and then the rood after.
Speaker 1: Yourself there's a governor today build a, library then the
Speaker 1: library after. Himself is it his?
Speaker 2: Money?
Speaker 1: No, so but there are the issues that will See
Speaker 1: So nigeria's voters don't hold their partitions to. Account we worship,
Speaker 1: them we call them names and all that kind of.
Speaker 1: Stuff and sometimes things are so. BAD i always think
Speaker 1: that maybe they make it so bad that when they
Speaker 1: now give you they make you hungry for a, year
Speaker 1: that when they give your food for a, day you
Speaker 1: praise them because you've been hungry for a. Year so
Speaker 1: we have to take to. Blame ourselves are designed to
Speaker 1: do this cons, true to give them shoots to get your,
Speaker 1: vote but we are the ones that have the power
Speaker 1: of the the. Citizens so if we don't hold them to, account,
Speaker 1: no what's going to. Change so we have to hold
Speaker 1: them to account and, say, hey what are you going
Speaker 1: to do this? Money and if if you don't get
Speaker 1: a good, answer don't vote for. Them that's the main
Speaker 1: part you, have really don't vote for.
Speaker 4: Them so, yeah my.
Speaker 7: Last question In american doing some, adjustment some role back
Speaker 7: on some of the policies that he made that were
Speaker 7: sort of.
Speaker 2: Catastrophic you, know that's pull.
Speaker 7: Back it's not just because it's thought that some of
Speaker 7: those things we're not, working but because it's close to meet.
Speaker 2: Them what is the prevalent of meetim that we have
Speaker 2: in the politician on their. Tools that's so THAT i
Speaker 2: don't have to forty eight IF i don't do, it
Speaker 2: but vote for. Me that kind of thing we have
Speaker 2: as meet, them so real what like.
Speaker 1: What posses it pulling back on just to be clear,
Speaker 1: properly like what policy.
Speaker 7: They ACQUIRED a couple of, them so executive orders for for,
Speaker 7: example the one that puts one twenty five percenturifer and
Speaker 7: its produced. Blanket he has pulled back on that by saying, that,
Speaker 7: okay you'll find whatever we don't produce in an giera
Speaker 7: In america can call me in you say WHATEVER i
Speaker 7: don't Produce. AMERICA i mean you have technically pulled back
Speaker 7: the entire policy because everything they sell From chinese To,
Speaker 7: america you don't make. Them WHETHER i is that performs
Speaker 7: outside of, that at least naturally before now.
Speaker 1: Was not be, OKAY i.
Speaker 2: Guess so.
Speaker 1: The quick answer to you is that we don't have
Speaker 1: an equivalent of the mid Tim as you, know we
Speaker 1: don't have a. Midterm but there are some states elections
Speaker 1: that happen on outside. Cycle it is outside, cycle a
Speaker 1: non brides outside cycle that you can if you wanted,
Speaker 1: to or shown show the one That david. Supervising it's outside.
Speaker 1: Cycle if you want. It that, way you can send
Speaker 1: a message to the electorate and, say, hey we don't
Speaker 1: like what you're. Doing but what you see In nigeria
Speaker 1: today is Where i'm moving towards the one party. State
Speaker 1: so all the governors have been promised that if they
Speaker 1: if they joined the running, party they will be given
Speaker 1: automatic automatic ticket to run and to. Win so you
Speaker 1: see a lot of movements towards the center of the
Speaker 1: governor's going. There so that's just if you look at us.
Speaker 1: Happening it's not that there's no Opposition. Nigeria people don't
Speaker 1: understand that opposition measure is designed to create again this
Speaker 1: competition of, ideas competition of. Ideas if you take away,
Speaker 1: opposition whether you like the opposition or you, don't then
Speaker 1: you take away any check and. Balance the only reason
Speaker 1: why Why trump is pulling back And i've got The
Speaker 1: chinese is because the other, side The, democrats will win
Speaker 1: the election if he doesn't pull. Back If trump had
Speaker 1: a seventy seat minority In senate and a two hundred
Speaker 1: seats maurity in The, house he will not pull back
Speaker 1: in the tariff because even if the tarists hurt The,
Speaker 1: americans he will not lose The house or The. Senate
Speaker 1: so it's only pulling back because if it goes, forward
Speaker 1: The Republican party will lose seats In, california in The swiss,
Speaker 1: states In illinois or. That that's the. Point so when
Speaker 1: you support in one party state what you are supporting
Speaker 1: that there is no check and alance on what's going on.
Speaker 1: Today there's no check and balance. Today imagine how it
Speaker 1: would be if everyone is in the same. Past that
Speaker 1: doesn't matter to say alphabet you call. It but if
Speaker 1: everyone is in that party and everyone is doing, LOCKSTEP
Speaker 1: i mean neither does borrow two billions that's right to The,
Speaker 1: senate then it says you go ahead and. Borrow there's
Speaker 1: no counter, voice, nothing. Nothing even when we had it was,
Speaker 1: here when we borrow, money there's a lots of. Noise people, said,
Speaker 1: okay what are you boring? For people are actually. Him
Speaker 1: but today the present SAID i want to borrow two.
Speaker 1: Billion your right to a babio bio reading it on the.
Speaker 1: Floor they were passing to the committee committee will do
Speaker 1: first here in second. Hearing here in this tax bill
Speaker 1: that is so, Important how was it? Passed it was
Speaker 1: just banging the, hammer passed, past, past, past on a tax.
Speaker 1: HEARING i, MEAN i support the tax, bill BUT i
Speaker 1: was passing the silly. Manner and that's the problem with
Speaker 1: the country with, well which is, well we're gonna have
Speaker 1: that transformation that we're yearling. For if you run the
Speaker 1: country like a small, shop the country is are supposed
Speaker 1: to be like a small. Shop if we have to,
Speaker 1: BLAME i don't think the, positions it's, us We nigeria
Speaker 1: that to, blame not. Them their job is to doing their.
Speaker 1: Job we're not doing our. Job their job is to
Speaker 1: do what they're, doing to buy, jets to, enjoy that's their.
Speaker 1: Job our job is to keep them to. Accounts if
Speaker 1: they don't keep to, account you fire. Them but we
Speaker 1: don't do. That coming election on time will turn to
Speaker 1: oh you're the best things in slices. Spread oh we love, you,
Speaker 1: mister we love, you mister. Dad so who who do you?
Speaker 1: BLAME i text my appreciate You. Ramsey, guys what we
Speaker 1: here like an? Hour so you know we will never
Speaker 1: nearly two Hours ramsey. Butterfloor ramsey went to nearly two.
Speaker 1: Hours so at the two hour seven minutes To, ramsey
Speaker 1: what's your? Mind god?
Speaker 15: FRIEND i thank, you, Sir ship that it's fascalitalism. Issues
Speaker 15: here's my position that.
Speaker 2: Should not be. Shared you, KNOW i do not think
Speaker 2: that you have.
Speaker 10: To take money spending legos to go get someone in
Speaker 10: people new.
Speaker 2: State but go To, yeah let's go two.
Speaker 10: People work for their Money legos.
Speaker 2: People work for their.
Speaker 10: Money let's revert to the people work for their. Money
Speaker 10: the album WHICH i am, from work for their. Money
Speaker 10: and let me move to because when you, vote you
Speaker 10: don't share, it you don't take. Vote it's Only cano
Speaker 10: has so much. Vote let's take it and shaped To
Speaker 10: quiboquiment will have. Votes, right, Yeah so why should our
Speaker 10: expend iture use your population in kind of use your population.
Speaker 4: In legos generate. Revenue so other physical federalism. Issues my
Speaker 4: true position is that we should go back.
Speaker 10: To put this true, federalism which in that sense should
Speaker 10: be resource control should be part of. It federal government
Speaker 10: should not be in charge of licensing. Businesses giving mining
Speaker 10: licenses should be done by. State small businesses should be
Speaker 10: licensed by the local.
Speaker 4: Government and that is how we should. Rule and that's
Speaker 4: why we've been.
Speaker 10: Blocked it's just like the federal government has the key
Speaker 10: and locked things up and now go somewhere pick what
Speaker 10: they want to, pick not.
Speaker 4: Everything and now now at the end of the, month
Speaker 4: Say i'm giving you a, location.
Speaker 10: But you're really looking so many things THAT i could
Speaker 10: use within my local, environment and you pick what interests.
Speaker 10: You so you come to quite a, dom get mobile
Speaker 10: license to explore and. Drill and then we have other
Speaker 10: resources that the state could have given licenses to companies
Speaker 10: to mind and great jobs and didn't see that.
Speaker 4: Happening and we have other.
Speaker 10: Resources in many other places because state do not have
Speaker 10: control over. It and now it's been taken over by you, know,
Speaker 10: people we don't. Know they don't account for. It we
Speaker 10: hear that's gold, here people are mining. Gold the reason
Speaker 10: the sinsecurity is because gold is being my, diamond has
Speaker 10: been my demoralized being mine and it doesn't reflect in our.
Speaker 4: Federal revenue and we don't see. THAT i think we
Speaker 4: should open that.
Speaker 10: Up once we open that, up state to our serials
Speaker 10: are going to work to create you're talking about creating,
Speaker 10: well we create well by.
Speaker 4: Opening of the economy that will bring. Employment and you
Speaker 4: touch the people that their.
Speaker 10: Income they're looking for they just passed out. Bill they're
Speaker 10: looking for people to. Tax, right and if you allow
Speaker 10: state to do the things instead are going to be
Speaker 10: a little. Bit it's going to help the state to
Speaker 10: open up these businesses to you, know not staking, itself
Speaker 10: but you, know licensed businesses to come in into other
Speaker 10: areas that are not being done and.
Speaker 2: Then people get.
Speaker 10: Employees the federal government will take the, attacks WHICH i
Speaker 10: think that is a lot for fair government to, take
Speaker 10: BECAUSE i don't.
Speaker 4: See any program that they have for the less privileged.
Speaker 4: People by taking so. Much classis.
Speaker 6: If we do these, things we will see and other
Speaker 6: policies should be.
Speaker 10: Changed Mister, kalu let me show you how the auto
Speaker 10: ottober industry could benefit and expand ler economy and LAGER.
Speaker 10: Gdp here we. Are they came in and promise us
Speaker 10: jobs and now.
Speaker 4: They got in there instead of creating that jobs.
Speaker 10: In, nigeria what do you? Do do they take commonly
Speaker 10: go To, japan go To germany and create jobs In.
Speaker 4: Germany and let's say they have a.
Speaker 10: Policy that every elected appointed and every government agency's official
Speaker 10: car should be in angelan. Automobile you know what would.
Speaker 10: Happen innocent would expand or build more, plants.
Speaker 4: Employed, people whether they employ some of the people.
Speaker 10: Who will be, foreigners but more adjurance would be they're not,
Speaker 10: vehicles will build.
Speaker 4: More, plants it will employ a lot Of.
Speaker 10: Nangurance they will also probably employ foreign us as.
Speaker 4: Well and what's going to be for all effects of?
Speaker 10: That you see someone have been, saying someone discussed it
Speaker 10: from THE tv the other, day that you create even
Speaker 10: because every four years they want to sell those cars
Speaker 10: in news because they want to drive new, ones, right
Speaker 10: and you create a second car market.
Speaker 4: In nigeria That nanginia to movie not the.
Speaker 10: One we don't have to wait or canst to be important,
Speaker 10: now a second car to be important From europe And.
Speaker 4: America and this will also help us because it will
Speaker 4: be too.
Speaker 10: Much In lageria we now see it or part Of,
Speaker 10: Africa West, Africa africa And.
Speaker 6: South africa is Still.
Speaker 2: Africa that's how.
Speaker 4: You expand your. Economy and if you.
Speaker 13: Mention this to the, politicians even to The president's going.
Speaker 10: To desid right now because he wants to drive a foreign,
Speaker 10: car it feels that the foot should be should, drive
Speaker 10: but it forgets that he can give this whatever he.
Speaker 10: Wants it could give that those requirement to not or
Speaker 10: any Other naguran.
Speaker 6: To mobile to make those for them and they can make,
Speaker 6: it not that they.
Speaker 4: Cannot it just gives.
Speaker 10: Specification but you want they won't make, it but you
Speaker 10: don't want because they want people to be available on
Speaker 10: the election day that they have been stuffed for a
Speaker 10: long time and they can give in to.
Speaker 4: Me AND i want to do the, vote SO i
Speaker 4: THINK i will will. HERE i don't know if that
Speaker 4: makes sense or.
Speaker 1: Not, yeah a lot of good points. There thank you so.
Speaker 1: MUCH i appreciate, you very passionate, there SO i hear.
Speaker 1: You in the, end it's all about policies to pass
Speaker 1: some good policies and things. Happen we can't just see that.
Speaker 1: Complain we should share well about us people that have
Speaker 1: worked hard made the. MONEY i don't think you should be.
Speaker 1: Shared but then, again let's see What simon has got to.
Speaker 1: Say someone where nearly at the end they're going to
Speaker 1: take us. Home we're talking to be at we're talking physical,
Speaker 1: federals and we're asking a question should it be? Shared
Speaker 1: and all? That what's your take.
Speaker 4: Such A i, appreciate thank you so.
Speaker 16: MUCH i, mean FORTUNATELY i can to this one BECAUSE
Speaker 16: i heard an engagements.
Speaker 4: Listening but thanks again from all of the things you,
Speaker 4: do from all the. Listeners thank you so. Much SO
Speaker 4: i think Were i'm just going to start is to
Speaker 4: Say i've always had.
Speaker 16: This, view WHICH i think many of you have also
Speaker 16: expressed and, joined that we should more or less to
Speaker 16: centralize from all other. Things for, Example i've written multiple
Speaker 16: times that there should be a switch for collectible tax for,
Speaker 16: example why should the federal government be making, love for,
Speaker 16: example for the states in terms of the personal in.
Speaker 16: Contact And i've also had that be meant to, say,
Speaker 16: okay in with even need state state governments to collect personality,
Speaker 16: contacts that should move up to the federal. Government because
Speaker 16: states governments ordinarily should focus on attracting companies.
Speaker 2: In other, ways we should switch.
Speaker 16: Them the governments will not start collecting company in contacts
Speaker 16: and the pedagment personally.
Speaker 4: Contacts, now the.
Speaker 6: REASON i actually had that tone is Because i've always asked,
Speaker 6: myself what is really incentive that the government.
Speaker 2: Can give is a company to come and set up
Speaker 2: in their?
Speaker 4: Environment and the biggest, PROBABLY.
Speaker 16: I, mean you can find very little out there because
Speaker 16: the way all those of after is such that they
Speaker 16: have very limited opportunities to do. That, now in doing,
Speaker 16: that WHAT i kind of think is that if for,
Speaker 16: instance that switch is. Gone states don't dealing who is
Speaker 16: born and who is not.
Speaker 1: Born it's easy for you to collect individual taxes if
Speaker 1: it is done by federal.
Speaker 4: Governments now for these, states we should actually be able.
Speaker 6: To now create wealth themselves by going to attract.
Speaker 4: Entities and for the purposal attracting.
Speaker 16: Those, entities they can give them some kind of that
Speaker 16: i'm tax incentive to.
Speaker 4: Try and comprete company. Contacts and of course if there
Speaker 4: are arguments, around for.
Speaker 16: Instance Long legos And go companies can, say, okay we,
Speaker 16: good it's giving me twenty percent in, Contacts legos is
Speaker 16: giving us twenty five.
Speaker 1: Percent what should we do for everything That legos has
Speaker 1: Or going really does?
Speaker 4: Have?
Speaker 2: This why not just motile?
Speaker 4: Going there is a huge advantage that the state.
Speaker 6: Is going to have for me to go and attract
Speaker 6: that b company other than those in the reality.
Speaker 16: Is that it's not in Contacts as far as my us,
Speaker 16: concern the total collection is always very.
Speaker 2: Very, Small so it makes no.
Speaker 16: Sense it makes no different when it's and it staid
Speaker 16: to go and be looking for all of these couplet
Speaker 16: companies across the waters come and, say, hey costs set
Speaker 16: up with.
Speaker 4: Us So i've always had that.
Speaker 16: View i've Always i've also waited multiple times around that to, say,
Speaker 16: okay this is WHERE i think should.
Speaker 4: Work now just coming back to the issues.
Speaker 2: Around, me IT C i mean fast. STAY i think
Speaker 2: you AND i have.
Speaker 4: Engagement if you would use.
Speaker 1: It and my view is, that, yeah, years it's easier
Speaker 1: to operate a sales starts or a general typical consumption
Speaker 1: tax that can to do this to decentralize.
Speaker 16: Bility you can easily DECENTRALIZE, gsc which is generals.
Speaker 2: Starts which you have the more part of the, world.
Speaker 4: Even in THE us they don't HAVE.
Speaker 16: VT A vt is in, quote you have probably the
Speaker 16: most successful state the higher country that has been to
Speaker 16: use somewhere like where they do it called A, cs
Speaker 16: where states actually they displate ON vlc and connect those.
Speaker 1: Bilities but then there's also a big dead weight that,
Speaker 1: consulate which is that the companies are not able to
Speaker 1: claim a lot of the impute parts of the beauty
Speaker 1: because of the cross states. Activities so if for, instance
Speaker 1: they say you have done let's, say than what they
Speaker 1: USES a produces a problem that uses somewhere around fifty.
Speaker 2: To seventy yer row.
Speaker 16: Materials let's take that as an, example those seventeen row
Speaker 16: materials come from probably about fifteen twenty. States it becomes
Speaker 16: a help them for down to be able to manage
Speaker 16: all of those how they in effects connect all of
Speaker 16: the imputes activity into tax.
Speaker 4: For every cell that you.
Speaker 16: Make because the way deity works is that every single
Speaker 16: cell that that is, done you have to go on
Speaker 16: coct okay that you actually pay vit you on that
Speaker 16: because actually the, beauty the overall caty should be borne
Speaker 16: by the final, consumer most by you are the.
Speaker 1: Producer so every producer has to, say, OKAY i need
Speaker 1: to go and connect my beauty from each of these
Speaker 1: states and then will be, LIKE i mean it didn't
Speaker 1: terminating to, Me how DO i give you any? Credits
Speaker 1: this is exactly in.
Speaker 16: The most successful environment where you have viity operating with
Speaker 16: they have the same issue that brings a lot OF
Speaker 16: dea and then it's also a huge administratic. Hedict so
Speaker 16: why DO i have any Bit if you ax me
Speaker 16: out say maybe we should will do. It slax now
Speaker 16: if you want to do if you want to play
Speaker 16: from the PEPs from the saying hey we want to
Speaker 16: actually make this thing. Easy we want all these states
Speaker 16: to be able to probably have some legislation around consumption.
Speaker 6: Tax they shouldn't BE VIT v it is very complex
Speaker 6: to be done at state.
Speaker 4: Levels, rather we can probably adopt.
Speaker 16: Anyone ANY dsd any consumption, tax and that makes like
Speaker 16: easy for body companies and even THE i think that's
Speaker 16: just a little.
Speaker 1: THING i think go back to the sales tax and
Speaker 1: then allow the states to collect.
Speaker 2: It it's an easier.
Speaker 16: Ways it's easier for it's it's easier right than V
Speaker 16: IT t V. T even for, example if you think
Speaker 16: ABOUT i think somebody spoke about the important type of.
Speaker 16: Things if you import stuff and then you sell the,
Speaker 16: items who do.
Speaker 2: You want tax from the important you? Paid you're not
Speaker 2: going to claim.
Speaker 1: It that becomes a big difficulty for our. Businesses that
Speaker 1: makes life is more difficult for the. Companies it makes
Speaker 1: cost of business even higher for those. Companies so that
Speaker 1: has always been the problem around.
Speaker 6: V c and malies that comes the world.
Speaker 2: Actually centralized L, sure, yeah.
Speaker 4: Maybe the example you can give it just this.
Speaker 16: BRAVER i THINK i understand that some part of kind
Speaker 16: of does some, bet but it has always been a
Speaker 16: big headed.
Speaker 4: For every country that centralizes.
Speaker 1: Collection SO i think it's because we're trying to stuff
Speaker 1: THE vat round hole in a square. Peg that's WHY
Speaker 1: i think you should be From because The states had
Speaker 1: a sales. TAX i don't know yet understand why we
Speaker 1: related the sales TAX i went to a V a
Speaker 1: t the just to make it fair was in MILITARY
Speaker 1: i did. It wasn't the civilian class imitate did? It
Speaker 1: because literally wanted revenues at the. Center, yes it was
Speaker 1: sorry he had always, said as it was a vision
Speaker 1: that did. It it WAS i. Baby the minister does
Speaker 1: not CHANGE. Vat brian provided that. General but What i'm
Speaker 1: saying is that in the midte there's a head that
Speaker 1: it's not Mister tyle that has brought this. News has brought.
Speaker 1: It so the military IN v eighty to get revenues
Speaker 1: at the center because they are the, military and then
Speaker 1: they stopped sales. Tax SO i just feel that the
Speaker 1: sales tactic should have stayed or the stage that retained more.
Speaker 1: Powers even if you DO v, eighty the rates should
Speaker 1: have stayed with the. State allowed the states to charge
Speaker 1: whatever they want to charge under THIS v eighty and
Speaker 1: simply say whatever the charge x percent goes to federal
Speaker 1: and experient still to. Stay that's WHY i think that
Speaker 1: would have stopped this, issue saying so If lego stayed
Speaker 1: just ten, percent then of Course federal can still get
Speaker 1: x percent of that ten, percent and it's all other
Speaker 1: sis can, say, well we're not as expensive As, legos
Speaker 1: go to five and all. That so that way you
Speaker 1: sort of guests stay decided and rates. Themselves right, now
Speaker 1: you just have one blanket with. It why should you be?
Speaker 1: Paid why should you'll be paid five percent or seven
Speaker 1: point five? Percent why what's a point you pay seven
Speaker 1: point five? Percent why the consumption consumers have more, money
Speaker 1: they can't pay the one point Five but why make
Speaker 1: uniform Across nigeria that if you are buying gala In
Speaker 1: ubi you pay the same vis you're buying gala in
Speaker 1: lcky doesn't make any? Sense know how you.
Speaker 2: Don't make a.
Speaker 16: SENSE i think the sense of that is just because
Speaker 16: of the administrative side of.
Speaker 2: Things make?
Speaker 4: Sense is it for? Uniform how is?
Speaker 1: It how do you make? It is you are buying
Speaker 1: from the guy in in the, state there's no. Confusion
Speaker 1: if you go To, hekey you are buying from a
Speaker 1: guy In. Lucky it charges you at. Seven if you
Speaker 1: go To, ubi you're being from a guy in THE.
Speaker 1: Ubi the money is more moving FROM rb to.
Speaker 16: Lakers THINKING i think you're from the part of just
Speaker 16: you forget that people are manufacturing actually use loads of
Speaker 16: impute from the different parts of the.
Speaker 2: Country this way become the.
Speaker 1: Problem but they're buying it also from a. Place even
Speaker 1: If i'm buying a hundred imputs from hundreds of us
Speaker 1: all Across, Nigeria i'm still going to buy it from
Speaker 1: a particular state in the thirty FIVE i have to
Speaker 1: do is when you produce an item in for, example
Speaker 1: so you have actually gone to twenty five states in
Speaker 1: the country to buy and get Your why WOULD i
Speaker 1: go to the States i'm buying from a? Guy w
Speaker 1: AM i buying? From tell me This i'm banking. FROM
Speaker 1: i have to buy from a. STATE i have to
Speaker 1: buy from a. State.
Speaker 2: Sir selling items you want.
Speaker 6: To manufacture and requires several.
Speaker 1: Imps where.
Speaker 7: Is it?
Speaker 16: States but assuming for, example you want an, item this,
Speaker 16: item this item you want to manufacture has impets from
Speaker 16: different parts of.
Speaker 4: The country and some of them from the. Forest are are.
Speaker 16: Important when you get all of these, things you don't
Speaker 16: have to. Produce when you, produce you have to.
Speaker 1: Distribute it to different Hold, On, simon hold, on hold,
Speaker 1: on let's, good let's USE i do both. It And
Speaker 1: i'm buying, cocoa, sugar, milk yeas and all. That WHEN
Speaker 1: i buy the cocoake from all your acquire bump from
Speaker 1: the Point i'm making is weem buy And i'm paying
Speaker 1: the Eighty, THERE i.
Speaker 6: Don't people you sell you to go back to these
Speaker 6: people and tell them p this.
Speaker 4: Item you give me back my? AMOUNT i ad you.
Speaker 1: When so what's wrong with?
Speaker 4: That?
Speaker 1: So So i'm buying from, OIL i go back to
Speaker 1: oil AND i do what's what's the problem with?
Speaker 2: That what's the? Problem so your how are you going
Speaker 2: to get that? Money which?
Speaker 1: Money which?
Speaker 2: Money? Simon why are you making?
Speaker 1: Complicated?
Speaker 2: Well you see.
Speaker 6: Because the way IT'S v, okay you buy and then
Speaker 6: you PAY v eighty.
Speaker 1: Imp out of. Beaty we get. That for the Point
Speaker 1: i'm making it. Complicated IF i go and buy a,
Speaker 1: cocoa that's my. Deity WHEN i sell more, BETTER i
Speaker 1: try to buy a cocoa as, well and OUT i
Speaker 1: pay the. Difference that's what happens IN v. Eighty the
Speaker 1: Point i'm making is, this even if that fifty states
Speaker 1: In america or testified To. Nigeria you are still paying
Speaker 1: THAT v eighty to a supplier and then your your
Speaker 1: buyer is paying YOU v. Eight it's still the same.
Speaker 1: Thing if you are, bigger you'll have more, WORKLOAD i,
Speaker 1: agree but you are still going to pay the same.
Speaker 1: Thing so if you are, bigger you pay, More but
Speaker 1: it's still the same, process isn't? It is there a
Speaker 1: difference than what you're.
Speaker 16: Saying SO i think we just given the fact that
Speaker 16: you guys have actually been so long on this, one
Speaker 16: maybe this is something we can discuss. SUBSEQUENTLY i, mean
Speaker 16: it's not as easy as, that and that's why even
Speaker 16: THE us doesn't DO b.
Speaker 1: Eighty The uys don't DO vatd because that separate. States
Speaker 1: they have sales taxes and all. That it's not because of,
Speaker 1: This it's not because of what you're. Saying That's i'm
Speaker 1: trying to get. Across in THE, uk you buy a
Speaker 1: pair of shoes before now they stopped at the, airport
Speaker 1: they give you back your. Money what is what is
Speaker 1: complicated in? It because in the air it's going to be.
Speaker 1: Accounting it just made the.
Speaker 16: Point now in THE, uk do you know why they
Speaker 16: don't DO V A c like they don't do the CENTRALIZED.
Speaker 16: Vat it is the same Issue i'm raising. Now that's
Speaker 16: why it's not decentralized.
Speaker 1: Vity, okay it would have worked all all of the
Speaker 1: shared of the accounties to do THE. Vt they centralize
Speaker 1: it and make it something that is just. Connecting but, Again,
Speaker 1: simon let's just come back to What i'm. Saying right,
Speaker 1: now we do the SAME v eighty with seven point
Speaker 1: five across the. Board, yeah, OKAY i am simply saying
Speaker 1: it should not be fixed, rate the exact same thing
Speaker 1: you are, doing but allow the seven point five to
Speaker 1: be set by the. States if you still want to
Speaker 1: set up five, percent two, percent ten, percent do the
Speaker 1: exact same thing you are. Doing is your five or
Speaker 1: ten or two you are? Changing, Okay i'm not asking
Speaker 1: to change your, paperwork just the inch whatever you put.
Speaker 1: There because you can't have all states another, say, WELL
Speaker 1: i mean we can't move at the same. PAGE a
Speaker 1: state might say we want to grow at two, percent
Speaker 1: that's okay for, us it says the one we're by ten,
Speaker 1: percent that's okay for. Us we don't want that go
Speaker 1: to the. Refinery we just want to build a little
Speaker 1: houses and stay in the civil. Circumstance if that's what they,
Speaker 1: want why are you talking their pipes in Their florida
Speaker 1: is a retire, city, right they have Very. Florida they
Speaker 1: are different from Saying New york that's very high and young,
Speaker 1: creature love of wealth and all. That SO i THINK
Speaker 1: i have the tax is to fit the. State that's
Speaker 1: What i'm going to do with, this which we can't
Speaker 1: have a one size fits. All every consumer all Across
Speaker 1: nigeria should pay some point five. Percent i'm not saying
Speaker 1: if you won't, pay but let the still determine what
Speaker 1: they want to. Pay if you do love vi, ety
Speaker 1: you get a look IN id what you attract. Businesses
Speaker 1: if you DO I, vat you get more, money but
Speaker 1: you scare away investors your. Prison that would be a
Speaker 1: fair way to end this right some way, again once,
Speaker 1: AGAIN i got some.
Speaker 4: Ideas when.
Speaker 1: He's, here go for, it, okay it's one of the
Speaker 1: question was.
Speaker 17: SUGGESTION i THINK i haven't some, more but let me
Speaker 17: just choice and works. There it sounds that if we
Speaker 17: are lasted to fix its a lot of this is
Speaker 17: it turns that manufacturer coute for me where disease is,
Speaker 17: higher se like sell.
Speaker 1: What disease is? Low what would we?
Speaker 2: Do why would you do? That that's so, Said i'm,
Speaker 2: Majority so you go to so you go to.
Speaker 1: This no, no, no, no, no that's not your. Call
Speaker 1: now is that your? Call someone is, expected but that's
Speaker 1: not your. Call is The it is a cost to,
Speaker 1: you right in your, opinion a tax to the. Government
Speaker 1: if you pay ten PERCENT, vi that's a cost on your,
Speaker 1: price on your own.
Speaker 6: Costs because, actually like the way they is structurally.
Speaker 2: So that it's to pay cost to you the.
Speaker 16: Producer for, example so IF i buy AN, iam YES
Speaker 16: I i PAID, aviatd BUT i need to collect.
Speaker 2: It butack WHEN i sell the.
Speaker 1: Item so in this, case for, example the asking it for,
Speaker 1: instance that it's probably.
Speaker 16: Somewhere around ten, THOUSAND i pay somewhere Around they say
Speaker 16: one m V t, right and THEN i now add
Speaker 16: to this item AND i sell to another place at
Speaker 16: THE v Eighty.
Speaker 4: I'm collecting here is probably about seven hundred and.
Speaker 1: Fifteen, no but, simon, simon you are selling at your cost.
Speaker 1: PRICE v eight is on your selling. Price what my guys,
Speaker 1: Say so whatever you buy a selling, Price i'm getting, him.
Speaker 1: Sir IF i IF i Make gala for ten n,
Speaker 1: IRA i PAY v eighty on ten narra my cost.
Speaker 1: Price IF i said IF i Sell, Gala i'm not
Speaker 1: gonna sell galas five. Naira i'm gonna Sell gala at Fifteen.
Speaker 1: Ira then PAY v eighty on the. Fifteen but that's be.
Speaker 1: Eighty my sales price is. FIFTEEN v eighty is on.
Speaker 1: Fifteen the two persons on the. Fifteen i'm not saying
Speaker 1: that that let's. Price, okay let me let.
Speaker 4: Me try to explain.
Speaker 16: This WHEN i buy The galla for ten mm, HMM
Speaker 16: i PAY vt on the ten, ERA i have to
Speaker 16: go sell that together to somebody for Fifteen.
Speaker 6: There another person has to pay vty on that fifteen.
Speaker 16: Era i'll go To govement and, say, OKAY i saw
Speaker 16: this item like BUT i bought it for.
Speaker 4: TENERA i paid beaty of one.
Speaker 6: Era NOW i have.
Speaker 4: Sold it to somebody for fifteen.
Speaker 1: ERA i COLLECTED vt of x. Lerara, yeah that's a.
Speaker 2: Problem he is, saying what if you have.
Speaker 16: A vit you paid a beauty of ten percent somewhere
Speaker 16: and another state is charging two.
Speaker 2: Percent what is.
Speaker 1: Simon but percent on ten ra and fifteen percent.
Speaker 2: On fifteen.
Speaker 1: On fifteen what is the fifteen era profit five erra?
Speaker 1: Extra what's the?
Speaker 2: Issue, see we.
Speaker 6: Are saying you paid.
Speaker 1: D you, paid you need to get it. Back so
Speaker 1: the way it was that you have to match the
Speaker 1: D t paid against THE vt that you. Received the
Speaker 1: difference have to come to you because.
Speaker 2: That is not your. Cost question for.
Speaker 1: You question for you what IF i have a negative
Speaker 1: vit IS i paid ten AND i got to. Nine
Speaker 1: what happens you have you have to recover you over
Speaker 1: time from who from the? Issue but you have to
Speaker 1: remind from the fact right?
Speaker 2: Now so what?
Speaker 1: Issue what's the? Issue this should know is that you
Speaker 1: have stated that it's time that.
Speaker 2: My BALANCE.
Speaker 1: I hear you on my balance sheet will recovery it
Speaker 1: as well as taxes.
Speaker 18: Level WHAT i, recovered HOW i? Record don't forget that
Speaker 18: technical answer the question. Side you have to test anything
Speaker 18: receivable in your account or. Recoverability you're going to the.
Speaker 18: Weeds let's assume it's. Recoverable assumes recoverable on.
Speaker 1: My balansh IT i would have it and an entry
Speaker 1: on my baunst to show that that is Something i'm
Speaker 1: going to get from it comes from the government in the,
Speaker 1: future is not so exactly to how WOULD i lose,
Speaker 1: Money he's, Saying so he's not use any money.
Speaker 3: To test it for.
Speaker 1: Recoverability you are going into the weeds as you it is.
Speaker 1: Recoverable on the, balance it will show a. Receivable SO
Speaker 1: i don't lose the. Money it's going to be a.
Speaker 1: Receivable so what's the? Issue no, problem no.
Speaker 2: Problem i'll hear.
Speaker 16: YOU i think it isn't is actually to do it
Speaker 16: sales Taps and the problem with self stat is that
Speaker 16: it becomes just an additional costs to the, business right
Speaker 16: because you can't recover any count of. It so that's
Speaker 16: why BET o to be, easy but then difficulty about
Speaker 16: v centlize. It then you have a day which to
Speaker 16: do business because we can recover.
Speaker 2: All of it from the.
Speaker 16: States that has been the problem for all of the
Speaker 16: countries that DO vt across the.
Speaker 1: World, Agreed And i'm, saying if we have to move
Speaker 1: FROM bety to whatever value added, sales WHATEVER i want
Speaker 1: to call. It the Point i'm, making And i'm tied
Speaker 1: to center, point is that should we share? Derivation should
Speaker 1: we share taxes that are generated based on? Consumption that's
Speaker 1: the first. Thing what a vaity or c. It should
Speaker 1: we share those taxes that are generated from. CONSUMPTION i
Speaker 1: don't think we. Should second, question if we then don't share,
Speaker 1: washing should we go and tweak that delusion from? Land say,
Speaker 1: okay right now thirty? Percent should we take it to
Speaker 1: forty percent so we reward governors that are actually investing
Speaker 1: in Their still that's the. Problem now if you go
Speaker 1: watch what we're, saying most state governors is antivised to
Speaker 1: invest in the. State he just harded to have population
Speaker 1: and equality and he gets nearly seventy percent OF. Fuk
Speaker 1: we can't grandation that way while will cross it by
Speaker 1: building it up and if it's still going to get
Speaker 1: the same amount of. Money so it can't work that.
Speaker 1: Way so we've got to go back to. Drive BUT i,
Speaker 1: say this shade of tax revenues is making states. Lazy
Speaker 1: we've got to incentivize people to take risks because it
Speaker 1: is the risk that generates the. Return so these things
Speaker 1: WERE i, like we're, going we're going to do with
Speaker 1: a bit too. Much overall overall picture is this if
Speaker 1: we simply say states should go and create, wealth but
Speaker 1: that's well to be taken from them and shared to.
Speaker 1: Everything natya based on equality and, population then we've lost
Speaker 1: the blood right, there no child will read in. School
Speaker 1: it comes first and, last and father gives him. Sweets
Speaker 1: when he comes, first he comes, last he gets. Sweet
Speaker 1: oh childhood. Read and now we have price, ceremony prize
Speaker 1: giving day in schools to reward those that have taken
Speaker 1: the risks not to, sleep not to WATCH, tv but
Speaker 1: too read their books and contesting, class they get the
Speaker 1: price your father out club for you you go to
Speaker 1: mister big and. Eat that's the whole. Idea but if
Speaker 1: you make it that whether you pastle you don't, passle
Speaker 1: everybody will get priced and go to mister, bigs then
Speaker 1: no schools for them to. Read and that's Where nigeria.
Speaker 1: Is where we are. Today that tests five states When
Speaker 1: i'm asking for fifty five additional. States so if it's low,
Speaker 1: there there's stock about nations where passes we. ARE i
Speaker 1: just gonna have ninety, states ninety states who will fund
Speaker 1: These United states, LEGOS theata BUY usa and the. Rest
Speaker 1: So simon leg today is building deep sea ports and
Speaker 1: red line there will take the money from deep sya
Speaker 1: pot red line and give to one in ninety. States
Speaker 1: that might be like that might create me a new
Speaker 1: state in my small. COUNTRY i might be governor in next.
Speaker 1: Year so that's how you talk to, me And i'll
Speaker 1: get the money From lego. States deepline and run my.
Speaker 1: States doesn't make any. Sense and if we don't stop
Speaker 1: it now by educating people about what this doesn't, means
Speaker 1: that's t vote for it THOSE Us United, states that's
Speaker 1: vote for. It i'll get this state in my localment
Speaker 1: here if you some of it are Mere zenith bank in,
Speaker 1: it not In. Lego so not in this standy bank
Speaker 1: in a small town In. Plateau make more idea THAT
Speaker 1: ministrp governments send it, bank you'll be they make more
Speaker 1: idea that ministered. Governments how can we have a country
Speaker 1: like this and you want to add fifty five fifty
Speaker 1: five new?
Speaker 2: States?
Speaker 1: Simon what what what are you?
Speaker 4: From?
Speaker 1: Simon local?
Speaker 2: Government i'm.
Speaker 16: Homable so of course.
Speaker 1: He took at like six stays critics from the center six,
Speaker 1: States wow states or beyond stage you have you have become.
Speaker 4: No, no no no, No BUT i want the things.
Speaker 16: That ALSO i don't know to the extent that was
Speaker 16: implemented in this new tax was actually trying to change
Speaker 16: sharing from.
Speaker 4: It would be a large copt from.
Speaker 1: The aviation or that was Canceled. Simon that WAS.
Speaker 4: I don't know how much they implemented that that was
Speaker 4: in the conversation.
Speaker 16: Coming, yeah, yeah it would be very important conversation that
Speaker 16: they would.
Speaker 1: Have you, KNOW i did a tweet what noble bungle
Speaker 1: AND i, said you want to smile and who are attacking?
Speaker 2: Me that who was going to.
Speaker 1: Sixty percent delevision but he said having support and then
Speaker 1: marked it down to thirty percent to turt.
Speaker 2: Now.
Speaker 1: Exactly, yeah before he signed Sixty now it's the simply
Speaker 1: to give, him give him persent from population all the.
Speaker 2: Day, yeah so we lost.
Speaker 1: THAT i suppose him that if you had done sixty, percent,
Speaker 1: nobody we're talking about creating mastic because you, know if
Speaker 1: you create a, state you've got the. Money there is
Speaker 1: sixty percent on the. Radiation nobody who but today everybody's
Speaker 1: sign and buy us as money or Legal legos studied
Speaker 1: a one race and past. Money then once just sit
Speaker 1: down and say, okay thank You, legos and that share
Speaker 1: doesn't make. Sense you can't create the cond that. Way
Speaker 1: guys will be here for.
Speaker 2: Sorry question.
Speaker 19: Think or most part of this is that the law
Speaker 19: of the cannot make his completities your correct.
Speaker 4: N. Suggestion why has the state Not for, EXAMPLE i.
Speaker 2: Can Infort.
Speaker 6: So infect your paint four, Percent so come to my.
Speaker 1: State that's that's a good. One AND i don't know
Speaker 1: why then it BECAUSE i think in the past you
Speaker 1: are taking that based on locational. Consumption so they still
Speaker 1: could not only say WHAT vd was being incured in their.
Speaker 1: State so for, Instance Ambi sis could not say that
Speaker 1: THE v eighty that's coming to it came from it
Speaker 1: because you've consumed aby. State but it is a good
Speaker 1: suggestion to say NEGATIVE. V say if you come to my,
Speaker 1: state your viated bill is thirve, percent we're going to
Speaker 1: give you a one cent libit would you give back
Speaker 1: to you the good idea states can implement it doesn't
Speaker 1: don't you stop them from doing? That so you can,
Speaker 1: say if that is going to agen, state, still, well,
Speaker 1: still we're going to give you back two, percent be.
Speaker 1: Eight so whatever you PAY v eight in organ, state
Speaker 1: you think it you're going to write off by giving
Speaker 1: you cash or giving you a tax credit towards your
Speaker 1: Next it's. Possible it's a good, idea and it's a
Speaker 1: very good wrong or.
Speaker 4: That's a quick.
Speaker 7: QUESTION i would like you to make a projection in
Speaker 7: the idea of the concept where these states are allowed
Speaker 7: to have you, know this type of rebits that you're talking.
Speaker 7: About do we foresee a scenario where a place Like,
Speaker 7: legos who's going to have a higher.
Speaker 2: The tea and a place like any BIAS i have
Speaker 2: the dower.
Speaker 16: One is there going to be a future where there
Speaker 16: is a balancing out in terms of people now rush
Speaker 16: into biers are to pay lower and because they lesser
Speaker 16: taxing bios for, instance you know The puntoria factories, there
Speaker 16: the other taxes, there but when it's starting to, sell
Speaker 16: they rush it back To legos to make their sales leving.
Speaker 2: Low would look like in the future if that direction.
Speaker 1: Were already having an answer of how THE us. OPERATE
Speaker 1: i don't think you have a level enough to always,
Speaker 1: lead but what you would do they are Giving biosa a,
Speaker 1: lifeline so like in what would happen in reality that
Speaker 1: a company will come To nigeria and SAY i want
Speaker 1: to go and set up In gumby In biosa in
Speaker 1: a factory, there AND i might put my sales office In,
Speaker 1: legos right because they want to capture more of the
Speaker 1: hr In biosa And gumby because they are not paying anything.
Speaker 1: There and even look look At. Ireland look At. Ireland
Speaker 1: island has been the number ONE fdr attractor in all Of.
Speaker 1: Europe they don't have anything, there But, Microsoft google all
Speaker 1: invoice you From ireland Because ireland doesn't charge you very excessive.
Speaker 1: Rates they don't charge but you're repaying your. Charges but
Speaker 1: you go To, ireland you're incorporate In, ireland you pay Attacking.
Speaker 1: Island it's Because ireland they try to pass that minimum
Speaker 1: tax across the world That biden passed to remove islands on.
Speaker 1: Advantage so if you follow that, model if you have
Speaker 1: a state where taxes are if that, devolved where states
Speaker 1: can charge WHATEVER i want to, charge.
Speaker 2: You will find.
Speaker 1: Us like you said that many companies will go to
Speaker 1: low tax states and set up high label intensive. Business
Speaker 1: it's going to be what type of business is? It
Speaker 1: if it's a factory employing people are run to that
Speaker 1: state and of them BECAUSE i KNOW i will not
Speaker 1: what's it, CALLED i will not pay a lot of.
Speaker 1: Taxes if it's a bank AND i can do a
Speaker 1: lot of, tax lots of to hide my taxes like
Speaker 1: real not, illegal BUT i can still can do buy municipal.
Speaker 1: BONDS i really don't care If i'm in legals or.
Speaker 1: Biosa so you're gonna find those sort of. Companies if
Speaker 1: you're want's high tax bis an oil company that has
Speaker 1: been taxed a lot In, nigeria you want to run
Speaker 1: to go and be Because gona will not tax. You
Speaker 1: you won't want to go To biosa things like. That
Speaker 1: so there's gonna be a plane out and that's what
Speaker 1: the tax region should. Do you should force companies to
Speaker 1: SAY i want to take advantage of the Lower pascal
Speaker 1: regime in estate and when you go, there you then
Speaker 1: create development in that. Space the same way In. Nigeria
Speaker 1: and now look At. Nigeria we Attract americans here to
Speaker 1: take advantage of our low tax is a new label
Speaker 1: based as a company.
Speaker 2: Here ge was In.
Speaker 1: Calabar why did they come To? Calaba why were they
Speaker 1: here Before trump produced attached to eighteen? Percent Before nigerian
Speaker 1: taxis Were american taxes were Had american. Taxes, Remember american
Speaker 1: taxes were higher Than nigerian taxes Before trump the first.
Speaker 1: Term trump first time he caught the company tax rate
Speaker 1: Making nigerian taxis. Higher Now nigeria is taxing higher Than american.
Speaker 1: Companies so why would they come here if they can't
Speaker 1: stay In america and pay whatever tax with and still
Speaker 1: get their. Healthcare welcome To. Nigeria So nigeria has always
Speaker 1: got to be lower than THE, eu than The americans
Speaker 1: and even The. Chinese we can't be higher because we
Speaker 1: want them to come.
Speaker 2: Here so it's.
Speaker 1: Strategy it's a long term strategy you can act on
Speaker 1: to come to your. COUNTRY i looked at the it's
Speaker 1: On twitter say as long as a were planes ticket
Speaker 1: more expensive In, nigeria but if you fly From barcelona
Speaker 1: to bastl is cheaper than going From nigeria to A.
Speaker 1: Budja the tragic In spain is twenty five percent in
Speaker 1: THE uk twenty five percent In. Nigeria is it's not
Speaker 1: that the whole, thing but it's lower Than. Nigeria they
Speaker 1: just should have a very very little tax rate to
Speaker 1: attract those. People that's so. Complete that's What i'll. SAY
Speaker 1: i Have supreme or Super, Basonic supreme.
Speaker 2: And everybody on the. Space SO i JUST i just
Speaker 2: wanted to explain.
Speaker 4: Was talking about.
Speaker 1: Climate this new pastor gives you opportunity to phibit yourself
Speaker 1: and it actually. Worked so you know if you if you,
Speaker 1: buy if you buy your boods from, someone that is
Speaker 1: where you get the. Imput so it is when the
Speaker 1: person fires the taxes that you can know that that
Speaker 1: it will reflect your that is on your first promise
Speaker 1: for you to get your money. Back let me stay this. Simpler,
Speaker 1: now now you. Buy let's Say i'm buying my smith
Speaker 1: now from down to The so it's a good talk
Speaker 1: and is ready part of it now That i'm selling
Speaker 1: this out, Libely i'm buying for nine to five And
Speaker 1: i'm selling for ten, thousand so you know the nine
Speaker 1: five is ver, inclusive so.
Speaker 2: That my int that's part of the nine.
Speaker 1: Five so WHEN i sell for ten, thousand it means
Speaker 1: my Profits i've already added the disampoint.
Speaker 4: Five on my.
Speaker 1: Output so how it works is, this they impute minors the.
Speaker 1: Output it's what gives you is what you fire to the.
Speaker 1: Government so if the inst we are buying from did
Speaker 1: not file did not file at, this you're. Include you're,
Speaker 1: included but well not reflect when you're filing yours not
Speaker 1: be able to claim. It so what our advice people
Speaker 1: from next is this if you are buying any products
Speaker 1: from anybody and ensure the person has a team number
Speaker 1: and the person files eighty.
Speaker 2: Monthly that is the only cleaning your.
Speaker 1: Vity because if you have an output now you so
Speaker 1: you you not have the outputs you're you're getting the
Speaker 1: happen from the the cou so, to but the one
Speaker 1: when you, bought if that.
Speaker 4: Goes from did not file, It you'll not be able
Speaker 4: to clearly.
Speaker 2: Difference THAT'S i.
Speaker 5: Walk so what would be doing is en showing that
Speaker 5: anybody you are buying items from and shore you find
Speaker 5: their taxes because it's refine on the end that's to
Speaker 5: reflect on the proper and then your.
Speaker 4: Own you can unless this and completely balance to.
Speaker 1: The, yeah thanks for it's very very. Important not also
Speaker 1: in port duty also import. Duty, yeah that was.
Speaker 2: A very good.
Speaker 20: ONE i think this is a guy that does message
Speaker 20: and said THAT i don't know What i'm talking about
Speaker 20: when it, Completed and this is. EXPLANATION i mean the
Speaker 20: conversation we're having is actually beyond this, thing a different. One,
Speaker 20: yeah and even we've had this conversation around you know,
Speaker 20: this can you explained where people should who they should.
Speaker 16: And whether they Should, indeed really and show that they
Speaker 16: gets they devive from.
Speaker 4: The people who actually have registrations and stuff like.
Speaker 2: THAT i don't think we had that conversation a long time.
Speaker 16: Ago the conversation we're, having because The hitter conversation was
Speaker 16: actually in terms, of you know what the introduction what
Speaker 16: if different states really now have to legislate some gilty
Speaker 16: and some states have lower they raised and THE rsa that.
Speaker 4: If you're not, so we're not talking about in terms
Speaker 4: of the existing.
Speaker 2: Talking about what what's what is?
Speaker 16: Scenarios, right it's it goes beyond just the explanation of
Speaker 16: the current laws or the introduction of the new deity
Speaker 16: and the new legislatures within the vise That, so hope
Speaker 16: you understand What i'm. Saying and it's it's it's it's incorrect.
Speaker 2: For you to tell me THAT i don't.
Speaker 1: Understand but you don't.
Speaker 6: KNOW i, MEAN i Think i've been here for a long.
Speaker 2: Time not.
Speaker 1: That, Okay so what we're talking about to different? Things,
Speaker 1: YES i think your point is we're talking about different.
Speaker 1: Things this is what your spend. Is if you are
Speaker 1: paying the, eight if you are buying good Then, Ida,
Speaker 1: yeah the taxman has said you cannot claim AS v
Speaker 1: eighty if the person you are buying from has not
Speaker 1: PAID v eighty and important. Duty just the point FOR
Speaker 1: i want to. Know so when like to woman's, advice
Speaker 1: when you are buying from twenty twenty, six make sure
Speaker 1: they have a team, number because if you buy a
Speaker 1: generator and the important genera Into nigeria without paying import,
Speaker 1: duty you cannot claim that generator as an. Expert that's
Speaker 1: what the government is. Saying they have to have paid
Speaker 1: import duty and. Creative but WHAT i was discussing was
Speaker 1: the scenario what if a government goes up and down
Speaker 1: reduce their viaty take advantage of lower created the how
Speaker 1: would the company manage that high vity here and low.
Speaker 1: Viety what's a scenario scenario not realty because we all
Speaker 1: have a uniform. Rate just to make that point. Clear vastn,
Speaker 1: okay it's verstr. Versio DID i get? IT i got?
Speaker 16: It?
Speaker 1: Yeah, yeah. YEAH i always like when you make a
Speaker 1: title all the time is bast oak vast? Oak is
Speaker 1: that From is that from the middle?
Speaker 2: Side oh yeah so some.
Speaker 6: No longer is a combination of many.
Speaker 1: Things so let's just live it at. That, okay, gotcha
Speaker 1: go for.
Speaker 4: It, okay.
Speaker 1: MEANWHY i was listening to For pram And simon that
Speaker 1: debate was was fun listening to.
Speaker 6: Them and again it's always.
Speaker 1: We leave one or two from, this but that's cavet that.
Speaker 4: An impulse for.
Speaker 2: You to claim YOUR.
Speaker 6: Vat on the other, side you.
Speaker 4: You have to pay import, duty.
Speaker 1: Right, yeah, yeah, Okay i've dealt reports many times special.
Speaker 13: Customs.
Speaker 1: Right my issue with some of these physical laws is implementation.
Speaker 1: Times when you look at when you start explaining these,
Speaker 1: things it's asking the question that the people who are
Speaker 1: formulating this they play somewhere or did.
Speaker 2: Here you?
Speaker 4: Go?
Speaker 13: Ye did they did they actually look at some of the.
Speaker 1: Governance issues that exist currently to formulate these. Laws so
Speaker 1: let's look at important duty as as as an addition for.
Speaker 4: You to claim.
Speaker 1: This do you know that for your for your boost
Speaker 1: to come from the port right the corruption that is
Speaker 1: within the coustom were custom gains and customer custom officers
Speaker 1: and now husband and wife you, know conlluding two different
Speaker 1: The nigeria state and to reach them.
Speaker 6: Sells right exitutional whereby will be.
Speaker 2: Building i'm going to.
Speaker 1: Submitted somebody turned the way to reprogram the, building some
Speaker 1: someone someone on the value the custom we actry good
Speaker 1: so if the goods is worth one million, dollars the
Speaker 1: tend customers to do. It they know the customers know
Speaker 1: you will evaluate and tell you are going to pay
Speaker 1: this one to government and pay this one to this
Speaker 1: personal and give us.
Speaker 6: Cash so my my issue is at the time you
Speaker 6: want to viate it the.
Speaker 1: Tax one that tells you that your goods is under?
Speaker 1: Value who takes responsibility from?
Speaker 2: Her is it me or the customer who did?
Speaker 4: It because it's going to.
Speaker 1: Happen you want to yes, Better you want to assess
Speaker 1: your that your your your output that the tax guy
Speaker 1: would know that this good this is the market, price
Speaker 1: this is the deportation pride, right there's no way still
Speaker 1: would have been both eight hundred thousand dollars this this
Speaker 1: thing was this is actually one. Million so your, question
Speaker 1: you will not be able to assess that v BECAUSE
Speaker 1: i will tell you that your important duty payment was
Speaker 1: on the bad.
Speaker 2: Way so you're back to one. Again that's issue number.
Speaker 2: One you're not. Issuing was.
Speaker 1: Shared i've Always i've always, hated, yeah That nigeria state is,
Speaker 1: sharing that the is sharing over its led states to
Speaker 1: become physically lazy revenue.
Speaker 4: Lazy, Right all these states are doing.
Speaker 21: Correctly they are building profile for banks so that you
Speaker 21: can take. Loan this whole CALLED i call it, dynamics
Speaker 21: this WHOLE i gr roud thing that they always trained
Speaker 21: AROUND i gr ro, numbers, right those numbers are the
Speaker 21: limaging throne so that they can go and collect loan
Speaker 21: from commercial.
Speaker 1: Banks in, reality if state are able to hold and
Speaker 1: keep your, vat it is that states will continue to
Speaker 1: provide enabling environment for vatable businesses to.
Speaker 21: Thrive who are the biggest players of? That the, ESPENIES
Speaker 21: i need your skill. Enterprise you are the biggest players
Speaker 21: of that. Globally, Right so.
Speaker 1: If states Like legos is creating an enabling, ENVIRONMENT i
Speaker 1: Think i've given you an example. Before let's say an
Speaker 1: adult entertainment strip. Club, right we all know what happening
Speaker 1: a strip, club strip, dirty they sell, food.
Speaker 2: Thert they sell.
Speaker 1: Drinks there so many experences going on. There, right this
Speaker 1: is a vatable. Income so If lego state has a
Speaker 1: regulation for adult entertainment and you that just in can
Speaker 1: you say, no you're a sharier.
Speaker 21: State you don't do a daughter. Entertainment but WHEN i
Speaker 21: create an environment WHERE i. Entertainment you, ME i didn't
Speaker 21: come prove that you pick it up from a b
Speaker 21: as your, Share so for me stick shoot from now
Speaker 21: we should stop sharing that it is taking.
Speaker 1: The stakes lazy and we need to we need to
Speaker 1: allow states to hold onto YOUR vat so that they
Speaker 1: can continue to grow this enabling environment so that semi
Speaker 1: and mcs can thrive in those states and pay more
Speaker 1: taks for the, state that's tanks for those. States that's
Speaker 1: that's my take on. THAT i think it's well, delivered
Speaker 1: it's very. Wealthy but at that first point you've, MADE
Speaker 1: i think that's What i'm going to be the surprise
Speaker 1: THAT i will. SEE i think it's the first invitation
Speaker 1: of the. BILL i think there's going to be more
Speaker 1: and more revisions, because like you, said if the custom
Speaker 1: guys on the price the bill that you, pay how
Speaker 1: will you then say THAT i paid my customs bill
Speaker 1: so it's no longer my. ISSUE i have paid to
Speaker 1: the better Of. Nigeria why should then go back and prove.
Speaker 1: THAT i think THAT i think it's it's a big
Speaker 1: quote and. QUOTES i don't want to use. That WHAT
Speaker 1: i want to use but to put the burden on
Speaker 1: the cons from the taxpayer is. Somewhat IF i pay MY,
Speaker 1: vatd got my guys should know If i've paid, it
Speaker 1: not to ask me to prove. Again so they're making
Speaker 1: us make that we're buying for me teen certified. Supply
Speaker 1: that's WHAT i trying to. Do that are making us
Speaker 1: only buy from teen cintisfied, supplies so they're putting the
Speaker 1: button on the buyer to when you shut the supplier
Speaker 1: has teen. Verification that's what's going. On BUT i, hope
Speaker 1: like you, said when the first find a, ship when
Speaker 1: the first thing it hates that were we're gonna have
Speaker 1: enough capacity to deal with that. Issue we have an
Speaker 1: On bosman now. Right this is what we're gonna talk
Speaker 1: to him. About lots of things THAT i say are
Speaker 1: gonna happen in twey five that we're not in. Positioning
Speaker 1: many people are gonna wake up and it's gonna go,
Speaker 1: up not because the tax rates have gone, up but
Speaker 1: because they did not understand that they have to go
Speaker 1: and do A b OR. C many people are going
Speaker 1: To i'm gonna, say, WELL i let that, iteration what
Speaker 1: AM i paying tax because you didn't do A b AND?
Speaker 1: C thank?
Speaker 2: You so, much.
Speaker 1: GUYS i think we'll spend nearly three hours here talking boring,
Speaker 1: taxes boring, Taxes bob being here dropping some not just.
Speaker 1: SUPPOSED i want to listen because this is what we
Speaker 1: do every. Week we're talking, money the economy and of course,
Speaker 1: finance vilit, square discussing ideas and of course especially past the.
Speaker 1: Solutions that's what we've done this. Weekend we're gonna be
Speaker 1: here next weekend again talking topic around these. Issues last
Speaker 1: week talking about. Gold you can't see gold price has
Speaker 1: crashed as they crashed. Forever we don't think, so but
Speaker 1: this has um down. Substantially the whole world is now In.
Speaker 1: Asia Trump county down In, asia trying to extend their market,
Speaker 1: share also to Counter china and all that kind of.
Speaker 1: Stuff trump is also gonna meet with G i think
Speaker 1: it's not the. Cars all this have got an impact ON.
Speaker 1: Innaira The fed is going to be On, wednesday THE Us.
Speaker 1: Fed THE Us. Fed my decide to cult. RATES i
Speaker 1: believe the will that's what everyone to. Say do by
Speaker 1: twenty five business. Points the government is shut, down so
Speaker 1: they have No the inflation reports came OUT i believe
Speaker 1: On friday it was muted at three point. ZERO i
Speaker 1: believe lower than. Expected why is this important for? You
Speaker 1: IF I fed cut, straits it helps. Anira so the
Speaker 1: more THE fed coust, RAITs the more The nira is
Speaker 1: going to gain. Value So, wednesday put reminder and tell your, guys,
Speaker 1: hey IF fed give their, decision let me know it's
Speaker 1: gonna be a. Prime it's not the main, thing but
Speaker 1: it sort of helped not The. Nira emerging. Currencies the
Speaker 1: more THE US fed drops, rates the more imaging currencies
Speaker 1: will do. Better why because we don't have to go
Speaker 1: to THE us to get. Yields we have to go
Speaker 1: outside THE us to get. Yields so that's seeking for
Speaker 1: alpha props up imaging. Currencies that's what's gonna. Happen so
Speaker 1: AS i say highlights of what's going to happen this
Speaker 1: week for you guys to keep your eyes peeled and to,
Speaker 1: Follow i'll ask to you guys next. Week my name
Speaker 1: is Carlu. AJA i want to thank you guys again
Speaker 1: for hanging out With doozen also educations with so much.
Speaker 1: Passion appreciate. Everyone as to you, guys take care of.
Speaker 1: Yourselves it's gonna be a great. Week go out and