WEBVTT 1 00:00:03.080 --> 00:00:07.000 Hey, folks, are welcome to all other money space with 2 00:00:07.080 --> 00:00:10.919 Minicarlo Aga and of course in the space we're talking money, 3 00:00:11.039 --> 00:00:15.279 the economy and finance. We're here every Sunday, seven pm. 4 00:00:15.560 --> 00:00:17.519 We want to make you a better investor, you know, 5 00:00:17.559 --> 00:00:21.760 a betters then with more information about these topics that 6 00:00:21.960 --> 00:00:24.559 swill around you to do with money. That's what we're 7 00:00:24.559 --> 00:00:27.199 here to do every week. This week we've got an 8 00:00:27.199 --> 00:00:31.719 interesting topic. We're talking about VAT value added taxes, but 9 00:00:31.800 --> 00:00:35.479 of course discussion about taxes in general, and the question 10 00:00:35.600 --> 00:00:40.039 is there should be at be shared and also physical 11 00:00:40.119 --> 00:00:43.600 federalism issues in Nigeria. We just want to talk around 12 00:00:43.679 --> 00:00:46.439 those taxes and see how we can connect those taxes 13 00:00:46.560 --> 00:00:50.240 back to our own individual balance sheet and of course 14 00:00:50.280 --> 00:00:53.840 how the nation can progress if we share that or 15 00:00:53.880 --> 00:00:58.600 don't share that, or if we discuss physicalpitalism issues. Now, 16 00:00:58.679 --> 00:01:01.439 let's start off with this bit of a history background. 17 00:01:02.320 --> 00:01:05.519 The problem I feel personal with Nigeria is that Nigeria 18 00:01:05.560 --> 00:01:08.680 is maybe operating. We started to do the alphabet and 19 00:01:08.719 --> 00:01:11.280 we're start to come from maybe letter I M, not 20 00:01:11.439 --> 00:01:13.879 from A not from beinger from see we just went 21 00:01:13.920 --> 00:01:16.120 to let I M or letter P. I'm just start 22 00:01:16.120 --> 00:01:20.120 accounting from there. The structure of Nigeria, the way Nigeria 23 00:01:20.200 --> 00:01:23.680 is set up, it's not designed for growth. So you 24 00:01:23.760 --> 00:01:26.239 might have a road here, you might have a bridge here, 25 00:01:26.319 --> 00:01:29.159 you might have you know, this new policy paths of 26 00:01:29.280 --> 00:01:33.799 the very structure itself. It's trying to adopt itself or 27 00:01:33.840 --> 00:01:36.239 the laws are trying to adopt themselves to a structure 28 00:01:36.239 --> 00:01:38.920 that is deficient and not till you try to fix 29 00:01:39.079 --> 00:01:43.640 the structure of Nigeria, really can't get transformational growth. You 30 00:01:43.719 --> 00:01:48.359 can't double your GDP or maintain GDP of like six 31 00:01:48.400 --> 00:01:53.599 seven percent for decades. Nigeria was doing percent GDP before 32 00:01:53.640 --> 00:01:56.879 twenty fourteen. Now we're no longer doing that GDP. The 33 00:01:56.959 --> 00:02:02.120 same nation, same people, same oil. Our GDP has gone 34 00:02:02.159 --> 00:02:07.000 in half from then five hundred to about two hundred. 35 00:02:07.200 --> 00:02:10.719 Now we're gonna start worrying about eight hundred billion dollars 36 00:02:10.800 --> 00:02:13.680 way back into it fourteen and now we're about three hundred, 37 00:02:14.080 --> 00:02:18.240 same nation, right, no big recession. But what's happening? I 38 00:02:18.319 --> 00:02:21.639 feel it's because we don't yet have a governance structure, 39 00:02:22.039 --> 00:02:25.759 a governing way of doings, like creating wealth. So once 40 00:02:25.840 --> 00:02:29.280 things happened, someone can come. You can come in and 41 00:02:29.360 --> 00:02:32.000 when you have a bad policy, it takes nation back. 42 00:02:32.319 --> 00:02:34.599 That's really what's going on in ninety year, and you 43 00:02:34.639 --> 00:02:36.759 see it in your state, got in your states as well. 44 00:02:36.800 --> 00:02:40.759 If you come from a state not a fantastic governor, 45 00:02:41.199 --> 00:02:44.039 your government was fantastic, it was building in the structure, 46 00:02:45.000 --> 00:02:48.479 and then for eight years you had a wonderful administration. 47 00:02:48.680 --> 00:02:51.319 You had your roads were fixed, your what was drunning, 48 00:02:51.599 --> 00:02:54.800 schools were properly fund the teachers were happy. And you're 49 00:02:54.800 --> 00:02:57.800 the guy that isn't as popular or isn't as competent 50 00:02:57.879 --> 00:03:01.159 as a ask governor. Then often the whole stage just 51 00:03:01.199 --> 00:03:04.719 goes into disrepair. Nothing happens, and then it stays like 52 00:03:04.719 --> 00:03:08.439 this in Nigeria. Look at cross Shiver. Kashuba went from Tinapa. 53 00:03:08.520 --> 00:03:11.840 You know, we used to hear the Calabar canivals every year. 54 00:03:12.000 --> 00:03:15.400 Everyone Nigeria goes to the Calaba cannivals. Now we don't 55 00:03:15.439 --> 00:03:18.639 hear a lot about Cross Shiver the same way and 56 00:03:18.800 --> 00:03:22.599 also positive examples. I went to put to acquire Bomb 57 00:03:23.319 --> 00:03:26.639 when the former governor was at how was there? Nothing 58 00:03:26.759 --> 00:03:29.080 was happening there? I went to that probably was there? 59 00:03:29.120 --> 00:03:32.520 A lot of change had occurred. So we tend to 60 00:03:32.599 --> 00:03:35.800 move on the wings and capuses of the individual in 61 00:03:35.919 --> 00:03:39.280 power center in Nigeria, where if you look at nineteen 62 00:03:39.360 --> 00:03:43.240 ninety nine all the way till say twenty Let's just say, 63 00:03:43.879 --> 00:03:47.360 when miss Lette, you see the GTA of Nigeria just 64 00:03:47.439 --> 00:03:52.000 going upstantly. You know, a passenger inherited zero right and 65 00:03:52.080 --> 00:03:55.879 he grew the GDP, He paid on the debts. You know, 66 00:03:55.960 --> 00:03:59.960 he did a lot of reforms and he handed about douayados. 67 00:04:00.080 --> 00:04:02.680 So you know, sort of held the ship together hard 68 00:04:02.719 --> 00:04:05.919 about to go. Look a time town took the GDP 69 00:04:06.080 --> 00:04:08.680 to the richest Nigers I've ever been. Has been twenty 70 00:04:08.719 --> 00:04:11.360 fourteen since Niger was created at the richest would have 71 00:04:11.360 --> 00:04:13.919 ever been. And I mentioned by the GDP per capita 72 00:04:14.360 --> 00:04:18.120 twenty fourteen. So what happened from twenty fourteen that our 73 00:04:18.199 --> 00:04:21.879 GDP went in half and our PUFT levels went up 74 00:04:21.959 --> 00:04:24.839 because we changed policies. The new president came and said 75 00:04:24.839 --> 00:04:27.759 I want to do things differently, and you changed the policy, 76 00:04:27.800 --> 00:04:30.199 and that I think is the problem with Nigeria. The 77 00:04:30.279 --> 00:04:32.959 structure of Nigeria isn't certain that you just can't come 78 00:04:33.000 --> 00:04:36.480 and change everything. Look at America, no matter who's doing 79 00:04:36.439 --> 00:04:40.879 the win. The next selection, Democrat, Republican, Social Medima. It 80 00:04:40.920 --> 00:04:43.480 doesn't matter who don't win next election. The buses are 81 00:04:43.519 --> 00:04:46.680 going to run on time, the hospitals are going to work, 82 00:04:47.279 --> 00:04:49.600 This are going to get paid. Some things are not 83 00:04:49.959 --> 00:04:52.439 brought into politics. So the country has got a plan 84 00:04:52.519 --> 00:04:54.160 on a purpose. Even though you might look at the 85 00:04:54.279 --> 00:04:57.560 change and say, listen to Chinese do ten year plans. Well, 86 00:04:57.560 --> 00:05:01.480 you don't see those massive changes. You can't Americans say, oh, 87 00:05:01.519 --> 00:05:03.040 I'm going to stack all the teachers. 88 00:05:03.079 --> 00:05:03.800 Oh I'm not. 89 00:05:03.800 --> 00:05:06.439 Gonna fund healthcare. You really can't do that. So there's 90 00:05:06.480 --> 00:05:08.560 already a baseline structure for it to operate with it. 91 00:05:08.959 --> 00:05:11.279 So let's not come into V eight and all that. 92 00:05:11.720 --> 00:05:13.800 Let's go to the history of V. Eighty. V TY 93 00:05:14.000 --> 00:05:17.800 was originally a sales tax. Sales tax and sales tax 94 00:05:17.879 --> 00:05:21.920 was managed by the state of Nigeria, so we didn't 95 00:05:21.920 --> 00:05:24.399 have to six dates. Back then that was another military 96 00:05:24.519 --> 00:05:27.439 about nineteen states or so, and each date had its 97 00:05:27.480 --> 00:05:31.000 own sales tax and those taxes went from two percent, twoven, 98 00:05:31.120 --> 00:05:33.279 ten percent, so every state had its own sales tax. 99 00:05:33.319 --> 00:05:35.800 Legos twenty five. You know, we could be two and 100 00:05:35.839 --> 00:05:38.680 all that. The themgerical men sellers we're going to create 101 00:05:38.720 --> 00:05:40.720 this new thing called V eight was a new rage 102 00:05:40.720 --> 00:05:42.519 back then to two thousand and three, it was a 103 00:05:42.519 --> 00:05:45.439 new rage. We then went to V eighty because it's 104 00:05:45.439 --> 00:05:49.639 easier to our two administer. It captures more revenue quote 105 00:05:49.720 --> 00:05:52.160 unquote sources, so we get more money from V eighty 106 00:05:52.519 --> 00:05:57.519 son from V eighty sorry, from sales tax to a 107 00:05:56.879 --> 00:06:00.319 V taxation. And when we did that transition, what we 108 00:06:00.360 --> 00:06:02.560 didn't deal that we took the power away from the 109 00:06:02.600 --> 00:06:05.720 states and went took it to the federal government. So 110 00:06:05.959 --> 00:06:09.079 sales tax was done by the states, BA is done 111 00:06:09.079 --> 00:06:11.959 by the federal. The federal government collects V eighty to 112 00:06:12.120 --> 00:06:15.560 the federal in revenue service, and the develvernment then shares 113 00:06:15.639 --> 00:06:19.040 that VT back to the states. So why Beaty was 114 00:06:19.079 --> 00:06:23.560 first passed. The federal government took twenty percent and gave 115 00:06:23.600 --> 00:06:26.199 the states eighty percent. No money went to the local 116 00:06:26.199 --> 00:06:28.720 government of Nigeria that was one of the military. So 117 00:06:28.720 --> 00:06:31.079 you can see the mindset of nineteria back then. Listen, 118 00:06:31.120 --> 00:06:34.079 we don't really need them. Localments are not important, just 119 00:06:34.160 --> 00:06:36.759 the federal and the states. So we took it from 120 00:06:36.800 --> 00:06:40.480 sales tax to vat. We're not local co materials. When 121 00:06:40.480 --> 00:06:43.639 we had civilian rule. We then went back reduced federal 122 00:06:43.639 --> 00:06:46.759 government shared to fifteen from twenty to right, and then 123 00:06:46.759 --> 00:06:49.480 we didn't include the governmential so we took states from 124 00:06:49.519 --> 00:06:54.480 fifty to thirty five and kuilt government fifteen. But that's 125 00:06:54.560 --> 00:06:56.680 not the only issue. How when we didn't give local 126 00:06:56.680 --> 00:06:59.680 governments fifteen? How do we share the V eighty What 127 00:06:59.720 --> 00:07:02.680 was the criteria to share the VAD Well, what we 128 00:07:02.720 --> 00:07:06.360 simply denyer to say, we're gonna share everyone on the 129 00:07:06.480 --> 00:07:10.079 dying this way fifteen MIRA will go to every state 130 00:07:10.160 --> 00:07:13.600 by equality. So once you're a STED in Nigeria, you're 131 00:07:13.639 --> 00:07:17.680 going to get fifty percent of the eighty. Simple, So 132 00:07:17.800 --> 00:07:20.800 once you create a new state in Nigeria, that state 133 00:07:20.920 --> 00:07:23.879 gets a fifty percent share of the V eighty pull 134 00:07:24.720 --> 00:07:27.399 end of story. And that's why you hear these positions 135 00:07:27.480 --> 00:07:30.040 all the time, craving for state to be created. They 136 00:07:30.040 --> 00:07:33.079 don't have to do anything justify as it being created. 137 00:07:33.160 --> 00:07:35.759 Just create a state and it gets here two percent 138 00:07:35.800 --> 00:07:40.279 of vity collected true equality. Then the past population got 139 00:07:40.399 --> 00:07:46.079 thirty percent, So fifty percent equality thirty percent from population 140 00:07:46.639 --> 00:07:50.199 that's already eighty percent. So essentially, if you are a 141 00:07:50.279 --> 00:07:53.920 state and you've got population, you're going to do anything else. 142 00:07:53.959 --> 00:07:57.560 In Nigeria. You see get eighty percent of whatever poll 143 00:07:57.759 --> 00:08:01.360 whene has been created in whatever. So if I'm from 144 00:08:01.360 --> 00:08:04.800 a lack propulational state, I focus more on the centers, 145 00:08:05.360 --> 00:08:08.000 don't on foreign direct investments. That's what I do because 146 00:08:08.040 --> 00:08:10.680 if I have had black population, I'm only going to 147 00:08:10.720 --> 00:08:14.839 get fifty percent via equality, and I get ten to 148 00:08:14.920 --> 00:08:18.399 percent from fair population, then of course I get the 149 00:08:18.439 --> 00:08:22.120 many twenty percent from derivation, which means if I create wells, 150 00:08:22.199 --> 00:08:25.839 I retain that twenty percent. So that's what we had 151 00:08:26.319 --> 00:08:31.240 from when VATOS was a sort of reform till this year. 152 00:08:31.720 --> 00:08:35.080 This year, Prince Nuble said he wanted to reform tax Nigeria. 153 00:08:35.559 --> 00:08:38.080 If you look at his first proposal that he brought out, 154 00:08:38.720 --> 00:08:41.799 President Tunibul said he wanted to take v eighty from 155 00:08:41.960 --> 00:08:46.799 fifty percent equality to sixty percent derivation six percent derivation. 156 00:08:47.279 --> 00:08:50.600 That's when you saw all hell broke clues. You saw 157 00:08:50.679 --> 00:08:53.519 the governors come out and say, no, we can accept this. 158 00:08:54.080 --> 00:08:55.799 We have to go back to where we were before. 159 00:08:56.320 --> 00:08:58.240 This was a big, big, big pushback. That's where you 160 00:08:58.279 --> 00:09:01.919 saw the tax reform sort of stalled. I had to 161 00:09:01.960 --> 00:09:05.120 go back. And when we came back, what did we 162 00:09:05.240 --> 00:09:10.559 agree printinable now agreed to then make equality retain it 163 00:09:10.559 --> 00:09:15.039 that percent, So no change there. Then here roads So 164 00:09:15.240 --> 00:09:19.039 population now went down twenty and the revision that went 165 00:09:19.120 --> 00:09:21.840 up to thirty. And the revision will change it to 166 00:09:21.879 --> 00:09:24.000 say that if the division's going to be based on 167 00:09:24.120 --> 00:09:27.440 consumption not on location, which means if you are using 168 00:09:27.480 --> 00:09:30.840 an empty m phone, for instance, you paid eighty where 169 00:09:30.879 --> 00:09:33.679 you use the phone, not where emptyin is headquartered. So 170 00:09:33.720 --> 00:09:35.039 that's a bit of a change there. But you can 171 00:09:35.080 --> 00:09:37.320 see where it's to. What's going to the way to 172 00:09:37.480 --> 00:09:41.559 incentifize the states to create wealth, because when you create wealth, 173 00:09:41.960 --> 00:09:44.679 you can then retain more of the wealth. If you 174 00:09:44.759 --> 00:09:49.720 simply share money based on population and equality, then no 175 00:09:49.759 --> 00:09:51.840 one's going to be incentifized that the creator. 176 00:09:51.840 --> 00:09:52.759 It now goes to that. 177 00:09:52.879 --> 00:09:56.240 Question should be at b shipped. The point we're asking 178 00:09:56.240 --> 00:09:59.600 this in this if you need to create wealth in 179 00:09:59.639 --> 00:10:01.639 your if you have five kids and want to create 180 00:10:01.679 --> 00:10:04.399 wealth for your chickids, do you tell those kids that 181 00:10:04.480 --> 00:10:08.559 whatever they score in school, whatever homework they do, they 182 00:10:08.600 --> 00:10:11.559 will all get equal share. Or would you say whoever 183 00:10:11.639 --> 00:10:13.879 comes first to get a new game, whatever it comes 184 00:10:13.919 --> 00:10:16.440 first to get a new bicycle. That's how you incentivize 185 00:10:16.440 --> 00:10:19.600 your own kids. When Nigeria tell states that the sixth 186 00:10:19.600 --> 00:10:22.080 states or ty five states and says it doesn't matter 187 00:10:22.120 --> 00:10:25.039 what you do, you're going to get share revenues fifty 188 00:10:25.039 --> 00:10:28.799 percent one time. They're also going to get thirty percent 189 00:10:28.879 --> 00:10:32.600 of the revenues by population. That doesn't incentivize anyone. What 190 00:10:32.799 --> 00:10:35.600 goes to my point that the reason why it has 191 00:10:35.639 --> 00:10:39.759 not developed, has not grown larger atest today is because 192 00:10:39.759 --> 00:10:42.960 the structure of the country is fault. What structure is this? 193 00:10:43.320 --> 00:10:48.480 The physical federalism structure is fault. Nigeria is not designed 194 00:10:48.559 --> 00:10:53.320 for grouth. What is growth? Economic growth, economic development. We're 195 00:10:53.399 --> 00:10:58.440 not designed to grow. No states is incentifized to go 196 00:10:58.519 --> 00:11:01.559 and create wealth. You are inside device to receive money 197 00:11:01.559 --> 00:11:04.200 from the government at the center and not to create 198 00:11:04.240 --> 00:11:06.519 the growth. I give you a good example. We all 199 00:11:06.559 --> 00:11:09.559 say this. We look at the pyramids in the north. 200 00:11:10.000 --> 00:11:12.720 We had a granmart pyramid in a month of Nigeria 201 00:11:12.799 --> 00:11:14.480 and if you go back to your fifty books, you 202 00:11:14.559 --> 00:11:17.279 see those pyramids. They are wonderful. Nigeria used to be 203 00:11:17.320 --> 00:11:20.360 one of the largest exporters of pyramids of ganots in 204 00:11:20.399 --> 00:11:24.240 the entire world, Nigeria, the entire world, right. And then 205 00:11:24.399 --> 00:11:27.120 if you ask people why did those grandmart pyramids disappear, 206 00:11:27.440 --> 00:11:30.240 the answer you is going to be that got crude oil. 207 00:11:30.679 --> 00:11:35.279 That crude oil came, so they got The governor simply abandoned. 208 00:11:35.879 --> 00:11:38.399 I went at a crew. But that's not true. That's 209 00:11:38.440 --> 00:11:42.559 not true. What essentially happened was that when we have 210 00:11:42.799 --> 00:11:46.639 this physical federalism in the nineteen seventies. Before nineteen seventies, 211 00:11:47.000 --> 00:11:51.519 the military changed the sharing formula. They said, if you 212 00:11:51.840 --> 00:11:54.960 create wealth in your state, the money goes to something 213 00:11:55.039 --> 00:11:58.559 called FUK. Before nineteen seventy there was no FUK. FARC 214 00:11:58.679 --> 00:12:00.879 was the creation of the military. They credit the federal 215 00:12:00.919 --> 00:12:03.679 accounts that fact that we share money because the revenue 216 00:12:03.679 --> 00:12:06.559 fund they created it, and they also created how they 217 00:12:06.639 --> 00:12:10.679 share money in that revenue fund. So states could not generate. 218 00:12:11.039 --> 00:12:13.600 You cannot rest to their company only for the macro 219 00:12:13.679 --> 00:12:17.279 rester their company, and then state wealth was then shared. 220 00:12:17.320 --> 00:12:21.120 So all those governors in the past the groundnots permit 221 00:12:21.279 --> 00:12:25.120 in Cano, when they exported groundnots, the money went back 222 00:12:25.159 --> 00:12:30.159 to Carno, to Kruna sixty seven percent. Then canon coud 223 00:12:30.240 --> 00:12:33.080 not pay the tax to the central government of thirteen percent, 224 00:12:33.519 --> 00:12:36.120 the same thirteen percent elevision. You see, that's what they 225 00:12:36.200 --> 00:12:40.600 paid as tax po central government. They retained the bulk 226 00:12:40.679 --> 00:12:42.759 of the funds and paid into their tax to the 227 00:12:43.639 --> 00:12:47.519 quote unquote which was legos at that time. When emerged 228 00:12:47.679 --> 00:12:50.399 changed it and said no, this moment that you're making 229 00:12:50.480 --> 00:12:53.399 from granot, it's going to go to park and then 230 00:12:53.440 --> 00:12:56.840 from park or then shared accurring to minimum resk Compunity 231 00:12:56.919 --> 00:13:02.840 of states, land masks popular. That's when agriculture collapse in 232 00:13:02.919 --> 00:13:07.320 Nigeria because the governors were no longer incentified to grow 233 00:13:07.399 --> 00:13:10.919 ground notots. All they had to do was simply do 234 00:13:11.039 --> 00:13:14.720 is census and have a large border mass and that's it. 235 00:13:14.799 --> 00:13:18.000 You get your money. So a state like Niger State, 236 00:13:18.080 --> 00:13:20.399 for instance, all it has to do is only has 237 00:13:20.399 --> 00:13:23.279 a land mask is just to fight for population. What 238 00:13:23.440 --> 00:13:25.840 it gets population, it's going to get more moment than 239 00:13:25.879 --> 00:13:29.960 any state in Nigeria, including the oil developing state in 240 00:13:30.879 --> 00:13:34.679 percent back then. So that's how you have this structure 241 00:13:34.679 --> 00:13:38.840 today where agriculture collapse or because of crude oil, but 242 00:13:38.960 --> 00:13:42.440 because of the physical laws. That's said, if you generate 243 00:13:42.600 --> 00:13:47.440 wealth through agriculture, you export peanuts, or you export rubber, 244 00:13:47.600 --> 00:13:51.360 or you export cuckoo, you do not get the revenues 245 00:13:51.399 --> 00:13:55.000 back go to legals. The same thing in Leglas. When 246 00:13:55.039 --> 00:13:58.639 you exported cuckoo, you're exported whatever it was to deport. 247 00:13:58.759 --> 00:14:02.200 In legos, you paid your excise taxes to the regional 248 00:14:02.200 --> 00:14:05.240 government with just the Western government in legals, not to 249 00:14:05.279 --> 00:14:07.480 the federal government. You pay to the Western government to 250 00:14:07.519 --> 00:14:10.720 export cock out. So there was a big push cocoa house, 251 00:14:11.639 --> 00:14:14.559 let's export agriculture, because the more you export, like the culture, 252 00:14:14.960 --> 00:14:17.639 the more the Western house gets funny. When you change 253 00:14:17.679 --> 00:14:20.360 that Lord, there was no point to focus on coco anymore. 254 00:14:20.399 --> 00:14:23.120 Just not focused on Okay, legals already a small sliver. 255 00:14:23.879 --> 00:14:27.120 Now focus more population. Let's focus more on sales tax 256 00:14:27.159 --> 00:14:30.320 because they can't get the money in from agriculture. That's 257 00:14:30.360 --> 00:14:32.080 what feels like your culture. This is the point I 258 00:14:32.159 --> 00:14:36.360 make one policy change the whole of nature here, and 259 00:14:36.399 --> 00:14:37.960 that's why we we are to say now we're trying 260 00:14:37.960 --> 00:14:40.799 to get back to agriculture and West struggling because the 261 00:14:40.840 --> 00:14:44.279 Simi laws have not been changed. You cannot in simplify 262 00:14:44.440 --> 00:14:48.080 states to do something where there is no benefits. Then 263 00:14:48.240 --> 00:14:51.399 no still going to to invest agriculture where they cannot 264 00:14:51.480 --> 00:14:54.200 keep the revenues they're not. If you look at Ocumo 265 00:14:54.240 --> 00:14:57.960 oil Palm, it's owned by private concern, which means is 266 00:14:57.960 --> 00:15:01.399 registered by the federal government. The revenues go to the 267 00:15:01.440 --> 00:15:05.840 federal government fair corporate income taxes. All the state gets 268 00:15:05.960 --> 00:15:09.879 is AE five percent of the payroll of Como oil, 269 00:15:09.960 --> 00:15:13.159 and that five percent is set by the federal government. 270 00:15:13.679 --> 00:15:17.080 So if you come to V eighteen Edo state, question 271 00:15:17.159 --> 00:15:20.320 is now should EDU state share the eighty that's a 272 00:15:20.399 --> 00:15:24.759 question then answer, I think they shouldn't. If you restrict 273 00:15:25.000 --> 00:15:28.159 eddoes V eighty to what they make for como oil, 274 00:15:28.759 --> 00:15:33.480 then you are incentivizing ADU State to invest in pound 275 00:15:33.480 --> 00:15:37.960 plantations to get investors FDI to grow pump plantations because 276 00:15:38.000 --> 00:15:40.759 they know every pound they put in the ground is 277 00:15:40.799 --> 00:15:44.519 a potential FDI coming back to them. Because you stop 278 00:15:44.639 --> 00:15:48.440 V eighty from being shared according to equality, if you 279 00:15:48.480 --> 00:15:50.919 should be shared, at least the thirteen percent should go 280 00:15:50.960 --> 00:15:53.679 to the center and be shared by equality, but not 281 00:15:54.320 --> 00:15:57.799 fifty percent and then population twenty percent. So are thinking 282 00:15:57.879 --> 00:16:01.759 about seventy percent or no on state actions. If you're 283 00:16:01.759 --> 00:16:05.679 in a country that way, you will not get reward 284 00:16:05.759 --> 00:16:08.440 for your actions. That's the point really that we're making here. 285 00:16:08.759 --> 00:16:11.399 So it looks like just avat issue, but usually a 286 00:16:11.399 --> 00:16:14.720 physical dancing issue. And we're turning to long term development 287 00:16:15.120 --> 00:16:17.320 and you can check my record. Go back and look 288 00:16:17.360 --> 00:16:19.960 in the past, right and ask yourself, when did Niger 289 00:16:20.000 --> 00:16:22.360 just grew start to store when we passed all the vat, 290 00:16:23.480 --> 00:16:25.799 when we passed off the fark, when the minis took 291 00:16:25.799 --> 00:16:29.519 over the power of taxation, of representation from the people 292 00:16:29.559 --> 00:16:32.159 and took it to the center. That's always that look 293 00:16:32.200 --> 00:16:35.360 at oil. Oil was there, but we never looked at 294 00:16:35.399 --> 00:16:38.720 oil beef because oil was being retained by the millions. 295 00:16:38.799 --> 00:16:41.919 But once you took oil to the center, ever, they 296 00:16:42.000 --> 00:16:45.720 ran to the center. So, guys, I'll be the last example. 297 00:16:45.759 --> 00:16:47.399 If you want to speak, I'm going to add you. 298 00:16:47.440 --> 00:16:49.240 If you have a DM, you can request and of 299 00:16:49.240 --> 00:16:51.600 course i'll look at your DM. The last example. I'm 300 00:16:51.600 --> 00:16:53.279 going to give us to drive this home. And it's 301 00:16:53.360 --> 00:16:55.799 very very pick up all of us. If you look 302 00:16:55.919 --> 00:16:59.120 at the federal government, look at how the most the 303 00:16:59.120 --> 00:17:01.720 most important thing the government and give you today. It's 304 00:17:01.759 --> 00:17:05.000 going to be primary education. It's going to be healthcare, 305 00:17:05.119 --> 00:17:09.400 primary health care. So educational healthcare at the primary level. 306 00:17:09.799 --> 00:17:13.200 Let me give you a start. There are more more 307 00:17:13.319 --> 00:17:19.960 primary school students and school students and university students combined. 308 00:17:21.000 --> 00:17:25.960 Who does this constitution say manage primary schools is the 309 00:17:26.039 --> 00:17:30.640 local government area? Local government area? So both what funds 310 00:17:30.680 --> 00:17:33.799 do we give local governments in Nigeria we give them. 311 00:17:34.200 --> 00:17:37.559 That's the fifteen percent of the eighty. If you look 312 00:17:37.599 --> 00:17:40.480 at the eighty, look at fact the local governments get 313 00:17:40.720 --> 00:17:43.559 less than the states. Remember what I said when we 314 00:17:43.599 --> 00:17:46.799 first of all past v eighty. Local government's got zero, 315 00:17:47.000 --> 00:17:51.160 state got eighty. For government got twenty. So we've never 316 00:17:51.240 --> 00:17:54.960 looked at local government areas as a ravenue for us 317 00:17:55.000 --> 00:17:58.759 to grow the economy. But they counture and give them 318 00:17:59.119 --> 00:18:03.559 primary education and primary health care to take care. So 319 00:18:03.960 --> 00:18:06.799 how do you grow an economy where you see that 320 00:18:06.880 --> 00:18:10.839 the primary health care primary dictation should be managed by 321 00:18:10.839 --> 00:18:14.599 the local governments, but local conventionally have no funding. This 322 00:18:14.720 --> 00:18:17.680 is structure and speak of. So who funds primary schools 323 00:18:17.680 --> 00:18:21.079 in Nigeria? States and the federal government. So you see 324 00:18:21.200 --> 00:18:24.200 as to going on stripe, that's a testiary education. But 325 00:18:24.319 --> 00:18:28.119 the primary guys should be the local government. The taxation 326 00:18:28.519 --> 00:18:32.599 should remain at the local level with MESDAT is supposed 327 00:18:32.599 --> 00:18:37.240 to be a local government taxation to support the primary education, 328 00:18:37.559 --> 00:18:40.680 to support the primary health care at the local level. 329 00:18:40.720 --> 00:18:43.160 That's what you're retain the funds for, not as the 330 00:18:43.160 --> 00:18:46.119 local gents have money, but so they can do what's 331 00:18:46.240 --> 00:18:50.720 in the constitution, the primary education, the primary health care. 332 00:18:50.759 --> 00:18:53.599 That's the whole idea. But we'll flip it around. The 333 00:18:53.680 --> 00:18:56.880 money has going to the federal, but the federal has 334 00:18:56.880 --> 00:18:59.759 no rules. The progments are in charge of education Nigeria. 335 00:18:59.799 --> 00:19:02.759 It's not they might have a manijor of education, but 336 00:19:02.920 --> 00:19:05.039 they do not have that rule. The federal going to 337 00:19:05.160 --> 00:19:07.559 thought row education next year is supposed to be the 338 00:19:07.599 --> 00:19:10.799 primary They look at the local governments at the state 339 00:19:10.920 --> 00:19:12.839 and this is the point where I'm talking about the 340 00:19:12.880 --> 00:19:17.160 tax issues do not aligned with the growth. You cannot 341 00:19:17.200 --> 00:19:21.279 do the economy without students that are trained, and if 342 00:19:21.279 --> 00:19:24.599 you cannot grow the economy by not funding it. So 343 00:19:24.799 --> 00:19:27.400 if you look at everyone in their budget, we're saying 344 00:19:27.519 --> 00:19:30.799 only only fifteen percent is going to go to local 345 00:19:30.839 --> 00:19:33.240 goment areas. And look at matiers are the ones that 346 00:19:33.279 --> 00:19:36.960 are set up for primary education and primary health. This 347 00:19:37.079 --> 00:19:40.119 goes back to the point I make the structure is off. 348 00:19:40.799 --> 00:19:43.920 Because the structure is off. That's why we did not develop, 349 00:19:44.359 --> 00:19:47.119 because the structure is off. I think I've spoken to 350 00:19:47.160 --> 00:19:51.319 it enough, so you guys have the flaw. Please request 351 00:19:51.480 --> 00:19:53.519 to speak if you have an account of view to 352 00:19:53.640 --> 00:19:56.720 what I've said. I really have your twitt here on 353 00:19:57.279 --> 00:20:03.960 DM Yes quick one, yes when b eighty Just to 354 00:20:04.000 --> 00:20:10.480 answer mister Edward, Yes, the military government passed the eighty correct, 355 00:20:10.759 --> 00:20:15.160 and the first one they passed was eighty percent two 356 00:20:15.240 --> 00:20:18.000 the federal government. Sorry, it's eighty percent of the states 357 00:20:18.680 --> 00:20:22.079 and to the federal government. Local governments were not added 358 00:20:22.440 --> 00:20:25.599 in the first passage of the eighty. They were not 359 00:20:25.799 --> 00:20:29.480 because I was pasted on the military regime. Local governments 360 00:20:29.640 --> 00:20:35.000 only came in where the civilians the civilians part democracy, 361 00:20:35.599 --> 00:20:39.440 and then then changed it to reflect the Constitution and 362 00:20:39.599 --> 00:20:43.000 added local governments as a tired tier of office. Hence 363 00:20:43.119 --> 00:20:46.480 locals got that fifteen percent. But the very very first 364 00:20:46.480 --> 00:20:50.119 one that was past local governments who were not included. 365 00:20:50.200 --> 00:20:53.920 So that was to correct that said, yes, there was 366 00:20:53.960 --> 00:20:57.359 no local government. It was the military the governments, but 367 00:20:57.400 --> 00:20:59.799 they were not well the military regime. And then that 368 00:20:59.920 --> 00:21:04.039 was corrected. Ye, so great, so yes, glad I got 369 00:21:04.079 --> 00:21:08.200 to that I have access to. You can share that 370 00:21:08.359 --> 00:21:12.160 with me and I will read that after the space. 371 00:21:12.279 --> 00:21:21.920 Thank you. Justin Yes, primary schools and primary health care 372 00:21:22.599 --> 00:21:29.039 are the responsibility of local governments in Nigeria, not states, 373 00:21:29.039 --> 00:21:33.000 not federal. The states and the federal support with funding 374 00:21:33.480 --> 00:21:37.559 with policies with guidance, but the constitution is rather clear 375 00:21:38.079 --> 00:21:40.960 on who is in charge of the funding and the 376 00:21:41.119 --> 00:21:46.359 administration of primary schools and primary health cares in Nigeria. 377 00:21:47.119 --> 00:21:50.759 General hospitals are more of us stating, they are more specialists, 378 00:21:50.759 --> 00:21:54.000 they are more you know, at the capitals. There are 379 00:21:54.039 --> 00:21:57.720 bigger institutions. But all our local government areas welcome from 380 00:21:57.759 --> 00:22:00.839 local comments areas. We should have a prime rehealth care 381 00:22:01.000 --> 00:22:04.400 or care centers all across the government areas. And these 382 00:22:04.480 --> 00:22:08.039 are supposed to be funded by the local government taxes 383 00:22:08.519 --> 00:22:12.240 in Nigeria and local goverment taxis are like marriage slaughter 384 00:22:12.480 --> 00:22:16.799 slab things like that. You can't fund education of the 385 00:22:16.920 --> 00:22:21.119 revenue heads. The whole idea of vating because we copied V. Eight, 386 00:22:21.759 --> 00:22:24.519 the whole idea of V. Eighty is supposed to be 387 00:22:24.559 --> 00:22:26.359 a local thing. It is supposed to be a sales 388 00:22:26.400 --> 00:22:30.200 tax thing. Remember when we have sales taxes. It was 389 00:22:30.240 --> 00:22:35.000 a stating not a favorite thing, was they stating. So yes, 390 00:22:35.039 --> 00:22:37.880 I'm hearing you. I'm just sureing the mesage guys. So 391 00:22:38.039 --> 00:22:40.799 it's asking here. But that would mean we have thirty 392 00:22:40.920 --> 00:22:46.440 five different state taxes for each states. Yes, that's what 393 00:22:46.480 --> 00:22:49.799 it would mean. And there is no problem with having 394 00:22:50.039 --> 00:22:55.119 tety five separate taxes in the nation. If we have 395 00:22:55.200 --> 00:22:59.640 a hundred uy because you're doing your business in one location. 396 00:23:00.519 --> 00:23:03.319 You are doing business in one location. It doesn't matter 397 00:23:03.400 --> 00:23:06.680 if you cross state lines. If you are let's say 398 00:23:06.720 --> 00:23:09.559 you are CoA Cola and you do your business seven 399 00:23:09.599 --> 00:23:12.799 hundredth before local content areas, you are paying sales tax 400 00:23:13.279 --> 00:23:17.119 in those local government areas. That's where you're paying your 401 00:23:17.119 --> 00:23:19.720 sales tax. Are You will pay the sales tax at 402 00:23:19.720 --> 00:23:22.680 the point of sales. If it's a V eighty is 403 00:23:22.680 --> 00:23:27.079 the final consumer pain at the point of consumption. It 404 00:23:27.079 --> 00:23:30.799 doesn't matter if there's one tax rate or one hundred 405 00:23:30.839 --> 00:23:34.480 tax rates. Whoever is invoicing it is only going to 406 00:23:34.599 --> 00:23:37.200 use one tax rate. So the point is when you 407 00:23:37.240 --> 00:23:39.599 go to say Bauchi, they're not going to ask you 408 00:23:39.680 --> 00:23:42.559 are you from Bauchi? Are you from Abia? They're simply 409 00:23:42.599 --> 00:23:45.640 going to invoice you based on the location of that 410 00:23:45.759 --> 00:23:50.079 period machine in Bauci. So whether there's one hundred tax 411 00:23:50.119 --> 00:23:53.720 rate doesn't really matter. Where are you buying or where 412 00:23:53.759 --> 00:23:56.920 are you consuming? And let's go to the bigger point here, 413 00:23:56.920 --> 00:23:58.400 which I was going to get into. It figures that's 414 00:23:58.440 --> 00:24:00.559 there to ask those questions. Look at the bigger point. 415 00:24:01.480 --> 00:24:04.519 If you have an economy where you have state that 416 00:24:04.599 --> 00:24:08.440 have established advantages. If you look at Niger, you have 417 00:24:08.519 --> 00:24:11.599 the coast of Nigeria. All the states on the coast 418 00:24:11.599 --> 00:24:14.480 of NIGERA have an advantage because they can have parts. 419 00:24:14.839 --> 00:24:18.559 Dangote is building a port in state. So Ogun State 420 00:24:18.680 --> 00:24:20.640 in the next ten years is going to have a 421 00:24:20.759 --> 00:24:24.359 huge advantage, whether a state like Niger or a state 422 00:24:24.440 --> 00:24:28.119 like Yobe or like a boy that has no ports. 423 00:24:28.400 --> 00:24:30.079 So what you do is that if you are a 424 00:24:30.359 --> 00:24:34.119 born state, you want to build an economy to attract 425 00:24:34.200 --> 00:24:37.240 Dangote to come to your state. How do you attract Angot? 426 00:24:37.359 --> 00:24:39.440 You say, dangotis if you come to my state, I'll 427 00:24:39.480 --> 00:24:42.200 give you one percent taxes to pay. So my v 428 00:24:42.359 --> 00:24:45.599 eight will be one percent in a boi by peer 429 00:24:45.880 --> 00:24:49.400 p will be one perent in a Borieango is already 430 00:24:49.440 --> 00:24:53.519 paying five percent taxes in Ogon or Lego or whatever, 431 00:24:53.960 --> 00:24:58.319 so he will consider cyco factory in a Boie because 432 00:24:58.359 --> 00:25:01.960 his tax base will be that's the advantage you have. 433 00:25:03.000 --> 00:25:06.799 But the government stays everyone should have the same tax rate. 434 00:25:07.200 --> 00:25:09.839 I eat the same pay of five percent, the same 435 00:25:09.839 --> 00:25:14.039 corpet in contact with. Then there's no advantage that a 436 00:25:14.119 --> 00:25:16.640 Bornie can give dan Gote. Why would they go to 437 00:25:16.759 --> 00:25:19.839 go to a boy that has no part, that has 438 00:25:19.920 --> 00:25:22.839 no exources When he will play the same tax rate 439 00:25:22.880 --> 00:25:25.680 in Eboie and' be that he will also play In, 440 00:25:25.799 --> 00:25:29.119 legos he might as well stay In ogo states near 441 00:25:29.200 --> 00:25:33.599 his sports and pay the same. Fees so the taxes 442 00:25:33.680 --> 00:25:38.079 are supposed to be to the states and negotiating to 443 00:25:38.559 --> 00:25:38.920 to go. 444 00:25:39.160 --> 00:25:40.720 With to go talk to the. 445 00:25:41.240 --> 00:25:45.920 Manufacturers, listen if you come to my, STATE i am 446 00:25:46.039 --> 00:25:48.720 able to give you this incentive to come to my. 447 00:25:48.920 --> 00:25:51.720 State which is exactly what happened to The United. States 448 00:25:52.119 --> 00:25:56.200 you See california And texas And florida And New york 449 00:25:56.480 --> 00:26:00.319 fighting for. Companies the government of taxis used to go 450 00:26:00.400 --> 00:26:05.480 To california and literally Market american companies In california to 451 00:26:05.599 --> 00:26:09.920 come To. Texas enjoy low. Taxes, right that's the whole 452 00:26:09.960 --> 00:26:13.640 idea of what states are the laboratories of, economics so 453 00:26:13.759 --> 00:26:16.480 you can try all these. Ideas a state can. Stay 454 00:26:16.519 --> 00:26:19.519 we're going to have zero taxes for property tax and 455 00:26:19.680 --> 00:26:23.759 states that would attract companies Become Ogle state for, instance 456 00:26:23.839 --> 00:26:27.599 and say if you build property In Ogo, state will 457 00:26:27.640 --> 00:26:30.279 TAX u? Zero tallementary what you're trying to. Do they 458 00:26:30.319 --> 00:26:36.200 are trying to get the tenants In legos to come 459 00:26:36.279 --> 00:26:40.359 To Ogle state and build In ogon and not In, 460 00:26:40.480 --> 00:26:43.839 legos and that's where you have the. Connectivity you cannot 461 00:26:43.920 --> 00:26:48.160 have the same tax rates because it's a negative on 462 00:26:48.319 --> 00:26:52.680 the states that have no other attributes apart from. Taxation 463 00:26:53.720 --> 00:27:01.359 cyrus Hydaser, Pret i'm doing very, well so thanks For. 464 00:27:01.480 --> 00:27:05.200 Jenny i'll be talking about, taxes physical, federalism trying to 465 00:27:05.359 --> 00:27:08.839 link THE v eight number one to the structural. Issue 466 00:27:09.640 --> 00:27:12.319 we don't we don't really have this long temp because 467 00:27:12.319 --> 00:27:15.400 smoke can come tomorrow and SAY i won't change this out, 468 00:27:15.440 --> 00:27:17.920 tomorrow and then we lose out on that long term. 469 00:27:18.000 --> 00:27:21.400 Planning i'm try to link that INTO. V. Eighty the 470 00:27:21.480 --> 00:27:24.119 state competity doesn't know that what it takes. 471 00:27:24.160 --> 00:27:29.079 Time, Absolutely i've been listening since AND i completely agree 472 00:27:29.119 --> 00:27:33.440 with almost everything you, said because if there's anything that 473 00:27:33.640 --> 00:27:37.839 want the well with the, economy and if you ask 474 00:27:37.960 --> 00:27:41.240 my think that government or the leadership of our government 475 00:27:41.440 --> 00:27:42.559 are putting. 476 00:27:42.319 --> 00:27:43.400 The car before us. 477 00:27:45.519 --> 00:27:49.640 Reform thing and sometimes we just don't and try to 478 00:27:50.039 --> 00:27:53.640 just you, know well like say tweak, things but we 479 00:27:53.759 --> 00:27:55.200 are not looking at things from a bit of. 480 00:27:55.319 --> 00:27:57.640 Picture because if you really want to. 481 00:27:57.880 --> 00:28:02.279 Solve mandia economic, issue that kind of as that want 482 00:28:02.319 --> 00:28:02.440 to be. 483 00:28:02.519 --> 00:28:04.480 Exploring these are the kinds of. 484 00:28:04.599 --> 00:28:09.519 Issues and like you, said some state beginingship would be 485 00:28:10.000 --> 00:28:14.759 the taxation not only the eighty seven. 486 00:28:14.599 --> 00:28:18.000 Point five percent a court. Board the same thing goes 487 00:28:18.359 --> 00:28:19.000 with p. 488 00:28:20.440 --> 00:28:23.400 Right the same thing goes with, compacts which is which 489 00:28:23.440 --> 00:28:25.839 is taken by the Recommend the same thing goes with 490 00:28:26.079 --> 00:28:30.119 important state that in you, know call it importantly all 491 00:28:30.200 --> 00:28:34.480 across board as. Unified that one of the assumption that 492 00:28:34.640 --> 00:28:36.960 the cost of the businesses. 493 00:28:36.599 --> 00:28:39.880 In the state is, similar which is not the, case 494 00:28:40.799 --> 00:28:43.720 which is not the. Case even the complexion of. 495 00:28:44.319 --> 00:28:47.400 What is state has in terms of like call it 496 00:28:47.640 --> 00:28:49.359 in digital's advantage. 497 00:28:49.400 --> 00:28:51.200 Is different from what ural state as. 498 00:28:52.119 --> 00:28:55.960 Right if for, EXAMPLE i want to established in the 499 00:28:56.400 --> 00:28:59.640 less it is not east on the north. Section he 500 00:28:59.720 --> 00:29:04.720 has account for the risk management of insecurity as opposed 501 00:29:04.720 --> 00:29:07.319 to saying that you want to establish in legos or 502 00:29:07.400 --> 00:29:10.559 in other places that are not that are not exposed to. 503 00:29:10.599 --> 00:29:14.200 That kind of. Disadvantage so when have that kind of. 504 00:29:14.279 --> 00:29:21.319 SENIORITY i don't have anything that makes you into company 505 00:29:22.039 --> 00:29:26.599 charity to. Investors the PROBLEM i was. 506 00:29:26.839 --> 00:29:30.319 Reading the lis sent by world. Back i'm not astly work. 507 00:29:30.359 --> 00:29:33.319 Back we won't any place are spoken about. It the 508 00:29:33.599 --> 00:29:36.039 only five states In nidia are the only five state 509 00:29:36.599 --> 00:29:41.279 and SO i on the town WITH nal generator opening without. 510 00:29:41.039 --> 00:29:44.400 The pendence or monthly fat for a government. 511 00:29:45.480 --> 00:29:46.000 That is our. 512 00:29:46.680 --> 00:29:49.559 Bad you, know that is our you, know not only. 513 00:29:49.640 --> 00:29:53.039 Bad even those stadiums are not even they are just 514 00:29:53.240 --> 00:29:56.519 the pendent on whatever that's given to. Them some states 515 00:29:56.559 --> 00:30:00.160 almost that they won't even anything, internally but the so. 516 00:30:01.640 --> 00:30:04.359 And you be so personally still that you find it not. 517 00:30:04.440 --> 00:30:05.720 To because. 518 00:30:08.039 --> 00:30:12.359 For cyrus can can they can they? EVIL i mean 519 00:30:12.400 --> 00:30:14.440 we always here this issue where we stay the states 520 00:30:14.480 --> 00:30:17.279 can survive without on i G. R but the i 521 00:30:17.440 --> 00:30:20.359 G r is really tied back to crude. Oil it's 522 00:30:20.359 --> 00:30:23.079 still tied by one way or the. Other if you 523 00:30:23.160 --> 00:30:26.000 say doctor for, instance that's going to. STAY i G 524 00:30:26.160 --> 00:30:30.880 r is from crude. Oil so IF athinge happens to crude, 525 00:30:30.920 --> 00:30:34.079 oil Can delta state? SURVIVE i don't think they. Can 526 00:30:34.559 --> 00:30:37.880 so that argument that what would make it even seeing 527 00:30:37.920 --> 00:30:42.319 without the specification just the personally include oil those they 528 00:30:42.400 --> 00:30:45.480 HAVE I g IS I gr from any types of crude. 529 00:30:45.559 --> 00:30:49.200 Oil still just making a qualification. 530 00:30:50.279 --> 00:30:56.880 Absolutely even which could oil state. Speak and also without 531 00:30:56.920 --> 00:30:59.039 The fur, government without. 532 00:31:00.319 --> 00:31:03.480 Our, location so they don't ed anything. Personally if you 533 00:31:03.480 --> 00:31:07.880 look at this Like legos for, Example legos idea about 534 00:31:07.960 --> 00:31:11.279 sixty percent calls for the company indo attacks to be 535 00:31:12.160 --> 00:31:17.200 in which you said will lead to absolute about but 536 00:31:17.400 --> 00:31:20.839 a part time of which comes of good, tactics, right 537 00:31:21.279 --> 00:31:24.160 and all the others that it gets from within the 538 00:31:24.240 --> 00:31:25.960 state and things like that to. 539 00:31:26.119 --> 00:31:29.200 Get other you, know millions most motty like. 540 00:31:30.200 --> 00:31:35.160 Both but they can actually you, know still form certain 541 00:31:35.279 --> 00:31:40.359 potages Something i'm, naked certain things that if you compare this. 542 00:31:40.599 --> 00:31:43.000 Is it's LIKE i don't want to never. Sitable it's 543 00:31:43.359 --> 00:31:47.000 like you'll be h your big gets anything. 544 00:31:48.279 --> 00:31:48.440 That's. 545 00:31:48.519 --> 00:31:52.599 True it's all fuck fu fu. 546 00:31:52.799 --> 00:31:54.359 Fact so this, issue. 547 00:31:55.920 --> 00:31:59.799 So this issue of fiscal f until we, START i, 548 00:32:00.039 --> 00:32:01.920 said apocating for more. 549 00:32:01.880 --> 00:32:02.319 States in the. 550 00:32:02.400 --> 00:32:04.599 Country then you ask, Yourself. 551 00:32:04.279 --> 00:32:06.960 I'm in the state in a general is scally feasible 552 00:32:07.920 --> 00:32:09.480 in terms of the difference from. 553 00:32:09.440 --> 00:32:10.440 In the first, Place i'm in the. 554 00:32:10.480 --> 00:32:14.559 States you know have any kind of physical structure THAT 555 00:32:14.759 --> 00:32:17.599 i made them in a state. World now to to 556 00:32:18.079 --> 00:32:24.319 to to what you said about that fast they, SEE 557 00:32:24.400 --> 00:32:29.359 i think all your taxes that are collected locally within 558 00:32:29.440 --> 00:32:34.559 the state should be based on what the state economic, 559 00:32:34.720 --> 00:32:37.319 position economic, status and economic. 560 00:32:37.440 --> 00:32:40.759 Roots that is how you build an. 561 00:32:40.799 --> 00:32:42.720 Economy if you look at the. 562 00:32:42.720 --> 00:32:46.079 State Like, delaware they don't have anything. 563 00:32:45.759 --> 00:32:49.039 Start and you see all these state companies going there 564 00:32:49.119 --> 00:32:53.920 to build you to build their their companies because they 565 00:32:53.960 --> 00:32:57.880 could take advantage of that compared to other states that 566 00:32:58.079 --> 00:32:58.519 have those. 567 00:32:58.599 --> 00:33:01.960 Things so if you really want to see, us it 568 00:33:02.000 --> 00:33:03.400 should go beyond. 569 00:33:03.279 --> 00:33:08.960 Just sheerly formula and more about decentralizing the lays. Itself 570 00:33:10.200 --> 00:33:13.599 that would that would target our government. 571 00:33:13.279 --> 00:33:16.000 Themselves or our distate government and. STUFF i put your 572 00:33:16.160 --> 00:33:19.559 thing so THAT i feel like this is a very 573 00:33:19.640 --> 00:33:22.319 very important for that and it's so interesting that we 574 00:33:22.400 --> 00:33:26.000 don't even bring it to fall in more conversation because 575 00:33:26.079 --> 00:33:27.440 all we care about is how. 576 00:33:27.359 --> 00:33:28.279 Must my own state is. 577 00:33:28.319 --> 00:33:32.839 Getting that is where that's where we come from still. 578 00:33:32.880 --> 00:33:35.039 Getting that's what the fight was. 579 00:33:35.039 --> 00:33:37.200 About remembers be from. 580 00:33:37.079 --> 00:33:37.519 The bag. 581 00:33:39.039 --> 00:33:42.599 About the structure or the stative is a little. 582 00:33:42.720 --> 00:33:45.720 Great it's about how MUST i get at the end 583 00:33:45.720 --> 00:33:47.400 of the what is the potom? Like if it does 584 00:33:47.480 --> 00:33:50.079 not help me in getting more, money which are going 585 00:33:50.119 --> 00:33:54.160 to spend on SUVs and medical, Talkism i'm going to 586 00:33:54.200 --> 00:33:54.640 get taken. 587 00:33:54.680 --> 00:33:56.079 It so that is the. 588 00:33:56.440 --> 00:34:00.799 Conversation that's the point of commuture movements working just. 589 00:34:00.839 --> 00:34:03.119 To emphasise the point like MANY i grants forget That 590 00:34:03.279 --> 00:34:07.119 president's you know position this type from act as a 591 00:34:07.200 --> 00:34:10.920 way of it's what the derivation build derivation to take 592 00:34:11.360 --> 00:34:17.480 the what creates revenues away from sharing to. Derivation he 593 00:34:17.639 --> 00:34:22.400 proposed sixty of the eighty as. Derivision it was shut 594 00:34:22.480 --> 00:34:25.480 down WHEN i have, moved forgotten all about that because 595 00:34:25.920 --> 00:34:28.239 have gotten what they. Wanted come to sleep When i'm 596 00:34:28.280 --> 00:34:32.719 talking about the invadual This his real aim was to 597 00:34:33.039 --> 00:34:35.360 change the. Winner look at the government not as a 598 00:34:35.440 --> 00:34:37.840 guy that gives you, money but go and create your 599 00:34:37.880 --> 00:34:40.840 wealth and retain. That well sixty percent might thin that have. 600 00:34:41.000 --> 00:34:45.039 Passed might if the states were retaining sixty percent of their. 601 00:34:45.159 --> 00:34:48.519 Wealth and that would then mean that this LIKE biosa 602 00:34:49.199 --> 00:34:52.159 will then get triple or driple what they get right 603 00:34:52.280 --> 00:34:56.159 now from the oil. Companies good and. Bad But i'm 604 00:34:56.199 --> 00:34:58.119 of the view that if you get more money at 605 00:34:58.159 --> 00:35:02.679 the local, level you can hold go, faster then you 606 00:35:02.760 --> 00:35:05.719 can hold the Federal suppose don't go. Anywhere let's let's 607 00:35:05.760 --> 00:35:07.760 let's get more to. 608 00:35:07.840 --> 00:35:10.280 SPEAK i keep good, afternoon. 609 00:35:12.159 --> 00:35:14.400 And everybody on the, space thank you so. 610 00:35:14.559 --> 00:35:17.239 Much so first of, all we need to get this 611 00:35:18.119 --> 00:35:25.159 understanding plan like the governors should actually see themselves. Achieve executive, 612 00:35:25.159 --> 00:35:29.119 officer what the job of your job is to market 613 00:35:29.159 --> 00:35:34.280 to your. States there's no states that cannot generate derivation of. 614 00:35:34.519 --> 00:35:38.159 That if we're to even to, go if we're to 615 00:35:38.239 --> 00:35:41.679 say that a should not be shared at, all there's no. 616 00:35:41.840 --> 00:35:46.800 States i've been wondering why A niger states. 617 00:35:46.119 --> 00:35:51.440 Not to have be, refined you know in the. Locality 618 00:35:51.639 --> 00:35:54.199 nobody's stopping, there you. Know so. 619 00:35:55.800 --> 00:35:58.559 The idea behind is just for you to be getting 620 00:35:58.599 --> 00:36:02.159 a vative was make sure you'll be you can make. 621 00:36:02.199 --> 00:36:04.639 It you'll be has big expanse of. 622 00:36:04.719 --> 00:36:10.159 Flag your has the largest cattle, market so they can 623 00:36:10.320 --> 00:36:15.760 put and comparati to beef complete all this kind of 624 00:36:16.440 --> 00:36:18.400 consumption with the, stuff. 625 00:36:18.159 --> 00:36:20.119 You, know AND i get the. 626 00:36:20.599 --> 00:36:24.360 Office so there's a lot of things that can be, 627 00:36:24.480 --> 00:36:26.519 done but you have to think out of the. Box 628 00:36:26.559 --> 00:36:29.760 i'll give you another. Example, yeah, people some people and 629 00:36:30.039 --> 00:36:32.639 maybe those too. Much THEN i just said and a 630 00:36:32.760 --> 00:36:35.360 lo That i'm sure must have been one of the 631 00:36:35.400 --> 00:36:38.239 people that are going to rally the president that, okay 632 00:36:38.800 --> 00:36:40.440 let's stop just exporting share. 633 00:36:40.559 --> 00:36:45.840 Notes you, know let's refined to. Share but that's in 634 00:36:46.119 --> 00:36:48.760 our he was what did he? 635 00:36:48.880 --> 00:36:51.840 Do he brought in his, shape but the factory or 636 00:36:51.840 --> 00:36:54.440 the finality or they got that brought it. 637 00:36:54.599 --> 00:36:58.880 In and then if you can get your share as 638 00:36:59.119 --> 00:36:59.719 to be sent. 639 00:37:01.159 --> 00:37:01.800 Share not be. 640 00:37:02.239 --> 00:37:03.239 Production in the whole. 641 00:37:03.280 --> 00:37:06.599 World so you can refine your shame within. 642 00:37:06.480 --> 00:37:09.519 Your states and export it as a finished, product not 643 00:37:09.639 --> 00:37:12.519 as not as a romantil. 644 00:37:12.159 --> 00:37:13.360 Any other thing you, know you can't. 645 00:37:13.400 --> 00:37:16.880 Do, also there's every state has its own comparative, advantage 646 00:37:17.440 --> 00:37:21.000 but the governors have been mean to release it back 647 00:37:21.199 --> 00:37:23.920 and see the diversively the both. Economy we we just 648 00:37:24.119 --> 00:37:27.400 collect a location and share you go to go to 649 00:37:27.519 --> 00:37:28.599 the resale and go to this. 650 00:37:29.639 --> 00:37:31.559 Exposors of children there maybe in. 651 00:37:31.599 --> 00:37:34.320 The household and they keep the you, know so we 652 00:37:34.400 --> 00:37:38.280 should the gods would think. BEYOND i think you don't 653 00:37:38.400 --> 00:37:42.079 only think of. Now you, know one day we END 654 00:37:42.679 --> 00:37:45.400 i don't know how. NAGY i guess by that time 655 00:37:45.599 --> 00:37:49.119 oil maybe oil, ends or if oil doesn't and the 656 00:37:49.199 --> 00:37:53.360 world doesn't patronize anymore where school which who is running after? 657 00:37:53.519 --> 00:37:57.239 Cool you, know so they need to start thinking now 658 00:37:57.320 --> 00:37:59.400 and thinking that's not just for the. REASON i guess 659 00:37:59.480 --> 00:38:02.280 what at that time That i'm talking, OF i don't. 660 00:38:02.320 --> 00:38:05.559 Know no longer will be. Remium you maybe findia that. 661 00:38:05.679 --> 00:38:09.000 Time so now is the time to live in the 662 00:38:09.119 --> 00:38:11.880 world and get busy and a trouble the investment. 663 00:38:11.519 --> 00:38:13.039 When the president is GOING i keep. 664 00:38:13.000 --> 00:38:16.440 Saying, this don't sit down your states father along and 665 00:38:16.599 --> 00:38:20.199 good for. Businesses you can attract your states starts out 666 00:38:20.239 --> 00:38:23.000 to be. Legal don't sit. Down if we don't, know 667 00:38:23.199 --> 00:38:26.239 then investor you can talk to following the president anytime 668 00:38:26.679 --> 00:38:30.159 is going, broad going to going To brazil or those 669 00:38:30.679 --> 00:38:36.840 father Along blue for people in business will be the 670 00:38:37.239 --> 00:38:42.199 talk to them your states very well Well wells also 671 00:38:42.280 --> 00:38:45.880 made this. Point the state has all scored. Constantly the 672 00:38:46.000 --> 00:38:50.880 best STATES intel do In nigeria is good the. States 673 00:38:51.840 --> 00:38:54.199 The states has got the best numbers in terms of 674 00:38:54.280 --> 00:38:59.199 doing that means the, policies their guidelines high and get 675 00:38:59.320 --> 00:39:02.840 permit and at the best Of. Nigeria but again the 676 00:39:02.920 --> 00:39:06.039 government Of gombi has done THEIR i would then go 677 00:39:06.199 --> 00:39:09.559 to go To goumby if it's going to still pay five, 678 00:39:09.599 --> 00:39:13.840 PERCENT paye test percent P I t if it goes 679 00:39:13.880 --> 00:39:16.800 to any. Other so that's again when it Stays i've 680 00:39:16.840 --> 00:39:21.280 don't done. This the government is not incentivizing creativity or 681 00:39:21.360 --> 00:39:24.880 the state. Governors so is a big example crossing WHAT 682 00:39:24.880 --> 00:39:27.360 i means a big. Example if you go out and 683 00:39:27.440 --> 00:39:29.480 you try to change the economy of your, state you're 684 00:39:29.480 --> 00:39:32.199 actually taking a. Risk In, nigeria it's better to just 685 00:39:32.320 --> 00:39:35.800 sit down quietly and do the simple things like building 686 00:39:35.840 --> 00:39:38.079 a shop. Right you, know Cross over tried to build 687 00:39:38.119 --> 00:39:40.679 it in upper and they got. Burnt but the god 688 00:39:40.760 --> 00:39:43.360 does that built shop, right didn't get. Burnt and that's the. 689 00:39:44.039 --> 00:39:47.079 Fact the bad thing With nigeria that when you take 690 00:39:47.159 --> 00:39:49.960 that risk doesn't go with. You they don't support. You 691 00:39:50.599 --> 00:39:52.960 it penalize you for taking. Risk and that's why the 692 00:39:53.039 --> 00:39:59.880 country isn't growing in my. View, okay, bye thank. 693 00:39:59.760 --> 00:40:01.599 You thank you very. 694 00:40:01.679 --> 00:40:04.320 Much thank you me enjoying this. 695 00:40:04.360 --> 00:40:08.199 CONVERSATION i remember that. SOMETIMES i think three. 696 00:40:07.960 --> 00:40:11.679 Years ago there was a case in university and government 697 00:40:11.840 --> 00:40:15.880 and this beauty of. It SO i think part of 698 00:40:15.960 --> 00:40:20.800 the final judgment all the kiss that the stupid basically 699 00:40:21.559 --> 00:40:21.920 worn in. 700 00:40:22.039 --> 00:40:28.559 Courts that's. SETTING i don't, setting don't fulfill with them 701 00:40:29.000 --> 00:40:29.119 of this. 702 00:40:29.280 --> 00:40:35.960 Date SO i want to when in the constitution it is, Federal. 703 00:40:36.039 --> 00:40:37.360 No it's, not it's. 704 00:40:37.480 --> 00:40:39.639 NOT i think IF i recalled the judgment was that 705 00:40:40.079 --> 00:40:43.239 the courts agree that look at what the reversitis, Saying 706 00:40:43.280 --> 00:40:46.519 reversitis there's nowhere in the F i. R s laws 707 00:40:46.559 --> 00:40:48.800 that allowed them to collect the eighty and they're, right 708 00:40:48.880 --> 00:40:52.119 there's nowhere then in the fires laws that allowed them 709 00:40:52.159 --> 00:40:55.079 to collect be. Eighty so but when they did do 710 00:40:55.199 --> 00:40:57.280 they didn't go to. Court they actually saw they stopped. 711 00:40:57.320 --> 00:40:59.400 It he stopped the case and they were talking out 712 00:40:59.440 --> 00:41:04.039 of court the virus is just collector that that, was, 713 00:41:04.159 --> 00:41:06.679 yeah they will collect for you and they will. Share 714 00:41:06.719 --> 00:41:10.280 but the rivers, said there's nowhere in your act that's 715 00:41:10.519 --> 00:41:11.880 you can COLLECT v eighty. 716 00:41:11.840 --> 00:41:12.239 And do it. 717 00:41:12.400 --> 00:41:15.320 Right but the case sort of what paused and that's 718 00:41:15.360 --> 00:41:18.159 also when in the constume that, says THE v eighty 719 00:41:18.239 --> 00:41:21.280 is because they're by virus ahi from. Nowhere THE v 720 00:41:21.400 --> 00:41:24.920 eight is basically. There it's it's a it's a consumption, 721 00:41:25.159 --> 00:41:28.519 tax it's collected and it is shared that it's just 722 00:41:28.599 --> 00:41:31.360 a shame from that's by. Fact so it's not the. 723 00:41:31.440 --> 00:41:34.280 Consition it's not in countion just SAY. V eighty is, 724 00:41:34.320 --> 00:41:37.960 there but it's the fact that shared the shame from 725 00:41:38.079 --> 00:41:42.719 which is federal Fifty no federal ten states fifty lookal. 726 00:41:42.840 --> 00:41:49.280 Governments AM i saying fifteen fifteen that's how it's, done, 727 00:41:49.360 --> 00:41:53.559 right fifteen? Fifteen, yeah, JEEZ i can tell. 728 00:41:53.599 --> 00:41:57.159 You, yeah. 729 00:42:03.239 --> 00:42:07.639 It's not gonna go because if that case goes to 730 00:42:07.800 --> 00:42:10.840 judgments back, then you, know back then you of. It 731 00:42:11.039 --> 00:42:15.719 it was mister buhariy versus mister And wiki and of 732 00:42:15.800 --> 00:42:18.559 course Mister weik was interested in getting the revenues back 733 00:42:18.639 --> 00:42:21.639 to the, center but, sorry back to the state from the. 734 00:42:21.760 --> 00:42:26.000 Center now Miter wiki is in the, center so because 735 00:42:26.000 --> 00:42:29.159 it's interested in getting the revenues to the center away 736 00:42:29.199 --> 00:42:31.679 from the. State so he has sort of piped low 737 00:42:31.760 --> 00:42:34.079 on that and nothing's going to happen on back case 738 00:42:34.119 --> 00:42:36.199 because he's not going to bring that case up. Again 739 00:42:36.719 --> 00:42:40.400 Mister tinerbul is a strange. Person, NOW i know Mister 740 00:42:40.480 --> 00:42:43.400 tible wants the powers to go back to the regions 741 00:42:43.480 --> 00:42:46.079 and to the. States, well he's a, president so he 742 00:42:46.239 --> 00:42:49.960 needs the revenues today to stay in the center to 743 00:42:50.639 --> 00:42:53.159 help him accomplish most of his. Games BUT i know HIS, 744 00:42:53.400 --> 00:42:57.800 dna his. Deributionist he wants, powers physical powers to go 745 00:42:58.039 --> 00:43:00.840 back to the regions and. Stick SO i suspect before 746 00:43:00.880 --> 00:43:03.800 he leaves, office something will. Happen in terms of, that 747 00:43:04.320 --> 00:43:08.000 something will. Happen they're popping down on the tax. Reform 748 00:43:08.280 --> 00:43:10.039 maybe he looks on that. WAY i don't think living 749 00:43:10.039 --> 00:43:14.119 in office without making derivation a bigger. PUSH i, mean 750 00:43:14.159 --> 00:43:17.199 it doesn't make any. Sense look at the. LEGOS i 751 00:43:17.320 --> 00:43:20.079 saw a video the other day of the national state Only. 752 00:43:20.199 --> 00:43:24.960 Legos it's A pea. Style now that's an. Asset legos 753 00:43:25.039 --> 00:43:28.599 have that. Asset you go to The equali the federal 754 00:43:29.320 --> 00:43:31.800 comments IN nikoi no matter what we talk about the 755 00:43:31.960 --> 00:43:35.519 poses about those projects there In lego, States legos should 756 00:43:35.559 --> 00:43:38.960 get a special phone to take your federal. Assets because 757 00:43:39.000 --> 00:43:41.159 every want to go To lego. State but they get 758 00:43:41.559 --> 00:43:45.119 less money than say can cand of for local. Governments 759 00:43:45.519 --> 00:43:48.320 legos has about. Something so it's that's one to go To, 760 00:43:48.440 --> 00:43:53.039 legos but more responsible go To. Legos so vy if 761 00:43:53.079 --> 00:43:55.840 you if you the way it. Works IF i build 762 00:43:55.880 --> 00:43:59.119 the road AND i build a hotel state, GOVERNMENT i 763 00:43:59.239 --> 00:44:02.000 get more the if the road is, bad Like abbia 764 00:44:02.039 --> 00:44:05.239 still fixed that road On Protacot. Road when they fixed that, 765 00:44:05.440 --> 00:44:09.519 road there's more street on that, road there's more eity 766 00:44:09.679 --> 00:44:12.440 on that. Road so the incentive is that if you 767 00:44:12.559 --> 00:44:15.400 fix your road in the, state you're able to get more. 768 00:44:15.559 --> 00:44:18.280 Revenues that's the Whole, like that's why it consigns, us 769 00:44:18.639 --> 00:44:21.800 because the states want to get more, revenues so they 770 00:44:21.880 --> 00:44:24.159 fixed more. Roads but if you take away that power 771 00:44:24.280 --> 00:44:26.480 to retain that, viatin why would the states fix it 772 00:44:27.119 --> 00:44:30.159 fix the? Road apart from maybe getting social media, vibes 773 00:44:30.159 --> 00:44:32.760 why would the state fix the. Road there's no benefits 774 00:44:32.760 --> 00:44:34.519 from fixing the road in the. State that's Where i'm 775 00:44:34.559 --> 00:44:34.840 going to do. 776 00:44:35.039 --> 00:44:41.920 This oh go, Ahead. 777 00:44:43.280 --> 00:44:44.039 OH i didn't THINK i. 778 00:44:44.119 --> 00:44:48.039 WAS i was. Speaking, Yeah so WHAT i wanted to. 779 00:44:48.079 --> 00:44:53.280 Add, was let's us backed them the proposed by sharing 780 00:44:53.360 --> 00:44:54.400 that specific. 781 00:44:55.679 --> 00:44:59.559 The point most of the that we're, gating. 782 00:45:00.760 --> 00:45:04.440 We think we're using as there was that the exemptions 783 00:45:05.079 --> 00:45:08.719 that it so happened that the goods were the goods 784 00:45:08.760 --> 00:45:14.119 that they are efficient producing because they're producing in mass. 785 00:45:16.119 --> 00:45:16.519 Coming from. 786 00:45:16.599 --> 00:45:21.280 That so if they allow the derivations to, go they 787 00:45:21.320 --> 00:45:26.760 would best because they mostly would use advatual products and 788 00:45:26.880 --> 00:45:31.880 most and those types of products for a f on the. 789 00:45:31.920 --> 00:45:35.800 Exemptionalists so why would anybody want to allow into Person 790 00:45:36.840 --> 00:45:37.400 they know that. 791 00:45:38.000 --> 00:45:42.880 What they is not on the very fair, point very 792 00:45:43.000 --> 00:45:45.519 very very fair. Point so let's let's talk about. This 793 00:45:46.960 --> 00:45:53.239 let's say digestates makes what they, make, Right so, yes 794 00:45:53.360 --> 00:45:57.400 if you sell food is vert, three but the process 795 00:45:57.559 --> 00:46:00.280 of the cassaba is not that. Three the process so 796 00:46:00.320 --> 00:46:03.239 if you have a cassava processing plant In, niger the 797 00:46:03.360 --> 00:46:07.920 fuel that uses the either plant uses the additivity and 798 00:46:07.920 --> 00:46:10.320 are making are also NOT bat. Three the experts on 799 00:46:10.400 --> 00:46:13.360 that planet also NOT vat. Three so the raw food 800 00:46:13.400 --> 00:46:15.800 itself that you sell in the restaurant IS vat, three 801 00:46:16.199 --> 00:46:18.880 but the processing to get that food it's NOT vat. 802 00:46:18.920 --> 00:46:22.400 Three so exactly helping that he's, Saying, niger take if 803 00:46:22.440 --> 00:46:26.760 you make the cassava add value value added add value 804 00:46:26.840 --> 00:46:29.800 to the, cassava then charge v. Eighty you can charte 805 00:46:29.840 --> 00:46:32.000 vi eighty on the. Food but you can CHARGE be 806 00:46:32.079 --> 00:46:39.280 eighty on cassava flower on ethanol In, China, China nigeria 807 00:46:39.400 --> 00:46:43.679 nearly one billion dollar contract to supply casaba. Chips nia don't. 808 00:46:43.679 --> 00:46:50.639 Supply we couldn't supply. Vertiable so if big states leaves 809 00:46:50.760 --> 00:46:54.519 are mixed, ethanol it can sell and CHAT v eighty on. 810 00:46:54.639 --> 00:46:57.719 That it's only food that they said you cannot CHARGE 811 00:46:57.800 --> 00:47:00.639 v eighty on agricultural In puty as, well if you 812 00:47:00.760 --> 00:47:04.000 have the, value you can't charge your vty on. That 813 00:47:04.239 --> 00:47:06.280 there's so much you can make from. Food look at. 814 00:47:06.320 --> 00:47:12.239 Cattle you make more money from, cattle the, blood the, 815 00:47:12.840 --> 00:47:19.039 horn the, skin you, know the the hoofs than the meat. 816 00:47:19.079 --> 00:47:24.599 Itself that buttons, chemicals bod is, fertilized that the hoofs 817 00:47:24.679 --> 00:47:27.239 mets and like the hides and. Skin you can explore 818 00:47:27.239 --> 00:47:30.400 the hides and skin than just the meat. Itself so 819 00:47:30.480 --> 00:47:34.159 while the meat is, beaty you can't touch viity on food, 820 00:47:34.400 --> 00:47:36.440 mean but you can't charge bet on the on the 821 00:47:36.559 --> 00:47:38.960 on the place that you get on the, blood, blood 822 00:47:39.079 --> 00:47:42.480 meal and all. That so it's just his name is. 823 00:47:42.840 --> 00:47:45.880 Value you are the tax you tax when you add. 824 00:47:46.039 --> 00:47:48.639 Value so that's How i'll answer that to. 825 00:47:48.719 --> 00:47:54.119 Them an observation is that SOMETIMES i feel LIKE i 826 00:47:54.159 --> 00:47:58.000 feel like when we are having, discussions we are to be. 827 00:47:59.719 --> 00:48:02.679 How in how you USES i. 828 00:48:02.800 --> 00:48:08.440 Don't let me quickly that because at times you, say for, 829 00:48:08.519 --> 00:48:13.360 example customer is add value to it the WAY casa is. 830 00:48:13.440 --> 00:48:15.639 Consumed we need the amount of. 831 00:48:15.719 --> 00:48:16.400 Value you cannot do. 832 00:48:16.559 --> 00:48:19.559 It you consume cars will be processes to. 833 00:48:21.320 --> 00:48:23.960 That we or through from Where i'm. 834 00:48:24.000 --> 00:48:29.519 From and this is a lastly treated Before, Maco so, 835 00:48:30.480 --> 00:48:35.480 IUL i think there are restaurants that actually add that to, 836 00:48:36.079 --> 00:48:39.679 pas but most times we don't eat from suffers from 837 00:48:39.760 --> 00:48:42.559 service from service onans and those type of restaurants to 838 00:48:42.880 --> 00:48:47.400 be placed in seteen environments like legally legals of this, world. 839 00:48:47.280 --> 00:48:50.039 And so the. 840 00:48:51.519 --> 00:48:55.079 The specifics of poly adding value those this black exempt 841 00:48:56.440 --> 00:48:57.800 as we wish. 842 00:48:57.840 --> 00:49:02.920 To wh when we consume by from facts because. 843 00:49:02.719 --> 00:49:03.519 By processed to. 844 00:49:05.800 --> 00:49:06.880 Crucial we still meet. 845 00:49:07.079 --> 00:49:12.840 The mod really by fresh really not that easy to 846 00:49:13.599 --> 00:49:19.679 to to add value to these things and to off 847 00:49:20.360 --> 00:49:27.519 when we Because i've heard someone say station produce station investing, 848 00:49:27.599 --> 00:49:31.679 process but usually we can all testify that when it 849 00:49:31.719 --> 00:49:36.280 comes from the location of. Funds, REALLY i don't replacing 850 00:49:36.400 --> 00:49:43.320 that that it's not as that's. 851 00:49:41.480 --> 00:49:44.920 A, good that's a very. Good that's a very good. 852 00:49:44.960 --> 00:49:48.920 Point so let's go back to. Right let's be very very. Specific, 853 00:49:49.039 --> 00:49:55.840 now the largest produce of on The Planetteria, thailand also, 854 00:49:55.960 --> 00:50:01.239 mixed But thailand has got more. Processed they do about 855 00:50:01.360 --> 00:50:03.719 they're able to process that casaba and export. It because, 856 00:50:03.760 --> 00:50:06.960 cassa you can make high quality cassabad easy for. Medicine 857 00:50:06.960 --> 00:50:09.199 it's like sugar for the. Medicine you can do the 858 00:50:09.880 --> 00:50:14.000 eternal from cassava as few well for. CARDS i Just 859 00:50:14.440 --> 00:50:17.880 China King, NAJA i wanted to buy nearly beyonders cassava. 860 00:50:18.000 --> 00:50:21.639 Chips that do make me that. Contract the Point i'm 861 00:50:21.639 --> 00:50:24.559 making cassava if you take WHEN i know that after two, 862 00:50:24.639 --> 00:50:26.760 days it don't supports the dangerous to eat it out 863 00:50:26.760 --> 00:50:29.519 of two days they're process. It do you look at 864 00:50:29.559 --> 00:50:34.199 the mind. AREA i have a cassava processing factory because 865 00:50:34.239 --> 00:50:37.760 in my we make my largest proper my local went is. 866 00:50:37.800 --> 00:50:41.440 Cassava but there's no cassava processing factory in my local. 867 00:50:41.519 --> 00:50:43.320 Wentary and what they do is that they want the, 868 00:50:43.400 --> 00:50:46.719 canserver they bring it out of the, ground then they processed, 869 00:50:46.760 --> 00:50:49.760 It they, dry they fry and it comes, gary but 870 00:50:49.920 --> 00:50:52.320 that same cassava if you simply, panted they are this 871 00:50:52.480 --> 00:50:55.599 context From. Holland when you can putting at one end 872 00:50:55.679 --> 00:50:57.719 and you can do whatever you. Want what is high quality? 873 00:50:57.800 --> 00:51:00.559 Flower where is the eternal to give it to you 874 00:51:00.719 --> 00:51:03.639 from that? Continent if we have that in my local agreement, 875 00:51:03.760 --> 00:51:05.559 AREA i mean it's all those farmers will then have 876 00:51:05.679 --> 00:51:10.320 best all their casserver converted to high the cassal. FLOWER 877 00:51:10.639 --> 00:51:13.440 i get paid on the, spot whether it is neyra 878 00:51:13.719 --> 00:51:17.800 or BECAUSE i get exporting that cassava produced out To, 879 00:51:18.079 --> 00:51:21.920 china and that is. Vatibal it's not. Food it's an 880 00:51:21.960 --> 00:51:25.360 industrial statu or an industrial product that he's. Making there's 881 00:51:25.400 --> 00:51:28.719 a big plant in the natural word that does from 882 00:51:28.800 --> 00:51:31.079 this big food, COMPANY i forget their. Name they have 883 00:51:31.159 --> 00:51:34.280 a cassava. Plant there is vasiable there because it's not. 884 00:51:34.400 --> 00:51:37.760 Food they're exporting the start of the ethanol or whatever 885 00:51:37.840 --> 00:51:40.400 it is from. There that's the Point i'm. Making gary 886 00:51:40.760 --> 00:51:44.239 is from, cassava but eternnel is also from. Cassava so 887 00:51:44.719 --> 00:51:48.800 gary is a low quality out from, cassava which we eat, 888 00:51:48.800 --> 00:51:51.639 it but it's low quality. Right so the same way 889 00:51:51.679 --> 00:51:55.840 you can take that cow and you can eat the. Meat, 890 00:51:56.400 --> 00:51:58.760 fine you got to take that cow and take their 891 00:51:58.840 --> 00:52:01.880 hides and skins out To italian. SHOEMAKERS i make more 892 00:52:01.920 --> 00:52:04.000 money from those from the hides and. Skin you can 893 00:52:04.119 --> 00:52:06.480 sell the blood as blood. Meal you can sell the 894 00:52:06.760 --> 00:52:09.679 buttons the hoose and then runs as boom as the, 895 00:52:09.679 --> 00:52:13.880 buttons so it's more value ardph just take and just throw. 896 00:52:13.960 --> 00:52:17.280 Away that's the Point i'm, making. Right so if we 897 00:52:17.760 --> 00:52:20.320 bring these guys and know better the integrative, FAMILY i 898 00:52:20.320 --> 00:52:22.519 will tell you how you can integrate all this stuff 899 00:52:22.519 --> 00:52:26.000 and make more money from that same. Thing gary just 900 00:52:26.079 --> 00:52:31.280 can't Be. Gary that's two units to to. Limit that's 901 00:52:31.280 --> 00:52:34.360 What i'm GOING i phone to be. Macros reality is 902 00:52:35.079 --> 00:52:38.440 if you google online that you see The chinese order 903 00:52:38.519 --> 00:52:41.480 For i'm trying to find actial straight you see. 904 00:52:41.519 --> 00:52:45.400 That it MAKES. 905 00:52:48.079 --> 00:52:51.039 I want to get no information to. Speak if you, 906 00:52:51.159 --> 00:52:53.840 speak let me get no information and they want to 907 00:52:53.960 --> 00:52:55.760 go back to you. Guys if you don't mind no, 908 00:52:55.920 --> 00:53:02.679 information all the lights, hello go, ahead AND i just 909 00:53:02.760 --> 00:53:05.159 get a quick quickness said here kind of just want 910 00:53:05.199 --> 00:53:08.559 to be just want to, clarify need to clarify this for. 911 00:53:08.760 --> 00:53:12.360 Me is there still sales tax or sales tax REPLACE 912 00:53:12.480 --> 00:53:17.760 v eighty. V eighty other tax replaced the sales tax In. 913 00:53:17.920 --> 00:53:20.480 NINEGERIA i went towards passed way way back in two 914 00:53:20.559 --> 00:53:23.880 thousand and. Three some, STATES i Know lego states in, 915 00:53:24.039 --> 00:53:27.039 particular went to, court AND i Think Lego state. One 916 00:53:27.719 --> 00:53:31.079 so From Lego, states you see that you're inversee you're gonna, 917 00:53:31.119 --> 00:53:33.920 eat or you go to a, hotel you see it 918 00:53:34.079 --> 00:53:38.599 has sales tax on your. Seat So legos actually went 919 00:53:38.639 --> 00:53:41.159 to court AND i think they won that case that 920 00:53:41.320 --> 00:53:44.199 were allowed to. CHANGE i don't know if all other 921 00:53:44.360 --> 00:53:47.320 states are which if they want that, case that means 922 00:53:47.400 --> 00:53:47.960 other states. 923 00:53:48.079 --> 00:53:48.239 Can. 924 00:53:48.760 --> 00:53:52.119 So will it be double, taxation, yes but that's really 925 00:53:52.199 --> 00:53:55.960 how governments work. Anywhere you go to my fine federal 926 00:53:56.599 --> 00:53:58.840 state and even look at. Taxes but the point is 927 00:53:58.920 --> 00:54:03.360 we can't say because of that wouldn't allow the federal 928 00:54:03.480 --> 00:54:06.360 to say not just to, read but the collection of. 929 00:54:06.519 --> 00:54:09.719 TAXES i don't think it's. Right you can't empower the 930 00:54:09.840 --> 00:54:14.119 revelopments to do primary education and they don't give them 931 00:54:14.159 --> 00:54:17.280 the tax revenue to do. It something's going to suffer 932 00:54:17.360 --> 00:54:19.960 and it's going to be us in the. End just 933 00:54:20.039 --> 00:54:23.719 to clear that From, yeah that's, good. 934 00:54:25.599 --> 00:54:26.280 Little as a. 935 00:54:26.440 --> 00:54:30.840 Fight saint, stack AND i think other state like leivers 936 00:54:31.599 --> 00:54:34.679 orders like that's the kind of some state even consumption 937 00:54:34.920 --> 00:54:38.960 tax for some reason some state some taxi or like 938 00:54:39.159 --> 00:54:44.480 before if you use like loosely goos, hotel. 939 00:54:45.679 --> 00:54:48.119 If you restaurant for, example those kinds of things like 940 00:54:48.239 --> 00:54:49.960 depend on what you do in this. 941 00:54:50.039 --> 00:54:53.559 State they still find the way to, collect to, say 942 00:54:53.679 --> 00:54:58.519 stacks from, you you, know, locally including. That so if 943 00:54:58.559 --> 00:55:01.119 you take your in you'll see that they had some 944 00:55:01.239 --> 00:55:03.840 service started recollect from you that belongs to the, state 945 00:55:04.199 --> 00:55:07.199 and that one of, it one of the legals are 946 00:55:07.400 --> 00:55:10.920 affected in his own lookal and amisation of tax in 947 00:55:11.199 --> 00:55:15.880 ego TAXES I i said about there in the level 948 00:55:16.039 --> 00:55:21.599 of taxes and. Reform commercial motor is mostly so the 949 00:55:21.719 --> 00:55:29.239 day and that's a single point of multiple. Taxation there's 950 00:55:29.360 --> 00:55:34.920 this use this thing that we doing the time was 951 00:55:35.360 --> 00:55:39.039 going to different. Places AND i asked, him of course the, 952 00:55:39.239 --> 00:55:41.480 trader you, said one of the things that you want 953 00:55:41.559 --> 00:55:45.119 to do with the struct from is to unitas collection 954 00:55:45.760 --> 00:55:48.639 and to ensure that there is no news and taxes 955 00:55:48.960 --> 00:55:50.719 across state and local government. 956 00:55:51.280 --> 00:55:54.519 Board why that may between the. Books how do you 957 00:55:54.599 --> 00:55:59.079 intend to implement it? Locally because if you put. 958 00:55:59.079 --> 00:56:01.480 Your see your your. 959 00:56:02.880 --> 00:56:05.039 Your shop or YOUR i don't know if you polish 960 00:56:05.079 --> 00:56:08.480 your kiosk outside In, legos in the place In legos 961 00:56:08.920 --> 00:56:11.400 WHERE i am someone who come and meets you the 962 00:56:11.519 --> 00:56:15.760 nexsity and collectors from you if you're if a purpose, 963 00:56:15.920 --> 00:56:19.719 legals you put a post out there that meet you 964 00:56:19.800 --> 00:56:22.719 as you put, them you'll give you the chance station 965 00:56:23.159 --> 00:56:26.599 was increased in fact for the next two. Years that 966 00:56:26.800 --> 00:56:29.480 was that was the, opposer that was the only proposed 967 00:56:29.559 --> 00:56:33.239 that first verse don't increase to ten percent and fifteen 968 00:56:33.280 --> 00:56:36.039 percent in the next two years by twenty twenty seven. 969 00:56:36.519 --> 00:56:40.000 Eight SO i got asked, him how do you intend 970 00:56:40.079 --> 00:56:46.039 to implement locally those laws that you say these, guys 971 00:56:46.199 --> 00:56:51.000 because that has now, increased how do you intend to 972 00:56:51.239 --> 00:56:53.280 implement the? LORD i, say you can no longer collector 973 00:56:53.360 --> 00:56:56.000 from the market, women from the, traders. 974 00:56:55.639 --> 00:56:57.320 From the, motories from. 975 00:56:57.239 --> 00:56:59.000 The you, know local shop owners and. 976 00:56:59.119 --> 00:57:01.719 WHATNOT i didn't get the search for to you answer 977 00:57:01.800 --> 00:57:04.719 because you to do that or it went about me police, 978 00:57:04.719 --> 00:57:07.119 state right or if governments send in their army to 979 00:57:07.199 --> 00:57:10.119 go and stop people from collecting those tactics in. Government 980 00:57:10.400 --> 00:57:14.119 so it's a lot of cider system AND i think 981 00:57:14.159 --> 00:57:17.079 the only way to solve, it like you, said is 982 00:57:17.159 --> 00:57:20.239 to give back the power of tax, collection art collection 983 00:57:20.519 --> 00:57:22.840 and other tax collection back to the. 984 00:57:22.840 --> 00:57:24.239 States so they can regulate their. 985 00:57:24.199 --> 00:57:28.199 Own tax system and as they see fit in their own. 986 00:57:28.280 --> 00:57:34.639 State every state have different economic activity that drive different economic, 987 00:57:34.760 --> 00:57:40.039 demands different, insective different, climate and the state themselves can 988 00:57:40.159 --> 00:57:42.840 decide with the local. Governments this is how we're going 989 00:57:42.920 --> 00:57:45.880 to administer this tax as need to affect our. People 990 00:57:46.400 --> 00:57:49.679 even if that we're talking about about thirty percent of 991 00:57:49.800 --> 00:57:55.000 the verts come from importanct, right so others come from 992 00:57:55.119 --> 00:57:56.760 like manufacturing and finance and other. 993 00:57:56.840 --> 00:58:00.199 Places communications and about they. 994 00:58:00.239 --> 00:58:04.079 Use chunk of comes from important fact itself and that 995 00:58:04.239 --> 00:58:06.119 important vert of cause they say loss to the further 996 00:58:06.239 --> 00:58:07.880 government and some stage. 997 00:58:07.639 --> 00:58:09.440 Do not have the power to administer. 998 00:58:09.599 --> 00:58:15.159 Improvert so how then do you regular regularize this thing 999 00:58:15.480 --> 00:58:16.760 to make sense in? 1000 00:58:16.960 --> 00:58:19.760 Practice AND i think they reform. ITSELF i don't want 1001 00:58:19.800 --> 00:58:22.000 to just credit what they've done that that's one of my. 1002 00:58:22.599 --> 00:58:25.920 Objectiviator do not talk to some of these things in 1003 00:58:26.119 --> 00:58:30.159 terms of practical way to solve these, issues BECAUSE i 1004 00:58:30.639 --> 00:58:34.559 believe strongly that after this reform is implemented and imposed 1005 00:58:35.039 --> 00:58:37.480 in twenty tis. 1006 00:58:37.880 --> 00:58:39.440 All these, men all the state. 1007 00:58:39.519 --> 00:58:42.280 Autos look at actors who still come and be collecting 1008 00:58:42.400 --> 00:58:43.719 market taxes. 1009 00:58:43.320 --> 00:58:45.599 From market to. Men there's the market to man. 1010 00:58:45.559 --> 00:58:50.639 Because are per day seven see seven taxes for different 1011 00:58:50.679 --> 00:58:52.280 reasons to these local. 1012 00:58:52.360 --> 00:58:54.039 Players and what is talking about? 1013 00:58:54.079 --> 00:58:58.119 THAT i, MEAN i, mean you're you're, Right and this 1014 00:58:58.239 --> 00:59:00.239 goes to the really to the heart of this. Question 1015 00:59:00.639 --> 00:59:03.000 this is the real heart of, discussion because what has 1016 00:59:03.119 --> 00:59:06.119 happened that the federal government wants to take over the 1017 00:59:06.320 --> 00:59:10.239 taxing powers of state and local, government which is. Wrong 1018 00:59:11.159 --> 00:59:14.079 so there's the Point i'm. Making you cannot go and 1019 00:59:14.239 --> 00:59:18.079 say we're going to scrap sales tax and then we're 1020 00:59:18.079 --> 00:59:20.280 going to DO v. EIGHTY i don't think the fragment 1021 00:59:20.400 --> 00:59:22.360 had that. Power that's why the military did, it because 1022 00:59:22.440 --> 00:59:25.440 was the. Military it was today That i've gone to 1023 00:59:25.559 --> 00:59:28.079 court and stopped. IT i don't like how pensions In. 1024 00:59:28.199 --> 00:59:31.119 Nigeria the federal government does, pension but it couldn't go 1025 00:59:31.199 --> 00:59:34.760 as crap state, pensions he. Said pragament, Says, okay we're 1026 00:59:34.800 --> 00:59:37.159 going to give a guideline and you can join and 1027 00:59:37.199 --> 00:59:40.360 if you jump from the federal stock, market if you 1028 00:59:40.519 --> 00:59:42.440 join as a, state exact same. 1029 00:59:42.519 --> 00:59:42.639 Thing. 1030 00:59:43.239 --> 00:59:46.840 Go let's let's be, practical like. Mister as you're, practical 1031 00:59:47.239 --> 00:59:49.599 then go to where to sell up is refined organ. 1032 00:59:49.639 --> 00:59:51.840 State this refining legals what's going to be an no good? 1033 00:59:51.880 --> 00:59:54.960 State AND i hear it gave him lots of things to, 1034 00:59:55.079 --> 00:59:58.320 pay pay this pay, vat he pay copy tax pay. 1035 00:59:58.400 --> 01:00:01.880 Line that's ONLY i, say run To legos And legos 1036 01:00:01.920 --> 01:00:05.280 smartly adopted him and send him to their free free trade. 1037 01:00:05.360 --> 01:00:07.800 Zone and he put his refining the free trade. Zone 1038 01:00:07.840 --> 01:00:10.639 now he's. There now that's calling him. Back he's going 1039 01:00:10.719 --> 01:00:14.480 to do it a port next door In Logo. State, 1040 01:00:15.559 --> 01:00:17.679 neah he's refining almost the. Same po're going to bring 1041 01:00:17.760 --> 01:00:19.280 the stuff there and take our stock to the. Port 1042 01:00:19.840 --> 01:00:24.519 but that's the Points i'm. Making if it was just 1043 01:00:24.880 --> 01:00:27.920 one tax, system he would have to stayed In Logal 1044 01:00:28.000 --> 01:00:30.719 state because there was not A lego state would have 1045 01:00:30.719 --> 01:00:33.239 be able to give. Him but Because legos was able 1046 01:00:33.280 --> 01:00:35.920 to give him a lower lower cost of starting, up 1047 01:00:35.960 --> 01:00:38.840 he ran To Lego. State and that's the point. Again 1048 01:00:39.000 --> 01:00:40.800 so when you go to your, question if you didn't 1049 01:00:40.840 --> 01:00:42.719 go and SAY i MEAN i heard, THAT i will 1050 01:00:42.760 --> 01:00:45.159 say that one way he was going to stop the 1051 01:00:45.320 --> 01:00:47.000 guys on the road and those guys that can look 1052 01:00:47.000 --> 01:00:48.880 out the boys cutting money from me on the. Road he, 1053 01:00:48.960 --> 01:00:52.320 said when they ask you to, pay go ahead and. 1054 01:00:52.519 --> 01:00:56.760 Pay collect the receipts from the local. Government then bring 1055 01:00:56.880 --> 01:00:59.360 it to a nice dry revenue service office that that's 1056 01:00:59.440 --> 01:01:01.719 this is that you paid the better they went to 1057 01:01:01.840 --> 01:01:05.800 refund you that, state that's the. State then it would 1058 01:01:05.800 --> 01:01:08.920 then debit the state account When niger avenue. Service so 1059 01:01:09.000 --> 01:01:11.400 that way they still now know that where their boys 1060 01:01:11.519 --> 01:01:14.039 collect money from you on the, road they're going to 1061 01:01:14.159 --> 01:01:17.199 look to the deduction from the. Center it sounds. Nice 1062 01:01:17.280 --> 01:01:19.440 it sounds, nice but like you, said would have been 1063 01:01:19.559 --> 01:01:22.239 easier to seek to, say, hey stay we pass in. 1064 01:01:22.679 --> 01:01:26.119 VAT i want you guys to produce your. Taxes if 1065 01:01:26.159 --> 01:01:28.239 you don't rease your, taxes nobody will do in your. 1066 01:01:28.239 --> 01:01:33.039 State business will cut your, State that's the. Truth if 1067 01:01:33.079 --> 01:01:37.079 your state is not business, friendly nobody will go. There, 1068 01:01:37.760 --> 01:01:40.159 now everybody of course will want dangers to constead of 1069 01:01:40.199 --> 01:01:42.480 the company in their state because they've seen what the 1070 01:01:42.559 --> 01:01:45.039 refinery can. Do if then when it goes to their 1071 01:01:45.159 --> 01:01:47.079 SAYS i want to do the new, refinery you will 1072 01:01:47.079 --> 01:01:49.599 see State god knows coming to him to market him 1073 01:01:49.639 --> 01:01:52.559 to come to their. State why Because legos that way 1074 01:01:52.559 --> 01:01:55.960 they same with The, legos the deepsy parties or piece By. 1075 01:01:56.039 --> 01:01:59.280 Legos it's built by these guys From. Singapore but they 1076 01:01:59.360 --> 01:02:01.320 went To lego and they're gonna Get, okay we'll give 1077 01:02:01.320 --> 01:02:03.199 you to the persent equity want to build a, port 1078 01:02:04.400 --> 01:02:06.519 the same thing because the state has put on yourself 1079 01:02:06.840 --> 01:02:09.360 with their laws to state we are able to negotiate 1080 01:02:09.440 --> 01:02:12.920 this big transitions with the stake and do the. DEALS 1081 01:02:13.079 --> 01:02:16.480 A quibum has more money quote unquote And legos and 1082 01:02:16.639 --> 01:02:20.480 they have their natural harbor in That quibum try to 1083 01:02:20.559 --> 01:02:22.840 deep sea and in the best of that deep sea 1084 01:02:22.920 --> 01:02:26.199 port in A quibum, state But legos have so again 1085 01:02:26.239 --> 01:02:28.840 it's back to laws and policies and little say high 1086 01:02:28.960 --> 01:02:32.639 tax state literally the high tax. State so any state 1087 01:02:32.719 --> 01:02:36.880 that come says Like ugoon and Says i'm in low 1088 01:02:37.079 --> 01:02:41.119 cost Or, legos they will Take legos breakfast money even at. 1089 01:02:41.199 --> 01:02:43.760 Night and that's how we need this taxing to be 1090 01:02:43.960 --> 01:02:48.440 very flexible and Just legos want. Simple the. North if 1091 01:02:48.519 --> 01:02:51.039 you have a low tax base because you are friendly 1092 01:02:51.119 --> 01:02:54.199 lower V, etavi it it goes to fifteen and you say, 1093 01:02:54.239 --> 01:02:57.559 no my this is going to be then more complicability 1094 01:02:57.599 --> 01:03:00.440 your state to do manufacturing plants in your state because 1095 01:03:00.719 --> 01:03:03.840 avoid that tax. Burden but if you make it all, 1096 01:03:04.000 --> 01:03:06.599 uniform why WOULD i go to your states When i'm 1097 01:03:06.599 --> 01:03:08.960 going to pay the same rates in legos and these 1098 01:03:09.000 --> 01:03:11.880 negos would give me access to the. Ports and that's 1099 01:03:11.920 --> 01:03:16.000 why Stay god does not thinking spetifically UNIFIED. V eighty 1100 01:03:16.679 --> 01:03:20.320 that is shared is a tax and a burden on 1101 01:03:20.480 --> 01:03:24.519 the smaller non developed. States you cannot be changed to 1102 01:03:24.559 --> 01:03:28.960 save the eighty that legs. Charge you're shooting yourself in the. 1103 01:03:29.039 --> 01:03:32.320 Foot activists in, mano you've got the, floor sple go. 1104 01:03:32.320 --> 01:03:44.280 Ahead if you've got the, floor some when your hands 1105 01:03:44.360 --> 01:03:44.960 upause you want. 1106 01:03:44.840 --> 01:03:48.679 To thinking as you move? On yeah, yeah. 1107 01:03:49.480 --> 01:03:57.800 Yeah so What i'm thinking is That, coulo the couloutions giving. 1108 01:04:00.039 --> 01:04:01.639 Imagine legal became the. 1109 01:04:04.000 --> 01:04:08.800 Fatastic you take yours to zero or it will give 1110 01:04:08.920 --> 01:04:12.119 give give a negative. Verbs if the state comes to your, 1111 01:04:12.159 --> 01:04:14.079 place you pay them to come to your. States what 1112 01:04:14.320 --> 01:04:15.400 is what are states In america? 1113 01:04:15.559 --> 01:04:15.719 Doing? 1114 01:04:16.639 --> 01:04:20.360 Google google announced In america years ago that we're going 1115 01:04:20.440 --> 01:04:23.880 to put up a that'ta center In america all the 1116 01:04:23.960 --> 01:04:26.480 states that. Company there was a town In america that 1117 01:04:26.679 --> 01:04:30.360 changed their name To Google google to come to their 1118 01:04:30.480 --> 01:04:34.639 do they change their Name google? It the town changed 1119 01:04:34.679 --> 01:04:38.880 their name To google to attract to their. States so 1120 01:04:39.039 --> 01:04:40.960 if they're gonna say go to two, percent you need 1121 01:04:41.639 --> 01:04:43.920 companies to come to Your there was a banking that 1122 01:04:44.360 --> 01:04:47.639 was paying people, interest not charging. Interest they were paying 1123 01:04:47.719 --> 01:04:50.199 you interest when you take a due transgrol with. Them 1124 01:04:50.480 --> 01:04:55.320 that Was Goden Express. Bank yeah it's failed, now but 1125 01:04:55.440 --> 01:04:57.920 they were paying because they were trying to compete and. 1126 01:04:58.039 --> 01:05:00.639 Breakout so if you're in a small, state if you're 1127 01:05:00.679 --> 01:05:04.119 understand like a, bowie you have no, ports you have no, 1128 01:05:04.360 --> 01:05:07.639 power you have no, railway you have notional, airport you have, 1129 01:05:07.800 --> 01:05:10.320 nothing and you are competing with, legos how do you? 1130 01:05:10.440 --> 01:05:13.280 Compete to simply tell, businessmen if you, count you were 1131 01:05:13.400 --> 01:05:17.000 going ten, years NO v eighty ten, years no, pay ten, 1132 01:05:17.079 --> 01:05:20.559 years no No palgram. Nothing So i'm gonna, Ask, okay 1133 01:05:20.559 --> 01:05:23.000 if they, come how will they make? Money would they rent? 1134 01:05:23.079 --> 01:05:25.960 Homes their rent homes are. Big won't they pay for? 1135 01:05:26.119 --> 01:05:28.800 Water would they buy? Food that's why you then charge 1136 01:05:28.840 --> 01:05:32.119 YOUR v eighty on the peripheral activities that they. 1137 01:05:32.079 --> 01:05:32.599 Are that they're. 1138 01:05:32.639 --> 01:05:34.440 Doing, now if there are more people coming to a 1139 01:05:34.519 --> 01:05:37.119 point in state what. Happens airlines will not find fly 1140 01:05:37.280 --> 01:05:40.440 to a, boy right to be more manufacturing a boy 1141 01:05:40.559 --> 01:05:42.320 to take care of the new market and the. Boy 1142 01:05:42.800 --> 01:05:45.159 but that's how you have to think of. It it's 1143 01:05:45.199 --> 01:05:46.760 not going to be a four year, plan but an 1144 01:05:46.800 --> 01:05:50.400 eight year. Plan you know one thing once AND i 1145 01:05:50.559 --> 01:05:52.559 always go back To. Legos the thing With legos that 1146 01:05:53.440 --> 01:05:57.320 you can see the progression in their. PLANNING i remember 1147 01:05:57.360 --> 01:06:02.800 When blatmobo brought In enron to build to do power In. 1148 01:06:02.920 --> 01:06:06.280 Legos everyone Bad. Legs why didn't He will he do? 1149 01:06:06.360 --> 01:06:11.119 It the federal government told him that any power that 1150 01:06:11.400 --> 01:06:14.239 everyone will Get legos will first have to go to 1151 01:06:14.320 --> 01:06:18.760 the national grade then be. Shared they won't come out To, 1152 01:06:18.840 --> 01:06:21.760 legos So legos, said will have done the donkey work 1153 01:06:21.840 --> 01:06:25.719 of bringing An enron back To. Legos they bar then 1154 01:06:25.840 --> 01:06:29.039 produce power on the coast Of, legos but that power 1155 01:06:29.039 --> 01:06:32.519 will first all go to national, grid maybe go to a, 1156 01:06:32.679 --> 01:06:35.639 boring go To, kirra go to, neither then to come To. 1157 01:06:35.760 --> 01:06:37.920 Legals it doesn't make any. Sense so of COURSE i 1158 01:06:38.000 --> 01:06:41.320 told you went, away and that's what's. Happened this is 1159 01:06:41.360 --> 01:06:46.079 important making if you have tax laws that do not 1160 01:06:46.519 --> 01:06:50.280 encourage growth and, development but only focus on Ig you 1161 01:06:50.440 --> 01:06:51.239 really can't. 1162 01:06:51.079 --> 01:06:51.960 Help to meet the. 1163 01:06:52.079 --> 01:06:56.480 Growth you can act stinct to you that you, said 1164 01:06:56.480 --> 01:06:59.760 they'll say face to look at, government area face. Government 1165 01:07:00.079 --> 01:07:04.679 CAN i task my one or five? Percent Then, ida 1166 01:07:05.320 --> 01:07:06.639 what are THE productmic and tax? 1167 01:07:06.719 --> 01:07:09.440 Companies? Yeah? 1168 01:07:09.440 --> 01:07:10.760 Okay for are you a same? 1169 01:07:10.840 --> 01:07:11.159 Picture? 1170 01:07:12.800 --> 01:07:15.199 Yeah is funiny? Works? 1171 01:07:16.280 --> 01:07:16.400 Uh? 1172 01:07:19.840 --> 01:07:23.880 Yes also for still governments if it becomes. 1173 01:07:25.679 --> 01:07:27.519 Or that cost each other where. 1174 01:07:27.480 --> 01:07:28.039 They get money. 1175 01:07:28.079 --> 01:07:29.960 FOR i, mean it's the same way you use. 1176 01:07:30.119 --> 01:07:33.039 Salaries so look look at. 1177 01:07:32.920 --> 01:07:35.159 It in terms of. DAY i hear. You that's a 1178 01:07:35.199 --> 01:07:39.280 good question because you're saying this became called a loss. 1179 01:07:39.440 --> 01:07:44.280 Leader the most important. Thing it's called market, share not. 1180 01:07:44.480 --> 01:07:49.119 Profit market share is more. Nonprofit let me ask you a. 1181 01:07:49.239 --> 01:07:52.360 Question if you Were Lego, states would you take a 1182 01:07:52.559 --> 01:07:57.280 ten year zero income on ANYTHING dan go to refinery 1183 01:07:57.679 --> 01:08:00.800 FOR dot come to. Legostics would you accept as the 1184 01:08:00.840 --> 01:08:03.639 governors for the next ten years That god will pay 1185 01:08:03.679 --> 01:08:07.199 you zero but the final comes To. Legos we have 1186 01:08:07.280 --> 01:08:09.159 said yes or, no that deal came to your. Table. 1187 01:08:09.360 --> 01:08:14.400 Governor what you have said you know you're saying it's 1188 01:08:14.400 --> 01:08:16.399 because you know and in the next ten, years what 1189 01:08:16.560 --> 01:08:20.239 you're going to get from having that that's a factory 1190 01:08:20.319 --> 01:08:23.600 In legos will make up for make up for what 1191 01:08:23.680 --> 01:08:26.239 you're going to. Lose so, yes it's still got to be. 1192 01:08:26.319 --> 01:08:29.920 Strategic you've got eighty years as the. Governor maybe for eighty. 1193 01:08:29.960 --> 01:08:34.199 Years and while we go Back legos, again While legos 1194 01:08:34.279 --> 01:08:37.279 have seemingly seemed to, progress even look At Uguan. State 1195 01:08:37.359 --> 01:08:42.279 Augan state has a better economic argument because there is 1196 01:08:42.359 --> 01:08:46.760 a cheaper alternative To. Legos but why Has Augan state 1197 01:08:46.840 --> 01:08:50.079 not develooked the Way legs has developed because they had 1198 01:08:50.159 --> 01:08:54.840 this sixteen or twenty four years of the same government in. 1199 01:08:54.920 --> 01:08:58.640 Power you go handle over to his successful, fashion this 1200 01:08:59.000 --> 01:09:02.279 fact that all speak. Biting let's let's be clear. Here 1201 01:09:03.079 --> 01:09:06.079 and the other guy was picked biting but has been 1202 01:09:06.159 --> 01:09:10.079 run as A legos since nineteen next. Nine and because 1203 01:09:10.119 --> 01:09:14.119 he has done, that it's the same, policy the same, 1204 01:09:14.239 --> 01:09:17.680 program the same agena as what they are basically doing going. 1205 01:09:17.760 --> 01:09:21.960 Down so what they're looking legosok at four years or eight, 1206 01:09:22.119 --> 01:09:25.399 years they look that plant like The chinese have Planned, 1207 01:09:25.479 --> 01:09:28.439 legals they're looking long. Term the blue, Line this blue 1208 01:09:28.479 --> 01:09:30.520 Line legals has blue. Line read when they said that 1209 01:09:30.600 --> 01:09:32.600 blue line red line a long time, ago that was 1210 01:09:32.720 --> 01:09:36.640 metro line with lative jack on day and it stopped 1211 01:09:36.680 --> 01:09:38.880 all dative jack on. Day and when they started wanting 1212 01:09:38.880 --> 01:09:41.479 to do it, again they run into THE plp issue 1213 01:09:41.479 --> 01:09:43.880 where they said the real lines were actually owned by 1214 01:09:43.880 --> 01:09:47.720 the federal government combinating back then it was when Yeah 1215 01:09:47.800 --> 01:09:51.000 adua Came, YEAH i, said, yeah we will be built 1216 01:09:51.079 --> 01:09:53.960 right away for the real. Lines even the L likely 1217 01:09:54.039 --> 01:09:56.600 bridges In, legos The lucky bridge that Connects lucky and, 1218 01:09:56.680 --> 01:09:59.680 equally they couldn't have done with that federal government approved 1219 01:10:00.079 --> 01:10:02.319 government that said, yes you can have right off to 1220 01:10:02.479 --> 01:10:05.640 land the bridge on our side of them and all. 1221 01:10:05.680 --> 01:10:10.359 That so this consistency in government is a big advantage for, 1222 01:10:10.479 --> 01:10:13.880 them big advantage that they can plan for eight. Sixteen 1223 01:10:13.920 --> 01:10:15.760 because if you come and tell me you said your 1224 01:10:15.760 --> 01:10:18.239 answered here to that question About dangote coming to your 1225 01:10:18.279 --> 01:10:21.840 say for ten. Years, honestly if you tell the Government 1226 01:10:22.279 --> 01:10:25.800 flint That dangote will, come will not make revenues for ten. 1227 01:10:26.000 --> 01:10:28.960 Years so he will be, governor he will make, revenue 1228 01:10:29.000 --> 01:10:31.119 but the next governor make. Revenue manly don't, know say you, 1229 01:10:31.239 --> 01:10:34.840 know because they also want to. Shine they don't want 1230 01:10:35.159 --> 01:10:36.159 the Next you're. 1231 01:10:36.199 --> 01:10:36.840 Lacking but that is the. 1232 01:10:36.920 --> 01:10:39.560 Truth how many people will SAY i will do the 1233 01:10:39.640 --> 01:10:43.840 donkey walk land dang go to. Refinely then my successful 1234 01:10:43.960 --> 01:10:47.039 after eighteens will shine with the. Revenues that's what they will. Say, 1235 01:10:47.920 --> 01:10:51.119 no if you can't do four, years don't. Come and 1236 01:10:51.279 --> 01:10:54.680 that's what's Happened. Nigeria we don't think in terms of 1237 01:10:54.800 --> 01:10:58.920 the long. Term if you're To, pennsylvania where are you? 1238 01:10:59.199 --> 01:11:03.039 Governor for you A Democrat, republicans it's still the same economic. 1239 01:11:03.039 --> 01:11:05.439 Plan you're the same With New york think we text 1240 01:11:05.479 --> 01:11:07.880 ares same with you, know but here is the wills 1241 01:11:08.000 --> 01:11:10.760 and caps of the guy in the seat at the 1242 01:11:10.840 --> 01:11:14.479 moment that's a big fight away were feeling and now 1243 01:11:14.560 --> 01:11:18.840 the how are you doing and how are you? Doing 1244 01:11:18.960 --> 01:11:19.960 thank you very, well. 1245 01:11:20.039 --> 01:11:21.840 Sir it's a very interesting. 1246 01:11:21.920 --> 01:11:27.800 Discussion just a quick point regarding your thinking on states, 1247 01:11:27.880 --> 01:11:31.840 competing and the gentleman made a good, point, well you, 1248 01:11:31.920 --> 01:11:33.720 know how do you compete with legal state for? 1249 01:11:33.760 --> 01:11:35.680 Instance and you, say, well did you take your down to? 1250 01:11:35.800 --> 01:11:38.479 Zero and so there's a few implicit assumptions right, that, 1251 01:11:38.680 --> 01:11:41.199 yes you're saying that there are other ancilliary ways you 1252 01:11:41.239 --> 01:11:45.640 can correct revenue and spark economic, activity et, cetera make 1253 01:11:45.720 --> 01:11:49.720 up your potential revenues that, way and you often you 1254 01:11:49.840 --> 01:11:54.479 often Reference american markets and so, On so isn't there 1255 01:11:54.600 --> 01:11:59.319 a lot of IMPLICIT i guess my question is around 1256 01:11:59.399 --> 01:12:02.359 this notion that states should be. Competing what are you 1257 01:12:02.439 --> 01:12:06.079 taken into consideration the stage of economic Development nigeria is 1258 01:12:06.119 --> 01:12:10.439 In nigerian states are. In it's you, know you have 1259 01:12:10.600 --> 01:12:13.840 to have a kind of level playing field or a 1260 01:12:14.000 --> 01:12:16.840 starting playing field able to can start. 1261 01:12:17.439 --> 01:12:20.279 Effectively i'm not entirely sure that we should be. 1262 01:12:20.359 --> 01:12:23.760 Competing there's something that needs to happen before you even 1263 01:12:23.840 --> 01:12:26.279 start saying that states needs to. Compete, so for, INSTANCE 1264 01:12:26.680 --> 01:12:29.920 i feel like cooperation and nationalization or certain resources and 1265 01:12:30.079 --> 01:12:33.439 assets makes sense given the stage of economic development where 1266 01:12:33.479 --> 01:12:37.000 we're in some of the Poorer nigerian, states given the 1267 01:12:37.119 --> 01:12:41.720 responsibilities of the state's, healthcare, education et. Cetera you, Know 1268 01:12:42.199 --> 01:12:45.520 i'm not sure competition between states is the best, way 1269 01:12:45.800 --> 01:12:49.479 notwithstanding kind of the political. Backdrop so to be trying 1270 01:12:49.600 --> 01:12:52.880 to try and be, SUCCINCT i feel like there is 1271 01:12:53.159 --> 01:12:59.880 a level of cooperation and nationalization of certain resources to 1272 01:13:00.119 --> 01:13:03.720 give everybody star revenues rather go than the direction of 1273 01:13:04.680 --> 01:13:08.119 given the stage development where we are at a micro, 1274 01:13:08.279 --> 01:13:09.199 level does that make. 1275 01:13:09.279 --> 01:13:11.439 SENSE i think if you bring up a good, topic 1276 01:13:11.520 --> 01:13:13.600 a good, point BUT i hear where you're coming, from 1277 01:13:13.920 --> 01:13:16.279 and that's it's. Fair you're not. 1278 01:13:16.399 --> 01:13:17.359 WRONG i hear you. 1279 01:13:17.560 --> 01:13:20.840 Exactly so my combat is going to be this. Right 1280 01:13:21.239 --> 01:13:24.520 it depends on what the state wants to. Do IF 1281 01:13:24.760 --> 01:13:29.039 i am a progressive governor AND i have a state 1282 01:13:29.079 --> 01:13:31.960 that has a lot of young, people AND i want 1283 01:13:32.039 --> 01:13:35.079 to create jobs for those young, PEOPLE i need to 1284 01:13:35.279 --> 01:13:38.600 bring the private sector into my. State the government can 1285 01:13:38.800 --> 01:13:41.640 do it. Now IF i want to bring the private, 1286 01:13:41.680 --> 01:13:45.079 sector let's be specified from Abbeyistic le's not From abyas. 1287 01:13:45.079 --> 01:13:48.840 STATE i need to bring a producer From legos or To. 1288 01:13:48.960 --> 01:13:54.000 Nigeria the producer Knows lego before he Knows. Abba he 1289 01:13:54.119 --> 01:13:58.039 Knows lego because his bankers have a bank In. Legos 1290 01:13:58.479 --> 01:14:02.279 reports are going to, live so he knows The legos 1291 01:14:02.319 --> 01:14:05.159 before he knows the same way in we Know New 1292 01:14:05.279 --> 01:14:09.640 york before Know. Montana why WOULD i go To. Montana 1293 01:14:10.399 --> 01:14:13.600 montana's got to make me a DEAL i can't. Refuse 1294 01:14:14.079 --> 01:14:16.960 IF i go To neggas doesn't really need. Me IF 1295 01:14:17.000 --> 01:14:20.239 i If i'm a ten million dollar, enterprise legers can't 1296 01:14:20.239 --> 01:14:20.760 do without. 1297 01:14:20.840 --> 01:14:21.159 Me in all. 1298 01:14:21.239 --> 01:14:24.399 HONESTY i, mean they want, me but they don't need. 1299 01:14:24.520 --> 01:14:27.840 Me but IF i take ten lot To, abia man 1300 01:14:28.119 --> 01:14:31.319 out of the governor red. Carpet so you've got to 1301 01:14:31.479 --> 01:14:33.960 as An ibi state, governor you've got to create in 1302 01:14:34.119 --> 01:14:39.159 that state Of abbia seem less business integration because your 1303 01:14:39.399 --> 01:14:41.560 goal is to create jobs. 1304 01:14:41.279 --> 01:14:41.840 For the young. 1305 01:14:42.000 --> 01:14:46.840 People if that's not your, goal you're. Fine you can 1306 01:14:47.079 --> 01:14:51.439 just build your SUVs and you're. Fine nobody will have sole. 1307 01:14:51.520 --> 01:14:54.720 You but if your goal IS i want to create 1308 01:14:55.199 --> 01:14:57.960 jobs for the young you to my state and need 1309 01:14:58.000 --> 01:15:00.800 the price to come, in Then i'm Going i'm going 1310 01:15:00.840 --> 01:15:04.960 to build A rwanda in The naga. Daughter ruana has. 1311 01:15:05.039 --> 01:15:09.399 Nothing singapore had. Nothing singapore was competing with the country 1312 01:15:09.479 --> 01:15:13.800 Called malaysia that had everything in gold include. Oil but 1313 01:15:13.880 --> 01:15:17.560 look At singapore. Today so we've got to, say what 1314 01:15:17.920 --> 01:15:20.399 is the? Goal what is the twenty twenty five year? 1315 01:15:20.439 --> 01:15:22.479 Ago what do you have in mind to compete? With 1316 01:15:23.119 --> 01:15:25.279 when Did china start to compete in google? State when 1317 01:15:25.880 --> 01:15:31.600 nineteen seventy, Nine china was still still poorer Than, nigeria 1318 01:15:31.640 --> 01:15:35.760 And nigeria's were richard The chinese as at nineteen seventy, 1319 01:15:35.880 --> 01:15:38.680 nine The chinese came To nigeria to look at the. 1320 01:15:38.840 --> 01:15:42.479 Overhead Brazil legos A Julius burger had been a mark 1321 01:15:42.640 --> 01:15:45.399 the entire. World they couldn't go to The, west our. 1322 01:15:45.479 --> 01:15:48.920 Communists they came To. Nigeria And i'm Quoting James. Wood 1323 01:15:49.000 --> 01:15:52.880 he's A China Ni. China what's called business? Forum he 1324 01:15:52.960 --> 01:15:57.359 said it the intern. Bicycles The nigeria's up driving, Cars 1325 01:15:57.560 --> 01:16:01.600 black people driving. Cars so it depends on what you 1326 01:16:01.760 --> 01:16:04.199 want To, achievedly as the, buffner there are many states 1327 01:16:04.199 --> 01:16:06.880 In nigeria that have BEEN i have no business having 1328 01:16:07.159 --> 01:16:10.439 airport or good but the airport and good. Roads i've 1329 01:16:10.479 --> 01:16:14.000 been to all states In nigeria or someone one and. 1330 01:16:14.119 --> 01:16:17.439 TWICE i went To quara on The saraki roads in 1331 01:16:17.520 --> 01:16:21.760 the capital were, excellent no porthole. WHATSOEVER i went to 1332 01:16:21.880 --> 01:16:25.199 A quibum under. Attack nothing was in A quibum under. 1333 01:16:25.600 --> 01:16:30.920 Nothing babio is came built, Everything grburgar built. 1334 01:16:31.239 --> 01:16:32.039 Everything that quite. 1335 01:16:32.279 --> 01:16:35.920 State so it's your what do you want to achieve 1336 01:16:36.359 --> 01:16:39.640 in the. Southeast some girls are, joking some girls have 1337 01:16:39.760 --> 01:16:43.279 been very very. Serious it's what you want to. Achieve 1338 01:16:43.319 --> 01:16:46.359 if you want to have an economy of hotels and every, 1339 01:16:46.399 --> 01:16:49.720 people we can prove flying to this the, city meet with, 1340 01:16:49.800 --> 01:16:52.239 girls go to the. Clubs you can do. That if 1341 01:16:52.279 --> 01:16:56.119 you want to build, them manufacturing, bizuppo, coming create, wealth 1342 01:16:56.359 --> 01:17:00.359 it's your. Call LIKE i, said, Oh go state have 1343 01:17:00.600 --> 01:17:03.680 more attributes today Than legos because there Are legos In 1344 01:17:03.800 --> 01:17:08.000 coute Barran legos are the same place, now but Bars ago. 1345 01:17:08.079 --> 01:17:11.640 State so if a state just says we are the 1346 01:17:11.880 --> 01:17:16.039 cheap alternative, legos all this housing estates that are moving 1347 01:17:16.119 --> 01:17:20.720 legals Like ugan can build, them connect them by speed 1348 01:17:20.840 --> 01:17:26.239 rail TO cms To, ecorro do to beget and it's 1349 01:17:26.279 --> 01:17:28.960 all over for. Legos real estates they can do. 1350 01:17:29.039 --> 01:17:31.239 That so nowally they're not. 1351 01:17:31.399 --> 01:17:34.079 Wrong it's just what does the god wants to. Do 1352 01:17:34.960 --> 01:17:38.239 if he says he wants to compete With, legos it's. Possible. 1353 01:17:39.039 --> 01:17:43.079 Delaware just side talk About. Delaware why do we want In? 1354 01:17:43.119 --> 01:17:45.359 Delaware why not In New? York they all Have there 1355 01:17:45.399 --> 01:17:48.359 are fifty to fifty state secretary of state In america 1356 01:17:48.520 --> 01:17:51.520 Fifty why do we all go To. Delaware that's the 1357 01:17:51.560 --> 01:17:55.039 reason why we don't go, there, Right, nono then they 1358 01:17:55.119 --> 01:17:56.800 come back or you want to cualify. 1359 01:17:56.840 --> 01:18:00.880 Anything, Yeah, no your point are really well. 1360 01:18:00.960 --> 01:18:03.039 TAKEN i guess and excuse me. 1361 01:18:03.079 --> 01:18:04.079 IF i get a little bit. 1362 01:18:05.479 --> 01:18:08.640 High level here of philosophical or is that you, know 1363 01:18:09.359 --> 01:18:11.920 AS i look at, it if we're making the assumption 1364 01:18:12.119 --> 01:18:14.119 that we are this kind of one nine jury on 1365 01:18:14.239 --> 01:18:17.279 to further, notice, right and there's. 1366 01:18:17.119 --> 01:18:18.439 This kind of thinking. 1367 01:18:21.600 --> 01:18:26.079 We have to we have to kind of put together a. 1368 01:18:28.279 --> 01:18:33.640 Tax, strategy erconomic development strategy with recognizance of where we 1369 01:18:33.840 --> 01:18:38.119 are in kord of stage of. Development and at this 1370 01:18:38.239 --> 01:18:42.119 stage of, DEVELOPMENT i don't know if competing states competes 1371 01:18:42.159 --> 01:18:44.159 because at the end of the, day competing denotes a 1372 01:18:44.239 --> 01:18:46.880 zero some, game which is if there are some states 1373 01:18:46.880 --> 01:18:49.560 are consistently out, competed what does that. Mean that means 1374 01:18:49.600 --> 01:18:52.079 that effectively our stage is losers and, provised et. 1375 01:18:52.159 --> 01:18:57.199 Cetera SO i guess my encouragement is because one of 1376 01:18:57.239 --> 01:18:57.800 the things THAT i. 1377 01:18:57.880 --> 01:19:00.319 Don't want to do AND i think we should we 1378 01:19:00.399 --> 01:19:03.399 should shy away, from is to continue to emulate or 1379 01:19:03.560 --> 01:19:10.840 Use western macro microeconomic models as a reference, model because those, 1380 01:19:10.920 --> 01:19:13.720 models for in my estimation and the wall shows that 1381 01:19:13.760 --> 01:19:18.039 today are not entirely feasible and they have they have 1382 01:19:18.520 --> 01:19:22.159 tricked off issues THAT i don't think align well With african. 1383 01:19:22.199 --> 01:19:25.000 Culture so my thing is there. 1384 01:19:24.880 --> 01:19:27.039 Are other ways that we can actually create that wealth 1385 01:19:27.119 --> 01:19:29.680 and growth of our necessarily states competing with each, other 1386 01:19:29.760 --> 01:19:32.560 because you, know if one state is a, loser aren't 1387 01:19:32.600 --> 01:19:32.840 we all. 1388 01:19:32.920 --> 01:19:33.960 Losers you, KNOW i think you're. 1389 01:19:34.119 --> 01:19:36.359 Strong you're strong as your weakest. 1390 01:19:36.399 --> 01:19:39.079 Link so the idea is not necessarily, compete but to 1391 01:19:39.199 --> 01:19:42.840 find incentive structures that will allow all of us to 1392 01:19:42.920 --> 01:19:45.319 come up at a certain. Rate, yes there should be 1393 01:19:46.680 --> 01:19:49.800 allocations or incentive structures designed so the states can go 1394 01:19:50.079 --> 01:19:53.640 fast in certain, directions but we have enough, resources there's 1395 01:19:53.760 --> 01:19:56.560 enough for all of us to have a certain base 1396 01:19:56.680 --> 01:19:59.119 and then and at a certain, point creating centive structures 1397 01:19:59.159 --> 01:20:02.119 for cent states who have comparative advantages to push in that. 1398 01:20:02.279 --> 01:20:04.359 Direction SO i guess as we have. 1399 01:20:04.479 --> 01:20:08.319 These, discussions and this is the PROBLEM I i to find. 1400 01:20:08.239 --> 01:20:12.800 In terms of our discourse around, taxation, gamy, development is 1401 01:20:12.840 --> 01:20:16.319 that there has to be an underlying philosophy that guides these. 1402 01:20:16.399 --> 01:20:20.319 Things because if you don't have underlining philosophy and get 1403 01:20:20.359 --> 01:20:23.760 into the technocratic elements of, it then you can get 1404 01:20:23.840 --> 01:20:26.560 lost in the needs and then also you get lost 1405 01:20:26.600 --> 01:20:29.159 in terms of. Perspective and the final POINT i made 1406 01:20:29.199 --> 01:20:33.520 BEFORE i go is identity drives economic, behavior and economics 1407 01:20:33.960 --> 01:20:34.319 can center. 1408 01:20:34.399 --> 01:20:35.960 Structure so for, instance you're not. 1409 01:20:35.960 --> 01:20:38.640 Going to go and sell pork or build a pork 1410 01:20:38.680 --> 01:20:41.600 manufacturing plant In Saudi. Arabia they don't do, that, right 1411 01:20:41.720 --> 01:20:45.199 like they don't need work As, muslims, Right so we 1412 01:20:45.359 --> 01:20:50.039 need an establishment of an economic philosophy AND i don't 1413 01:20:50.079 --> 01:20:52.640 think we have that yet at a federal level in. 1414 01:20:52.800 --> 01:20:54.399 General and so. 1415 01:20:55.319 --> 01:20:59.000 These efforts that we make at a technocratic level in 1416 01:20:59.119 --> 01:21:03.520 terms of structuring schemes and, STRATEGIES i just don't think 1417 01:21:03.560 --> 01:21:05.680 they were actually going anywhere because we don't have the 1418 01:21:06.079 --> 01:21:12.479 underlining economic. Identity and last of, all we shouldn't Use 1419 01:21:12.560 --> 01:21:14.479 western models or say, well this is what they do In, 1420 01:21:14.560 --> 01:21:17.239 delaware BECAUSE i just don't. THINK i don't agree with. 1421 01:21:17.319 --> 01:21:18.760 THAT i just don't think that would be good for 1422 01:21:18.880 --> 01:21:20.399 us As, African Ermous. 1423 01:21:20.479 --> 01:21:22.079 Nigerian SO i leave my. 1424 01:21:22.159 --> 01:21:25.399 SUBMISSION i, mean, well well, taken let people say, this, 1425 01:21:25.560 --> 01:21:30.079 right how Do chinese? Operate to be the premier Of? 1426 01:21:30.239 --> 01:21:32.840 China you are taking at a very very young, level 1427 01:21:32.880 --> 01:21:35.359 and you are sent out to local government to. Run 1428 01:21:35.840 --> 01:21:37.720 if you perform, word you go to the next. Level 1429 01:21:37.760 --> 01:21:39.880 you are giving the state to run perform world you're. 1430 01:21:39.920 --> 01:21:42.680 Giving WHAT i mean is that they are. Competing g 1431 01:21:43.800 --> 01:21:46.720 was competing with on that premier around the location and 1432 01:21:46.920 --> 01:21:50.199 whoever you know it's able to prove his mettle get 1433 01:21:50.239 --> 01:21:51.680 into the port to. Do that's how they do. It 1434 01:21:51.680 --> 01:21:53.960 that's why they're all like they know what they're. Doing 1435 01:21:56.439 --> 01:21:58.840 just just make the. Point and it's a very very bad. 1436 01:21:58.920 --> 01:22:02.520 Example if you're On twitter today In, nigeria that's a 1437 01:22:02.600 --> 01:22:05.359 lot Of bigger, three a lot of tribalism On. Twitter 1438 01:22:05.880 --> 01:22:09.600 imagine if we only had one tribe and that bigger 1439 01:22:09.680 --> 01:22:12.840 tree was we had state our competing against to have 1440 01:22:12.960 --> 01:22:17.199 the best y results. Annually so every year from Maybe 1441 01:22:17.359 --> 01:22:20.680 january To, november you see All nigeria, saying, hey my 1442 01:22:20.760 --> 01:22:24.199 si is gonna confirs might said this is gonna confort. 1443 01:22:24.279 --> 01:22:27.159 In just imagine if we had that and the waver 1444 01:22:27.319 --> 01:22:32.600 came first in it's, celebrater the school gets, loved donations 1445 01:22:32.640 --> 01:22:34.960 are given awards and then we now have bragging right 1446 01:22:35.079 --> 01:22:39.000 the same way we brag About chelsea and as that's 1447 01:22:39.119 --> 01:22:42.399 not one. Today if you, today you you cannot if 1448 01:22:42.439 --> 01:22:45.079 it's as not are working the head held. High the 1449 01:22:45.119 --> 01:22:47.880 look guys are very. Sad they say we have the 1450 01:22:48.000 --> 01:22:53.279 same quote un quote bigger tree for ee epl imagine 1451 01:22:53.279 --> 01:22:56.640 if we had it. Competing it's the same competition because 1452 01:22:56.680 --> 01:23:00.520 when you, compete its out the. Best you put your foot. 1453 01:23:00.720 --> 01:23:02.239 Forward you do not want to. 1454 01:23:02.359 --> 01:23:06.720 FEEL i, know because the first guy has hit, EIGHTY 1455 01:23:07.399 --> 01:23:10.119 i have to hit. Sixty because the guy has hit, 1456 01:23:10.680 --> 01:23:14.560 NINETY i have to hit. Seventy but if the first 1457 01:23:14.640 --> 01:23:16.840 guy didn't, fourth we go see your. Point if the 1458 01:23:16.960 --> 01:23:19.159 first guy is on, FORTY i can be at. Ten 1459 01:23:20.039 --> 01:23:23.720 If Lego, State Lego state did not do a deep, 1460 01:23:23.800 --> 01:23:26.720 SEAPORTS acquieb will not. Pressure i'm going to do deep 1461 01:23:26.760 --> 01:23:30.520 seaports if legosy that is not should as literally as, 1462 01:23:30.600 --> 01:23:35.039 possible And i'm going to do light loss in their. 1463 01:23:35.119 --> 01:23:38.960 State legos lights or not is the economic capital Of. 1464 01:23:39.039 --> 01:23:43.199 Legos we look at. Them if le goes into, comatos 1465 01:23:43.439 --> 01:23:46.640 they get a bad governer and they just go. Comatos 1466 01:23:46.680 --> 01:23:51.039 no go. Comatos even if the states in southeast rises 1467 01:23:51.199 --> 01:23:54.680 and SAYS i am now the last In southeast because 1468 01:23:54.800 --> 01:23:57.960 the Logestic legos is doing nothing like that do, Anywhere 1469 01:23:58.560 --> 01:24:02.039 so we've got to compete amongst us let. US i 1470 01:24:02.119 --> 01:24:06.520 think it's a different. Case it's but the tetty four 1471 01:24:06.640 --> 01:24:10.039 states have got to, compete and doesn't mean complet doesn't 1472 01:24:10.079 --> 01:24:13.960 mean you are. Fighting you are competing for, results to 1473 01:24:14.079 --> 01:24:17.119 get the best, policy to get the best. Outcomes why 1474 01:24:17.159 --> 01:24:18.960 can we compete on who's going to save the most 1475 01:24:19.000 --> 01:24:23.600 funny in the school system or the lowest debts per 1476 01:24:23.680 --> 01:24:27.640 maternal mortality in the local. Government that's. COMPETITION i want 1477 01:24:27.640 --> 01:24:30.720 to see that competition in a few years, Ago, oceanman 1478 01:24:31.800 --> 01:24:35.359 his model was covered by The World. Bank his model 1479 01:24:35.359 --> 01:24:38.079 of maternal mortality was covered by The World. Bank and 1480 01:24:38.439 --> 01:24:41.439 you're also adopted some parts of. It when a good 1481 01:24:41.479 --> 01:24:44.359 luck adopted no part of, it that's. Competition so it 1482 01:24:44.399 --> 01:24:46.960 doesn't mean that we we are competing of THE i 1483 01:24:47.119 --> 01:24:50.920 hear you of putting holes, together but we want to 1484 01:24:50.960 --> 01:24:55.000 see best practice and rabbits around with. It that's How 1485 01:24:55.039 --> 01:24:58.079 that's HOW i see. IT i think we can have. 1486 01:24:58.199 --> 01:25:01.079 PULL i think you AND i a. RIGHT i don't 1487 01:25:01.079 --> 01:25:03.880 think you're right And i'm. Right BUT i also think 1488 01:25:04.000 --> 01:25:07.079 competition means that we look at were doing things the best, 1489 01:25:07.159 --> 01:25:11.119 way copy and implement. That that's just my best. 1490 01:25:11.720 --> 01:25:15.600 Agreed and, actually, people i'd like to give YOUR u 1491 01:25:15.680 --> 01:25:18.840 D m. Competition thank you so much. 1492 01:25:19.039 --> 01:25:23.960 PRESSURE i did that. Activists are you to? Speak thank 1493 01:25:24.000 --> 01:25:28.640 you so much now THAT i appreciate exchange, ACTIVISTS i 1494 01:25:28.720 --> 01:25:33.479 like to. Speak, now all, right that's a city sits, 1495 01:25:33.520 --> 01:25:42.439 Group christmas, group AM i say? Right christus? Group? Christals 1496 01:25:42.520 --> 01:25:44.279 you have the Line cyrus. 1497 01:25:44.479 --> 01:25:48.960 Up, YES i just wanted to respond To look AND 1498 01:25:51.920 --> 01:25:56.079 i get the perspective of trying to be, equity trying to. 1499 01:25:56.880 --> 01:25:59.279 Everybody but at this point you're not going to. 1500 01:26:01.159 --> 01:26:05.319 Do use quotes on court economically bigger, states we're not 1501 01:26:05.600 --> 01:26:06.760 allowing them to. 1502 01:26:06.960 --> 01:26:10.000 Compete what we are doing is that we are just, 1503 01:26:11.039 --> 01:26:12.680 yeah but we're just taking care of. 1504 01:26:12.840 --> 01:26:18.159 Them and they're the desystem that is advocating for has 1505 01:26:18.239 --> 01:26:21.439 been in place for decades and just making those states. 1506 01:26:21.479 --> 01:26:23.600 Loose and that's WHY i would say it has to 1507 01:26:23.720 --> 01:26:31.279 be some kind of destructive policy and ensure that everybody. 1508 01:26:31.199 --> 01:26:32.439 Can now stand on his own. 1509 01:26:32.520 --> 01:26:38.439 Fit and now in terms of, competition, uh, going we're 1510 01:26:38.479 --> 01:26:42.560 not complete with legals, reports they don't have the same 1511 01:26:44.119 --> 01:26:47.520 the same thing right that will use what they have 1512 01:26:48.359 --> 01:26:51.800 almost every since and you have something in terms of, change, 1513 01:26:53.079 --> 01:26:56.359 active in terms of, behavior in terms of human. 1514 01:26:56.479 --> 01:26:57.960 Capital this is WHAT i wanted. 1515 01:26:57.800 --> 01:27:01.680 To be even emphasise on they want every state has 1516 01:27:01.760 --> 01:27:02.720 something that they can. 1517 01:27:02.880 --> 01:27:05.359 Offer no're not allowing that to. 1518 01:27:05.560 --> 01:27:10.520 Happen, now look at what going. On most FMC g 1519 01:27:12.439 --> 01:27:16.359 like like don with like flower flaming. 1520 01:27:16.640 --> 01:27:21.640 Orders they have their equators in, legals but you Go 1521 01:27:21.880 --> 01:27:26.479 marteria they used to process their goods and from there 1522 01:27:27.840 --> 01:27:33.720 they ask, yourself why is their major of their their 1523 01:27:33.840 --> 01:27:38.199 goose of thestitution legals or in other or band states 1524 01:27:38.560 --> 01:27:42.800 and the account in those, places it's because those other 1525 01:27:42.880 --> 01:27:43.439 states have. 1526 01:27:43.560 --> 01:27:45.520 Anything that they can used to attact them. 1527 01:27:46.920 --> 01:27:47.960 Except material. 1528 01:27:48.039 --> 01:27:53.159 Itself so it also boils down to what exactly makes 1529 01:27:53.439 --> 01:27:58.359 your state attractive to human, capital detention to, capital detention 1530 01:27:58.520 --> 01:28:00.159 itself to. 1531 01:28:00.319 --> 01:28:04.960 Investment because capital goes to a place with its blue, 1532 01:28:05.039 --> 01:28:06.840 disk there's no law. 1533 01:28:06.760 --> 01:28:08.920 Risks and will not come and put my billion of 1534 01:28:09.039 --> 01:28:12.119 the billions of the art and money year one days 1535 01:28:12.159 --> 01:28:13.439 another places. 1536 01:28:13.119 --> 01:28:15.560 Of data THAT i can put my. 1537 01:28:15.640 --> 01:28:19.319 Money and the last place those concluding is that what 1538 01:28:19.479 --> 01:28:26.159 we are saying is internal, migration migration of, challenge migration 1539 01:28:26.399 --> 01:28:30.239 of human, capital the addition of captites of mication of. 1540 01:28:30.279 --> 01:28:34.880 Opportunities people leave your space their regions to go to 1541 01:28:35.079 --> 01:28:38.880 places where they feel like there's more economic possibilities. 1542 01:28:38.279 --> 01:28:39.399 For them and they. 1543 01:28:39.520 --> 01:28:42.520 Are what app in the opportunity costs is that those 1544 01:28:42.600 --> 01:28:44.279 stags where people leave so, far. 1545 01:28:45.760 --> 01:28:48.279 It's not because people come on. In it's well because 1546 01:28:48.359 --> 01:28:48.960 there are no. 1547 01:28:49.960 --> 01:28:52.159 They are the climate is not favoring for there to 1548 01:28:52.239 --> 01:28:55.319 invest whereas they have they. 1549 01:28:55.399 --> 01:28:56.479 Are they have the. 1550 01:28:56.520 --> 01:28:59.600 Human the human capital to invest in those, places but 1551 01:29:00.560 --> 01:29:02.600 the climate is most concus for for, them so they 1552 01:29:02.680 --> 01:29:05.600 might and they go to says to. Invest and that 1553 01:29:05.720 --> 01:29:10.239 has into conjection is certain places in dis country where 1554 01:29:10.279 --> 01:29:13.239 all that states WILL i think able really want to 1555 01:29:13.359 --> 01:29:16.279 do something is. Complete they also be that disruption that 1556 01:29:16.600 --> 01:29:21.319 ensured that everybody stand on your feet and everybody can then. 1557 01:29:22.800 --> 01:29:25.920 And and create some kind of economic goo. 1558 01:29:25.800 --> 01:29:28.039 Star people that would really. 1559 01:29:28.119 --> 01:29:32.479 Help and we're talking real. Today Rare it's is now 1560 01:29:33.000 --> 01:29:36.239 more import than crude will today and there's real it's 1561 01:29:36.279 --> 01:29:38.439 all over the northern part Of, nigeria in the middle Of. 1562 01:29:38.520 --> 01:29:41.680 Nigeria so if a company came To nigeria, TODAY i 1563 01:29:41.800 --> 01:29:44.239 want to start up a rare earth manufacturer is highway to. 1564 01:29:44.359 --> 01:29:48.119 Go the minds were being Saying coogie Or, zampara but 1565 01:29:48.239 --> 01:29:51.000 the head office is being leaders disappoint so why would 1566 01:29:51.000 --> 01:29:53.880 they go to set up a head para by the 1567 01:29:53.960 --> 01:29:56.800 trade that, is because there's no. Point it's the same 1568 01:29:57.039 --> 01:29:59.279 pay you're going to pay the same sis you're going to, 1569 01:29:59.359 --> 01:30:02.199 pay so why not put it In. Legos it's not the. 1570 01:30:02.279 --> 01:30:06.159 Airport but If cook would tell, THEM i would give 1571 01:30:06.199 --> 01:30:09.479 you LIKE i, said have these or tax fini whatever 1572 01:30:10.279 --> 01:30:12.439 THAT i would make them considered that at the board, 1573 01:30:12.520 --> 01:30:14.359 level they will, Say, wow we're getting a good. Deal 1574 01:30:14.479 --> 01:30:16.600 if we don't sell up a company in in uh 1575 01:30:17.159 --> 01:30:19.520 we're getting a good. Deal let's pick up on. That 1576 01:30:20.279 --> 01:30:23.439 so we were staying our. Phones nothing is. Happening what 1577 01:30:23.640 --> 01:30:25.720 is happening in those phone because everything but it's In 1578 01:30:25.840 --> 01:30:32.159 legos or so, yeah, completely we can't Run nigeria, well 1579 01:30:32.279 --> 01:30:36.159 Run nigeria for sixty. Years we Can't nager the same 1580 01:30:36.199 --> 01:30:38.319 way with Run nijer for sixty years and things that 1581 01:30:38.600 --> 01:30:42.840 things will. Change we've got to have a transformative thing 1582 01:30:43.199 --> 01:30:47.159 In nigeria and you can't transform with let's build a 1583 01:30:47.239 --> 01:30:50.560 good road, here let's build the railway, here because are 1584 01:30:51.319 --> 01:30:53.800 should we say there are catalysts or they are. Stimilars 1585 01:30:53.840 --> 01:30:56.880 but that's not the real transmitative. Chain we have lots 1586 01:30:56.920 --> 01:31:00.279 of laws pulling those back land use. Actors one physical 1587 01:31:00.720 --> 01:31:03.640 and via fack is. One we've got to one shack 1588 01:31:03.680 --> 01:31:07.159 all these things so the states can, run states can. 1589 01:31:07.319 --> 01:31:10.279 Run look at governments in particular can start to. 1590 01:31:10.600 --> 01:31:12.680 Function that's really the keys in. 1591 01:31:12.760 --> 01:31:16.319 Here if you have a, nation nobody on this space, 1592 01:31:16.479 --> 01:31:20.399 idea anyone without, googling without, googling tell me you know 1593 01:31:20.520 --> 01:31:24.199 if you look at goment, chairman without, googling without, googling 1594 01:31:24.279 --> 01:31:27.520 no one here knows the know and there's no local 1595 01:31:27.600 --> 01:31:30.119 goment in. NATURE i gets less than two hundred and 1596 01:31:30.279 --> 01:31:33.840 fifty million a. Month this is even with the bad 1597 01:31:34.319 --> 01:31:38.079 STRUCTURE i talking. About no lookoutment gets less than a. 1598 01:31:38.159 --> 01:31:42.239 Month look legal generally one point sixty one point one 1599 01:31:42.319 --> 01:31:43.960 point one billion a. 1600 01:31:44.119 --> 01:31:44.359 Month. 1601 01:31:45.720 --> 01:31:49.000 Billion so if you don't really live a, government, chairman, 1602 01:31:49.239 --> 01:31:54.079 really how are you expecting primary healthcare or primary? Education 1603 01:31:54.199 --> 01:31:56.600 we have to fix all that. Stuff, okay what's up? 1604 01:31:56.640 --> 01:32:08.319 Man, yeah it's more question is why is it that 1605 01:32:08.760 --> 01:32:13.800 three morning free? Money why it? 1606 01:32:14.399 --> 01:32:16.880 Works it, works it, works. 1607 01:32:18.399 --> 01:32:24.199 It's for it. Works now you have to do it. 1608 01:32:24.560 --> 01:32:28.079 Right like this. 1609 01:32:29.800 --> 01:32:29.960 More. 1610 01:32:30.039 --> 01:32:37.239 Morning they could have got on the album from The 1611 01:32:37.359 --> 01:32:39.880 national from but. 1612 01:32:40.039 --> 01:32:46.680 Yet, well if if you, give if you give many 1613 01:32:46.760 --> 01:32:49.760 footballers AND i bought millions of night when they were 1614 01:32:49.880 --> 01:32:53.399 footballers and they are broke. Today many, many many many 1615 01:32:53.520 --> 01:32:55.920 workers that worked in the company about half of the 1616 01:32:56.000 --> 01:32:57.640 morning that the football has got and they are reached. 1617 01:32:57.680 --> 01:33:01.760 Today so it's you are you are. Rich income is not. 1618 01:33:01.920 --> 01:33:04.479 Wealth you are rich when you take the income and 1619 01:33:04.560 --> 01:33:07.039 you invest it and then you make a. Return so 1620 01:33:07.159 --> 01:33:10.720 if a state sic is income and it's buying SUVs 1621 01:33:10.920 --> 01:33:15.359 or building conference centers or partner, abroad taking people, abroad 1622 01:33:15.640 --> 01:33:18.680 it's not going to get. Wealthy wealth is created from 1623 01:33:18.800 --> 01:33:21.439 export when you. IMPORT i, mean. 1624 01:33:22.880 --> 01:33:23.479 Look at this The. 1625 01:33:24.079 --> 01:33:28.000 Nigeria look at look at the niger. Picture medical care 1626 01:33:28.880 --> 01:33:32.319 is the most expensive In, america most expensive In. America 1627 01:33:33.239 --> 01:33:36.640 you have a state that has very. Quiet so the 1628 01:33:36.800 --> 01:33:39.520 states In nigeria, says oh this is a very quiet. 1629 01:33:39.520 --> 01:33:43.039 State nobody wants to come. Here but it's that governor 1630 01:33:43.119 --> 01:33:48.600 can go and build one d chist medical, chalist you, 1631 01:33:48.640 --> 01:33:53.199 know beautiful area near the. Lake he can employ two Nurses, 1632 01:33:54.039 --> 01:33:59.039 shali employ one Doctor Patrick, shalis and he will paint 1633 01:33:59.119 --> 01:34:03.560 the doctor's very. Well patnoses very. Well you go To 1634 01:34:03.640 --> 01:34:07.399 america and market The shaley that'll say, hey if you have, 1635 01:34:07.640 --> 01:34:10.640 cancer or you have end of life or you have 1636 01:34:10.880 --> 01:34:14.039 just a disease that you need constant care flights In 1637 01:34:14.119 --> 01:34:19.600 nigeria and stady shalely you will have on. Duty you 1638 01:34:19.720 --> 01:34:22.560 have a doctor on. Call the drugs are gonna come From. 1639 01:34:22.560 --> 01:34:25.159 America will put a video camera there your family can 1640 01:34:25.239 --> 01:34:27.119 see the exact same thing they have In. America they 1641 01:34:27.159 --> 01:34:30.439 have In america multiople's, homes but they're going to offer 1642 01:34:30.560 --> 01:34:33.560 that same opust home In nigeria at a fraction of the. 1643 01:34:33.680 --> 01:34:37.439 Price americans will die to come. Here they will rush that. 1644 01:34:37.720 --> 01:34:42.960 Place so that's so called quiet state that has no. 1645 01:34:43.159 --> 01:34:46.279 Airport have no question is what you both. Want so 1646 01:34:46.319 --> 01:34:49.439 they can go, There they can walk near the lake 1647 01:34:49.600 --> 01:34:54.600 with the. Analysis they will eat real organic, food sunshine 1648 01:34:54.680 --> 01:34:56.880 twenty four hours a day to twenty twelve hours a. 1649 01:34:57.000 --> 01:34:59.920 Day you know that's what they. Want and if you 1650 01:35:00.079 --> 01:35:02.079 you think like that as a, governor you can build 1651 01:35:02.119 --> 01:35:05.720 that thing there and export a lot of medical touris 1652 01:35:05.760 --> 01:35:09.479 impact to your opinion dollars to. You you're employing your, 1653 01:35:09.560 --> 01:35:12.239 nurses you apploying your. Doctors look at the jobs are 1654 01:35:12.279 --> 01:35:13.920 going to. Create look at all the what you're gonna. 1655 01:35:13.960 --> 01:35:15.800 Create but you've got to be in a vague around. 1656 01:35:15.840 --> 01:35:15.880 It. 1657 01:35:16.039 --> 01:35:17.560 Right you just can't SAY i May god not to 1658 01:35:17.640 --> 01:35:20.640 build the. ROAD a governor's job is not to build the. 1659 01:35:20.720 --> 01:35:23.760 Road that's what a commissioner or WHATEVER i can. Do 1660 01:35:23.920 --> 01:35:28.000 your job is to create, wealth to create a, vision 1661 01:35:28.399 --> 01:35:30.680 and the state runs of the. VISION i can build the, 1662 01:35:30.760 --> 01:35:32.600 road my. MAKE i can build the, road especially if 1663 01:35:32.600 --> 01:35:35.159 you give you the. Money your job is to generate 1664 01:35:35.359 --> 01:35:37.920 wealth to build the, road not to build the. Rule 1665 01:35:38.239 --> 01:35:42.039 generate the wealth to build the. Ruth Mister, VARs you've 1666 01:35:42.039 --> 01:35:45.319 got the floor a dever sick. 1667 01:35:48.600 --> 01:35:48.720 Very. 1668 01:35:48.800 --> 01:35:54.520 Much AND i think this topicals is one of the 1669 01:35:55.560 --> 01:35:57.880 key questions acting. 1670 01:35:57.960 --> 01:36:02.159 Alone but when. 1671 01:36:02.199 --> 01:36:07.680 Reference to legos that since they've been stable in terms 1672 01:36:07.720 --> 01:36:15.920 OF uh, party but we have other states Boughten south 1673 01:36:16.239 --> 01:36:20.960 and not that have they have this type of, also 1674 01:36:21.720 --> 01:36:24.159 so what can you can. 1675 01:36:24.359 --> 01:36:28.560 You use a good example as good as STATE uh 1676 01:36:29.840 --> 01:36:31.840 that doesn't have legal. 1677 01:36:31.720 --> 01:36:37.079 Resources and can use that type of CRITIC i don't. 1678 01:36:36.960 --> 01:36:43.560 Give you a medical, Center, okay, yeah, yeah, yeah, yeah, 1679 01:36:43.800 --> 01:36:44.079 YEAH i. 1680 01:36:44.239 --> 01:36:52.199 Know but, UH i think it doesn't align properly because 1681 01:36:53.199 --> 01:36:57.680 let's say the, UNIVERSITY i don't know if that focuses on. 1682 01:36:57.920 --> 01:37:03.560 Health maybe in them together like this university is in. 1683 01:37:04.199 --> 01:37:09.520 Plastic maybe the state of do this and. That SO 1684 01:37:10.039 --> 01:37:12.800 i just want something more particular in terms of what 1685 01:37:13.000 --> 01:37:15.960 we actually in particularstic. 1686 01:37:16.800 --> 01:37:17.000 Many. 1687 01:37:17.039 --> 01:37:21.239 Things it can do. Anything So i'm. 1688 01:37:21.399 --> 01:37:23.920 Okay so you don't like MEDICAL i can give you 1689 01:37:24.000 --> 01:37:27.279 many more examples if you're From so it's not LIKE. 1690 01:37:27.319 --> 01:37:27.680 I don't like. 1691 01:37:27.920 --> 01:37:31.680 ME i just want to link it with maybe a 1692 01:37:31.800 --> 01:37:33.119 particulars that has. 1693 01:37:36.479 --> 01:37:41.439 It's cool or nothing or something so that it's made 1694 01:37:41.520 --> 01:37:43.600 more's made more. 1695 01:37:43.680 --> 01:37:47.920 Understanding, well CAN i be giving a good? Example sense 1696 01:37:48.279 --> 01:37:53.439 medical doctors To spain and spin pays the school In, 1697 01:37:53.600 --> 01:37:59.119 cuba So spain piece In Euros quba doctors like, water they, 1698 01:37:59.239 --> 01:38:02.159 said the doctor To. Spain so The spain is getting 1699 01:38:02.279 --> 01:38:08.840 cheap doctors And cuba is getting forced From spain symbat 1700 01:38:09.319 --> 01:38:13.000 Because Spain cuba has puting the medical. Medics medicine is 1701 01:38:13.039 --> 01:38:16.359 not an expensive, thing so if you come To, nigeria 1702 01:38:16.479 --> 01:38:19.960 it cost us a fraction to train doctor In nigeria 1703 01:38:20.000 --> 01:38:22.359 and to train doctor In. America so all we have 1704 01:38:22.520 --> 01:38:24.840 to do is this on on bradbal. Tack but to 1705 01:38:24.920 --> 01:38:27.119 have an arrangement with the schools or the hospitals are 1706 01:38:27.159 --> 01:38:29.399 broad and say, okay we don't, mind you won't take our. 1707 01:38:29.439 --> 01:38:31.800 People that's, fine but you're going to pay us a. 1708 01:38:32.000 --> 01:38:35.159 Tax that tax to go back to the, school go 1709 01:38:35.359 --> 01:38:38.000 back to the, state go back to the local. Government 1710 01:38:38.520 --> 01:38:42.800 so for every doctor you, train it cost times. Five 1711 01:38:44.279 --> 01:38:47.199 you can get that back from THE, uk from The, 1712 01:38:47.279 --> 01:38:49.800 germans from whoever this guy is going to and normally 1713 01:38:49.880 --> 01:38:52.600 goes back to. Train more doctors goes back to, train 1714 01:38:52.680 --> 01:38:56.319 even the primary school go To we do more investment 1715 01:38:56.399 --> 01:38:59.359 in drugs THAN r AND d In. Nigeria how much 1716 01:38:59.359 --> 01:39:02.520 is medical to how much is? MEDICALS i know who 1717 01:39:02.560 --> 01:39:05.960 knows the. Answer it's not up tennion In nigeria medical 1718 01:39:06.039 --> 01:39:08.760 school to go from year one two years. Four it's 1719 01:39:08.800 --> 01:39:11.319 up a timon who. Knows it's up to termlinar In, 1720 01:39:11.399 --> 01:39:15.800 nigeria how much is ten million? Dollars in million is 1721 01:39:15.800 --> 01:39:19.359 about six hundred and let's say somewhundred dollars a, million 1722 01:39:19.920 --> 01:39:22.880 so ten is like seven like, ten let's make it 1723 01:39:23.000 --> 01:39:28.239 ten thousand. Dollars so what you're saying is that if 1724 01:39:28.279 --> 01:39:31.000 you come To, nigerasty then you say we're going to reform. 1725 01:39:31.119 --> 01:39:34.239 Jackpar if you're To, jackpa no. Problem but we're going 1726 01:39:34.319 --> 01:39:37.520 to say if you're jack buying this, state you are 1727 01:39:37.600 --> 01:39:39.800 going to or the. Country you are going to pay 1728 01:39:39.880 --> 01:39:43.279 a tax back to The nigerian, federal state and local 1729 01:39:43.399 --> 01:39:47.279 governments right when you. Go they will give us attacks 1730 01:39:47.359 --> 01:39:50.800 of maybe ten thousand dollars or twenty five. Dollars we're 1731 01:39:50.800 --> 01:39:53.119 going to use that money to reinvest back in your, 1732 01:39:53.159 --> 01:39:56.920 university back in your secondary school and into a fund 1733 01:39:57.000 --> 01:40:00.439 FOR r AND d for medical and also phone that's 1734 01:40:00.479 --> 01:40:03.159 going to give cheap loans to essamist in the health 1735 01:40:03.760 --> 01:40:06.840 and educational. Sector something as simple as. That so this, 1736 01:40:06.960 --> 01:40:10.159 Way i'm not stopping just From. Jackpine they can jack 1737 01:40:10.199 --> 01:40:13.399 back as you train. Them they. Do you take the, 1738 01:40:13.560 --> 01:40:15.720 money you give it to us whatever it is that 1739 01:40:15.800 --> 01:40:17.479 you want to give it, to and the schools are 1740 01:40:17.560 --> 01:40:21.000 made world. Class it's already. Working so something as simple 1741 01:40:21.039 --> 01:40:23.720 as this is what we can implement from tomorrow and 1742 01:40:23.840 --> 01:40:24.319 you can get it. 1743 01:40:24.399 --> 01:40:28.319 Done, yeah thank you very much for. 1744 01:40:28.520 --> 01:40:34.319 This for, This i've been on on the conversation of 1745 01:40:34.479 --> 01:40:39.960 even stowing this issue as to take, phone, nail phone. 1746 01:40:40.319 --> 01:40:42.119 And elect as all those. 1747 01:40:42.199 --> 01:40:46.880 Issues SO i think we just need more and thinking 1748 01:40:46.920 --> 01:40:47.159 out the. 1749 01:40:47.279 --> 01:40:48.640 People so thank you very. 1750 01:40:48.720 --> 01:40:49.279 Much you're. 1751 01:40:49.319 --> 01:40:55.319 Welcome you've got for. Ivy thank you very. 1752 01:40:55.399 --> 01:40:58.560 MUCH i want to start, buying not of a. 1753 01:40:58.720 --> 01:41:02.600 Question the child is that we as a, nation we 1754 01:41:02.720 --> 01:41:06.000 can make a policy that puts a cap as to 1755 01:41:06.159 --> 01:41:10.560 how much a governor or or whoever In nijera can, 1756 01:41:10.680 --> 01:41:14.680 borrow you, know within their fiscal year and also within 1757 01:41:15.079 --> 01:41:15.279 you know. 1758 01:41:17.279 --> 01:41:19.520 The law and we're not following it. 1759 01:41:20.399 --> 01:41:24.720 Because and then these laws should also come in a 1760 01:41:24.840 --> 01:41:29.520 form of protected. Interest if we they are in nation 1761 01:41:29.760 --> 01:41:31.880 wants to be productive and we want to get more 1762 01:41:32.439 --> 01:41:36.880 effects to, exports we should have some level of concession 1763 01:41:37.159 --> 01:41:39.439 into some sectors to see you'll give you a borrow 1764 01:41:39.840 --> 01:41:43.800 x y z percentage most going into. Agriculture for, instance 1765 01:41:43.880 --> 01:41:46.239 the amount of Money i'm, sorry if you like the, 1766 01:41:46.359 --> 01:41:50.520 CONCERT i like, it or something should be stated somewhere 1767 01:41:50.600 --> 01:41:53.359 in our lot going we're borrowing a certain amount of 1768 01:41:53.479 --> 01:41:56.840 money in a, kid certain percentage of that you go 1769 01:41:56.960 --> 01:42:01.880 into agriculture to ensure that we are into planting cuckoo 1770 01:42:02.520 --> 01:42:05.159 to the extent in five years if we borrowed body 1771 01:42:05.199 --> 01:42:07.439 to plant cuckoo in ten percent of whatever it is 1772 01:42:07.720 --> 01:42:10.279 isn't to build a, coastal believe me will be building 1773 01:42:10.359 --> 01:42:11.520 the room in another twenty. 1774 01:42:11.600 --> 01:42:14.039 Years from the process of the coo farm without borrowing 1775 01:42:14.079 --> 01:42:14.520 money for the. 1776 01:42:14.680 --> 01:42:20.520 Road the laws are designed in those directions that somebody 1777 01:42:20.520 --> 01:42:23.680 who just called me and the jos borrow one a 1778 01:42:23.800 --> 01:42:26.600 trillion and the young build whatever it is that they 1779 01:42:26.640 --> 01:42:28.439 wanted to do even care whether it's going to. 1780 01:42:28.520 --> 01:42:32.920 Make, retoric you. Know so those type of, infrastructure. 1781 01:42:32.159 --> 01:42:34.399 And that's WHAT i started by whether we have dose 1782 01:42:34.479 --> 01:42:37.920 laws and then, too if we have the loss would 1783 01:42:37.960 --> 01:42:41.840 are the chances that we as the, people including our, 1784 01:42:41.880 --> 01:42:46.600 representatives we have a check, book a check list to 1785 01:42:46.800 --> 01:42:49.760 ensure that this wo are sending. Up if you're omitting 1786 01:42:49.840 --> 01:42:52.239 up to distances and, place we call them to question. 1787 01:42:52.800 --> 01:42:56.000 Because we sell, sorry. 1788 01:42:58.319 --> 01:42:59.319 Because we're all of. 1789 01:42:59.560 --> 01:43:03.279 Insent defies the leadership to the extent that money just 1790 01:43:03.359 --> 01:43:06.479 covers everybody's mouth because we are afraid of. Money and 1791 01:43:06.640 --> 01:43:10.640 then we have a work the work sharing that doesn't 1792 01:43:10.720 --> 01:43:12.800 put things a. Check when you talk too, much they 1793 01:43:13.000 --> 01:43:15.159 just catch you for cyber bullying and things like. That 1794 01:43:15.840 --> 01:43:19.319 these reforms need to start from somewhere because if we 1795 01:43:19.439 --> 01:43:22.600 most progress as a, nation all of these we must 1796 01:43:22.640 --> 01:43:23.119 be able. 1797 01:43:23.000 --> 01:43:24.920 To respect because and follow these. 1798 01:43:25.000 --> 01:43:28.960 Principles where we are, suffering especially as a nation where 1799 01:43:29.000 --> 01:43:31.880 we just found some money that comes as a result of, 1800 01:43:31.920 --> 01:43:36.319 application we shouldn't be like. This Saudi arabia And dubai 1801 01:43:36.520 --> 01:43:38.960 And nigeria are supposed to be on the same. Pedesta 1802 01:43:39.359 --> 01:43:41.680 it's not about democracy because those who don't even have 1803 01:43:41.840 --> 01:43:44.880 democracy is said that democracy in our own, instance as 1804 01:43:44.920 --> 01:43:47.840 we call the, course why we look at those orical. 1805 01:43:47.960 --> 01:43:50.479 QUESTIONS i would like us to look at it this. 1806 01:43:50.640 --> 01:43:54.800 Way if you have the opportunity as an, individual don't 1807 01:43:54.920 --> 01:43:57.640 make it like an opportunity to go back money and become, 1808 01:43:57.840 --> 01:43:59.800 rich because don't matter how. 1809 01:44:00.119 --> 01:44:02.600 Much who we as give you has become rich and. 1810 01:44:02.760 --> 01:44:06.399 Prepent like we're not still the money by hiding the 1811 01:44:06.520 --> 01:44:08.600 money abroad to people who are hiding the. Money we 1812 01:44:09.039 --> 01:44:11.399 know we are still in front here to buy houses 1813 01:44:11.479 --> 01:44:13.399 and people tells in those places they. 1814 01:44:13.560 --> 01:44:16.680 KNOW i wonder why we're receiving us a. 1815 01:44:17.800 --> 01:44:23.159 Topic, yeah so your first, question, yes we have the, 1816 01:44:23.279 --> 01:44:25.720 LAWS i know it's at the federal. Level how the 1817 01:44:25.760 --> 01:44:30.079 physical responsility you have to? Borrow we have a thirty 1818 01:44:30.159 --> 01:44:33.239 PERCENT gudp and all that we have the laws federal. 1819 01:44:33.399 --> 01:44:36.680 Level i'm not Sure miny states have adopted that. Symbol 1820 01:44:36.960 --> 01:44:39.159 but your your real question was why it's not being. 1821 01:44:39.239 --> 01:44:42.239 Implemented you look At america, today they are shot. Down 1822 01:44:42.319 --> 01:44:46.680 why because they have spend unless. Appropriation normally you see 1823 01:44:46.800 --> 01:44:50.039 yesterday the same To. America but we cannot spend unless. 1824 01:44:50.119 --> 01:44:54.920 Appropriated and even if it's, appropriated you cannot spend appropriate 1825 01:44:55.119 --> 01:44:58.319 funds unless that that thing has got funded back By 1826 01:44:58.399 --> 01:45:00.840 congress and all. That so they have a those, here 1827 01:45:00.920 --> 01:45:04.359 we don't have. It so your second, question issu, side 1828 01:45:04.399 --> 01:45:08.880 is That nigeria voters are not asking. Questions last, election 1829 01:45:09.119 --> 01:45:15.479 we asked about economic. Plans economic, plans not economic. Plans 1830 01:45:15.560 --> 01:45:17.359 what are you going to? Do you know we had 1831 01:45:17.399 --> 01:45:21.880 three species here we talked to be retainable. Article if 1832 01:45:21.920 --> 01:45:25.159 you go, back you've got species all their recorded and all. 1833 01:45:25.199 --> 01:45:28.960 That mister tin wed not do a lot of public. 1834 01:45:29.079 --> 01:45:31.800 Appearances he did not say anything. 1835 01:45:32.920 --> 01:45:33.279 About the. 1836 01:45:33.359 --> 01:45:36.960 Economy people talked for. Him and when he, spoke he 1837 01:45:37.000 --> 01:45:40.039 does maybe be one sentence or two or one point or. 1838 01:45:40.119 --> 01:45:44.880 Two he didn't say anything in. Manifesto and and when 1839 01:45:45.279 --> 01:45:47.600 manifesto in the space we said a few. Things, hey 1840 01:45:48.079 --> 01:45:51.640 he said he wants to couple spending from the from 1841 01:45:51.800 --> 01:45:54.840 from fact is there the, manifesto it's. There what he 1842 01:45:54.840 --> 01:45:58.079 has been now he said, It we're going to decouple 1843 01:45:58.520 --> 01:46:03.560 spending from benchmark oil and fact it's there in the. 1844 01:46:03.640 --> 01:46:08.840 Manifesto hope nineteen ninety is pretty, dead but The nigerians 1845 01:46:08.880 --> 01:46:11.760 read it, no because he was the word focusing On 1846 01:46:11.880 --> 01:46:13.479 he SAID i want to. Dance people are looking at 1847 01:46:13.560 --> 01:46:16.359 him and all. That so we don't. Read we don't 1848 01:46:16.520 --> 01:46:19.840 hold people to account In nigeria and we don't demand 1849 01:46:19.960 --> 01:46:22.960 this things copy are elected because if you want, to 1850 01:46:23.199 --> 01:46:25.600 if you want to manage, park tell me what you're 1851 01:46:25.640 --> 01:46:27.560 gonna do with the, fact but we don't do. It 1852 01:46:28.520 --> 01:46:32.920 in many states are just. Spenders they cannot create. Anything 1853 01:46:33.279 --> 01:46:35.279 they can't like an ice cream. Stand they can't do. 1854 01:46:35.399 --> 01:46:38.920 Anything anybody can spend. Money if you give your gates 1855 01:46:39.000 --> 01:46:41.600 man a billion nira a, month he will spend. It 1856 01:46:42.399 --> 01:46:46.760 so is a governor a real governor in REAL ceo 1857 01:46:47.159 --> 01:46:50.279 should create, wealth not just. Spend, well that's how you 1858 01:46:50.319 --> 01:46:52.920 know you're A, ceo not to take. Money that fact 1859 01:46:52.920 --> 01:46:54.640 has given you a build room and then the rood after. 1860 01:46:54.720 --> 01:46:58.239 Yourself there's a governor today build a, library then the 1861 01:46:58.319 --> 01:46:59.880 library after. Himself is it his? 1862 01:47:00.119 --> 01:47:00.359 Money? 1863 01:47:00.520 --> 01:47:03.680 No, so but there are the issues that will See 1864 01:47:04.000 --> 01:47:09.119 So nigeria's voters don't hold their partitions to. Account we worship, 1865 01:47:09.239 --> 01:47:11.960 them we call them names and all that kind of. 1866 01:47:12.039 --> 01:47:17.000 Stuff and sometimes things are so. BAD i always think 1867 01:47:17.039 --> 01:47:19.600 that maybe they make it so bad that when they 1868 01:47:19.640 --> 01:47:22.159 now give you they make you hungry for a, year 1869 01:47:22.239 --> 01:47:24.159 that when they give your food for a, day you 1870 01:47:24.399 --> 01:47:27.199 praise them because you've been hungry for a. Year so 1871 01:47:27.319 --> 01:47:30.000 we have to take to. Blame ourselves are designed to 1872 01:47:31.079 --> 01:47:34.479 do this cons, true to give them shoots to get your, 1873 01:47:34.560 --> 01:47:36.199 vote but we are the ones that have the power 1874 01:47:36.239 --> 01:47:38.760 of the the. Citizens so if we don't hold them to, account, 1875 01:47:38.800 --> 01:47:41.079 no what's going to. Change so we have to hold 1876 01:47:41.119 --> 01:47:43.680 them to account and, say, hey what are you going 1877 01:47:43.720 --> 01:47:45.199 to do this? Money and if if you don't get 1878 01:47:45.239 --> 01:47:48.159 a good, answer don't vote for. Them that's the main 1879 01:47:48.199 --> 01:47:49.760 part you, have really don't vote for. 1880 01:47:49.880 --> 01:47:52.640 Them so, yeah my. 1881 01:47:52.720 --> 01:47:59.760 Last question In american doing some, adjustment some role back 1882 01:47:59.840 --> 01:48:01.880 on some of the policies that he made that were 1883 01:48:01.920 --> 01:48:02.119 sort of. 1884 01:48:02.279 --> 01:48:04.800 Catastrophic you, know that's pull. 1885 01:48:04.920 --> 01:48:08.159 Back it's not just because it's thought that some of 1886 01:48:08.239 --> 01:48:11.439 those things we're not, working but because it's close to meet. 1887 01:48:11.479 --> 01:48:14.439 Them what is the prevalent of meetim that we have 1888 01:48:14.600 --> 01:48:20.399 in the politician on their. Tools that's so THAT i 1889 01:48:20.479 --> 01:48:23.720 don't have to forty eight IF i don't do, it 1890 01:48:23.880 --> 01:48:25.800 but vote for. Me that kind of thing we have 1891 01:48:25.960 --> 01:48:28.079 as meet, them so real what like. 1892 01:48:28.119 --> 01:48:30.039 What posses it pulling back on just to be clear, 1893 01:48:31.119 --> 01:48:33.039 properly like what policy. 1894 01:48:34.159 --> 01:48:37.520 They ACQUIRED a couple of, them so executive orders for for, 1895 01:48:37.640 --> 01:48:41.199 example the one that puts one twenty five percenturifer and 1896 01:48:41.359 --> 01:48:45.039 its produced. Blanket he has pulled back on that by saying, that, 1897 01:48:45.239 --> 01:48:47.760 okay you'll find whatever we don't produce in an giera 1898 01:48:47.960 --> 01:48:50.600 In america can call me in you say WHATEVER i 1899 01:48:50.640 --> 01:48:53.600 don't Produce. AMERICA i mean you have technically pulled back 1900 01:48:53.680 --> 01:48:57.560 the entire policy because everything they sell From chinese To, 1901 01:48:57.600 --> 01:49:01.640 america you don't make. Them WHETHER i is that performs 1902 01:49:01.720 --> 01:49:04.159 outside of, that at least naturally before now. 1903 01:49:04.359 --> 01:49:06.119 Was not be, OKAY i. 1904 01:49:06.199 --> 01:49:06.560 Guess so. 1905 01:49:08.680 --> 01:49:10.439 The quick answer to you is that we don't have 1906 01:49:10.520 --> 01:49:12.359 an equivalent of the mid Tim as you, know we 1907 01:49:12.399 --> 01:49:14.840 don't have a. Midterm but there are some states elections 1908 01:49:14.840 --> 01:49:19.199 that happen on outside. Cycle it is outside, cycle a 1909 01:49:19.319 --> 01:49:22.439 non brides outside cycle that you can if you wanted, 1910 01:49:22.520 --> 01:49:26.880 to or shown show the one That david. Supervising it's outside. 1911 01:49:26.960 --> 01:49:29.720 Cycle if you want. It that, way you can send 1912 01:49:29.760 --> 01:49:32.520 a message to the electorate and, say, hey we don't 1913 01:49:32.600 --> 01:49:34.920 like what you're. Doing but what you see In nigeria 1914 01:49:35.000 --> 01:49:38.399 today is Where i'm moving towards the one party. State 1915 01:49:39.279 --> 01:49:41.359 so all the governors have been promised that if they 1916 01:49:41.680 --> 01:49:44.760 if they joined the running, party they will be given 1917 01:49:44.800 --> 01:49:49.760 automatic automatic ticket to run and to. Win so you 1918 01:49:49.840 --> 01:49:52.159 see a lot of movements towards the center of the 1919 01:49:52.199 --> 01:49:54.520 governor's going. There so that's just if you look at us. 1920 01:49:54.960 --> 01:50:00.920 Happening it's not that there's no Opposition. Nigeria people don't 1921 01:50:00.960 --> 01:50:04.680 understand that opposition measure is designed to create again this 1922 01:50:04.920 --> 01:50:10.359 competition of, ideas competition of. Ideas if you take away, 1923 01:50:10.439 --> 01:50:14.600 opposition whether you like the opposition or you, don't then 1924 01:50:14.640 --> 01:50:17.920 you take away any check and. Balance the only reason 1925 01:50:17.960 --> 01:50:20.800 why Why trump is pulling back And i've got The 1926 01:50:20.920 --> 01:50:25.680 chinese is because the other, side The, democrats will win 1927 01:50:25.840 --> 01:50:29.800 the election if he doesn't pull. Back If trump had 1928 01:50:30.960 --> 01:50:35.079 a seventy seat minority In senate and a two hundred 1929 01:50:35.119 --> 01:50:37.319 seats maurity in The, house he will not pull back 1930 01:50:37.359 --> 01:50:40.000 in the tariff because even if the tarists hurt The, 1931 01:50:40.039 --> 01:50:44.159 americans he will not lose The house or The. Senate 1932 01:50:44.520 --> 01:50:47.319 so it's only pulling back because if it goes, forward 1933 01:50:48.359 --> 01:50:52.079 The Republican party will lose seats In, california in The swiss, 1934 01:50:52.079 --> 01:50:55.439 states In illinois or. That that's the. Point so when 1935 01:50:55.479 --> 01:50:58.199 you support in one party state what you are supporting 1936 01:50:58.319 --> 01:51:01.560 that there is no check and alance on what's going on. 1937 01:51:01.720 --> 01:51:05.279 Today there's no check and balance. Today imagine how it 1938 01:51:05.359 --> 01:51:08.239 would be if everyone is in the same. Past that 1939 01:51:08.239 --> 01:51:11.279 doesn't matter to say alphabet you call. It but if 1940 01:51:11.359 --> 01:51:14.760 everyone is in that party and everyone is doing, LOCKSTEP 1941 01:51:14.880 --> 01:51:17.520 i mean neither does borrow two billions that's right to The, 1942 01:51:17.600 --> 01:51:20.960 senate then it says you go ahead and. Borrow there's 1943 01:51:21.039 --> 01:51:26.279 no counter, voice, nothing. Nothing even when we had it was, 1944 01:51:26.319 --> 01:51:30.840 here when we borrow, money there's a lots of. Noise people, said, 1945 01:51:30.880 --> 01:51:33.239 okay what are you boring? For people are actually. Him 1946 01:51:33.520 --> 01:51:36.199 but today the present SAID i want to borrow two. 1947 01:51:36.239 --> 01:51:39.439 Billion your right to a babio bio reading it on the. 1948 01:51:39.520 --> 01:51:43.600 Floor they were passing to the committee committee will do 1949 01:51:43.760 --> 01:51:46.199 first here in second. Hearing here in this tax bill 1950 01:51:46.279 --> 01:51:48.359 that is so, Important how was it? Passed it was 1951 01:51:48.479 --> 01:51:52.920 just banging the, hammer passed, past, past, past on a tax. 1952 01:51:53.039 --> 01:51:55.720 HEARING i, MEAN i support the tax, bill BUT i 1953 01:51:55.880 --> 01:51:59.319 was passing the silly. Manner and that's the problem with 1954 01:51:59.399 --> 01:52:01.640 the country with, well which is, well we're gonna have 1955 01:52:01.800 --> 01:52:05.159 that transformation that we're yearling. For if you run the 1956 01:52:05.279 --> 01:52:08.199 country like a small, shop the country is are supposed 1957 01:52:08.199 --> 01:52:10.399 to be like a small. Shop if we have to, 1958 01:52:10.479 --> 01:52:13.640 BLAME i don't think the, positions it's, us We nigeria 1959 01:52:13.720 --> 01:52:16.560 that to, blame not. Them their job is to doing their. 1960 01:52:16.680 --> 01:52:19.159 Job we're not doing our. Job their job is to 1961 01:52:19.199 --> 01:52:21.600 do what they're, doing to buy, jets to, enjoy that's their. 1962 01:52:21.760 --> 01:52:24.920 Job our job is to keep them to. Accounts if 1963 01:52:24.960 --> 01:52:27.800 they don't keep to, account you fire. Them but we 1964 01:52:27.880 --> 01:52:31.039 don't do. That coming election on time will turn to 1965 01:52:31.399 --> 01:52:34.199 oh you're the best things in slices. Spread oh we love, you, 1966 01:52:34.399 --> 01:52:38.279 mister we love, you mister. Dad so who who do you? 1967 01:52:38.359 --> 01:52:43.319 BLAME i text my appreciate You. Ramsey, guys what we 1968 01:52:43.479 --> 01:52:45.279 here like an? Hour so you know we will never 1969 01:52:45.560 --> 01:52:49.239 nearly two Hours ramsey. Butterfloor ramsey went to nearly two. 1970 01:52:49.319 --> 01:52:53.439 Hours so at the two hour seven minutes To, ramsey 1971 01:52:53.479 --> 01:52:54.279 what's your? Mind god? 1972 01:52:54.319 --> 01:53:01.880 FRIEND i thank, you, Sir ship that it's fascalitalism. Issues 1973 01:53:02.800 --> 01:53:04.720 here's my position that. 1974 01:53:04.960 --> 01:53:08.560 Should not be. Shared you, KNOW i do not think 1975 01:53:08.800 --> 01:53:10.239 that you have. 1976 01:53:10.319 --> 01:53:12.880 To take money spending legos to go get someone in 1977 01:53:13.399 --> 01:53:13.960 people new. 1978 01:53:13.880 --> 01:53:18.880 State but go To, yeah let's go two. 1979 01:53:18.800 --> 01:53:24.159 People work for their Money legos. 1980 01:53:22.359 --> 01:53:23.039 People work for their. 1981 01:53:23.119 --> 01:53:25.960 Money let's revert to the people work for their. Money 1982 01:53:26.960 --> 01:53:30.039 the album WHICH i am, from work for their. Money 1983 01:53:30.800 --> 01:53:34.399 and let me move to because when you, vote you 1984 01:53:34.479 --> 01:53:36.960 don't share, it you don't take. Vote it's Only cano 1985 01:53:37.039 --> 01:53:38.960 has so much. Vote let's take it and shaped To 1986 01:53:39.079 --> 01:53:44.960 quiboquiment will have. Votes, right, Yeah so why should our 1987 01:53:45.079 --> 01:53:49.279 expend iture use your population in kind of use your population. 1988 01:53:49.000 --> 01:53:56.520 In legos generate. Revenue so other physical federalism. Issues my 1989 01:53:56.760 --> 01:53:59.560 true position is that we should go back. 1990 01:53:59.439 --> 01:54:04.239 To put this true, federalism which in that sense should 1991 01:54:04.279 --> 01:54:07.319 be resource control should be part of. It federal government 1992 01:54:07.359 --> 01:54:11.960 should not be in charge of licensing. Businesses giving mining 1993 01:54:12.039 --> 01:54:15.560 licenses should be done by. State small businesses should be 1994 01:54:15.640 --> 01:54:16.720 licensed by the local. 1995 01:54:16.840 --> 01:54:21.880 Government and that is how we should. Rule and that's 1996 01:54:21.920 --> 01:54:22.720 why we've been. 1997 01:54:22.800 --> 01:54:25.479 Blocked it's just like the federal government has the key 1998 01:54:25.520 --> 01:54:30.119 and locked things up and now go somewhere pick what 1999 01:54:30.239 --> 01:54:31.199 they want to, pick not. 2000 01:54:31.399 --> 01:54:34.600 Everything and now now at the end of the, month 2001 01:54:34.880 --> 01:54:37.079 Say i'm giving you a, location. 2002 01:54:38.640 --> 01:54:40.520 But you're really looking so many things THAT i could 2003 01:54:40.720 --> 01:54:44.319 use within my local, environment and you pick what interests. 2004 01:54:44.359 --> 01:54:47.720 You so you come to quite a, dom get mobile 2005 01:54:47.800 --> 01:54:53.279 license to explore and. Drill and then we have other 2006 01:54:53.399 --> 01:54:57.039 resources that the state could have given licenses to companies 2007 01:54:57.079 --> 01:54:59.520 to mind and great jobs and didn't see that. 2008 01:54:59.640 --> 01:55:03.800 Happening and we have other. 2009 01:55:03.760 --> 01:55:08.319 Resources in many other places because state do not have 2010 01:55:08.520 --> 01:55:12.640 control over. It and now it's been taken over by you, know, 2011 01:55:13.439 --> 01:55:15.760 people we don't. Know they don't account for. It we 2012 01:55:15.920 --> 01:55:18.319 hear that's gold, here people are mining. Gold the reason 2013 01:55:18.560 --> 01:55:21.720 the sinsecurity is because gold is being my, diamond has 2014 01:55:21.760 --> 01:55:26.479 been my demoralized being mine and it doesn't reflect in our. 2015 01:55:26.760 --> 01:55:31.079 Federal revenue and we don't see. THAT i think we 2016 01:55:31.119 --> 01:55:31.880 should open that. 2017 01:55:32.079 --> 01:55:35.079 Up once we open that, up state to our serials 2018 01:55:35.119 --> 01:55:38.800 are going to work to create you're talking about creating, 2019 01:55:38.880 --> 01:55:40.560 well we create well by. 2020 01:55:40.560 --> 01:55:44.600 Opening of the economy that will bring. Employment and you 2021 01:55:44.760 --> 01:55:46.119 touch the people that their. 2022 01:55:46.199 --> 01:55:50.039 Income they're looking for they just passed out. Bill they're 2023 01:55:50.079 --> 01:55:52.479 looking for people to. Tax, right and if you allow 2024 01:55:52.560 --> 01:55:54.800 state to do the things instead are going to be 2025 01:55:54.920 --> 01:55:58.159 a little. Bit it's going to help the state to 2026 01:55:58.279 --> 01:56:01.640 open up these businesses to you, know not staking, itself 2027 01:56:01.840 --> 01:56:04.880 but you, know licensed businesses to come in into other 2028 01:56:04.960 --> 01:56:07.159 areas that are not being done and. 2029 01:56:07.239 --> 01:56:07.840 Then people get. 2030 01:56:07.920 --> 01:56:10.680 Employees the federal government will take the, attacks WHICH i 2031 01:56:10.760 --> 01:56:14.199 think that is a lot for fair government to, take 2032 01:56:14.279 --> 01:56:15.439 BECAUSE i don't. 2033 01:56:15.279 --> 01:56:18.720 See any program that they have for the less privileged. 2034 01:56:18.760 --> 01:56:22.600 People by taking so. Much classis. 2035 01:56:24.039 --> 01:56:26.800 If we do these, things we will see and other 2036 01:56:26.920 --> 01:56:27.640 policies should be. 2037 01:56:27.720 --> 01:56:31.800 Changed Mister, kalu let me show you how the auto 2038 01:56:32.800 --> 01:56:37.039 ottober industry could benefit and expand ler economy and LAGER. 2039 01:56:37.279 --> 01:56:41.159 Gdp here we. Are they came in and promise us 2040 01:56:41.279 --> 01:56:43.199 jobs and now. 2041 01:56:43.479 --> 01:56:46.800 They got in there instead of creating that jobs. 2042 01:56:46.560 --> 01:56:49.279 In, nigeria what do you? Do do they take commonly 2043 01:56:49.880 --> 01:56:52.920 go To, japan go To germany and create jobs In. 2044 01:56:53.000 --> 01:56:56.039 Germany and let's say they have a. 2045 01:56:56.119 --> 01:57:02.319 Policy that every elected appointed and every government agency's official 2046 01:57:02.479 --> 01:57:06.399 car should be in angelan. Automobile you know what would. 2047 01:57:06.399 --> 01:57:09.560 Happen innocent would expand or build more, plants. 2048 01:57:10.079 --> 01:57:12.760 Employed, people whether they employ some of the people. 2049 01:57:12.560 --> 01:57:16.760 Who will be, foreigners but more adjurance would be they're not, 2050 01:57:17.000 --> 01:57:18.159 vehicles will build. 2051 01:57:18.039 --> 01:57:20.680 More, plants it will employ a lot Of. 2052 01:57:20.800 --> 01:57:23.800 Nangurance they will also probably employ foreign us as. 2053 01:57:23.880 --> 01:57:26.800 Well and what's going to be for all effects of? 2054 01:57:26.960 --> 01:57:31.399 That you see someone have been, saying someone discussed it 2055 01:57:31.479 --> 01:57:34.359 from THE tv the other, day that you create even 2056 01:57:35.000 --> 01:57:37.479 because every four years they want to sell those cars 2057 01:57:38.119 --> 01:57:40.520 in news because they want to drive new, ones, right 2058 01:57:40.800 --> 01:57:43.800 and you create a second car market. 2059 01:57:43.680 --> 01:57:46.520 In nigeria That nanginia to movie not the. 2060 01:57:46.600 --> 01:57:49.840 One we don't have to wait or canst to be important, 2061 01:57:50.119 --> 01:57:53.520 now a second car to be important From europe And. 2062 01:57:53.560 --> 01:57:56.760 America and this will also help us because it will 2063 01:57:56.800 --> 01:57:57.039 be too. 2064 01:57:57.039 --> 01:57:59.920 Much In lageria we now see it or part Of, 2065 01:58:00.119 --> 01:58:02.399 Africa West, Africa africa And. 2066 01:58:02.399 --> 01:58:03.359 South africa is Still. 2067 01:58:03.359 --> 01:58:04.840 Africa that's how. 2068 01:58:04.760 --> 01:58:06.600 You expand your. Economy and if you. 2069 01:58:06.800 --> 01:58:10.439 Mention this to the, politicians even to The president's going. 2070 01:58:10.399 --> 01:58:12.600 To desid right now because he wants to drive a foreign, 2071 01:58:12.680 --> 01:58:15.520 car it feels that the foot should be should, drive 2072 01:58:15.720 --> 01:58:18.399 but it forgets that he can give this whatever he. 2073 01:58:18.520 --> 01:58:23.039 Wants it could give that those requirement to not or 2074 01:58:23.039 --> 01:58:24.439 any Other naguran. 2075 01:58:24.039 --> 01:58:27.159 To mobile to make those for them and they can make, 2076 01:58:27.199 --> 01:58:27.920 it not that they. 2077 01:58:27.960 --> 01:58:29.079 Cannot it just gives. 2078 01:58:29.079 --> 01:58:32.560 Specification but you want they won't make, it but you 2079 01:58:32.640 --> 01:58:35.560 don't want because they want people to be available on 2080 01:58:35.680 --> 01:58:37.720 the election day that they have been stuffed for a 2081 01:58:37.760 --> 01:58:39.159 long time and they can give in to. 2082 01:58:39.359 --> 01:58:45.560 Me AND i want to do the, vote SO i 2083 01:58:45.640 --> 01:58:47.119 THINK i will will. HERE i don't know if that 2084 01:58:47.239 --> 01:58:47.720 makes sense or. 2085 01:58:47.720 --> 01:58:50.520 Not, yeah a lot of good points. There thank you so. 2086 01:58:50.680 --> 01:58:53.720 MUCH i appreciate, you very passionate, there SO i hear. 2087 01:58:53.800 --> 01:58:56.760 You in the, end it's all about policies to pass 2088 01:58:56.800 --> 01:58:59.479 some good policies and things. Happen we can't just see that. 2089 01:58:59.600 --> 01:59:03.399 Complain we should share well about us people that have 2090 01:59:03.560 --> 01:59:05.840 worked hard made the. MONEY i don't think you should be. 2091 01:59:05.880 --> 01:59:09.239 Shared but then, again let's see What simon has got to. 2092 01:59:09.279 --> 01:59:11.680 Say someone where nearly at the end they're going to 2093 01:59:11.760 --> 01:59:14.439 take us. Home we're talking to be at we're talking physical, 2094 01:59:14.560 --> 01:59:16.920 federals and we're asking a question should it be? Shared 2095 01:59:16.960 --> 01:59:18.479 and all? That what's your take. 2096 01:59:20.279 --> 01:59:21.760 Such A i, appreciate thank you so. 2097 01:59:21.880 --> 01:59:24.600 MUCH i, mean FORTUNATELY i can to this one BECAUSE 2098 01:59:24.600 --> 01:59:26.079 i heard an engagements. 2099 01:59:26.119 --> 01:59:28.880 Listening but thanks again from all of the things you, 2100 01:59:29.000 --> 01:59:32.439 do from all the. Listeners thank you so. Much SO 2101 01:59:32.520 --> 01:59:34.159 i think Were i'm just going to start is to 2102 01:59:34.199 --> 01:59:35.359 Say i've always had. 2103 01:59:35.279 --> 01:59:37.279 This, view WHICH i think many of you have also 2104 01:59:37.399 --> 01:59:41.199 expressed and, joined that we should more or less to 2105 01:59:41.239 --> 01:59:44.840 centralize from all other. Things for, Example i've written multiple 2106 01:59:44.920 --> 01:59:48.319 times that there should be a switch for collectible tax for, 2107 01:59:48.399 --> 01:59:52.800 example why should the federal government be making, love for, 2108 01:59:52.880 --> 01:59:55.159 example for the states in terms of the personal in. 2109 01:59:55.239 --> 01:59:58.520 Contact And i've also had that be meant to, say, 2110 01:59:58.560 --> 02:00:02.439 okay in with even need state state governments to collect personality, 2111 02:00:02.439 --> 02:00:05.199 contacts that should move up to the federal. Government because 2112 02:00:05.880 --> 02:00:09.359 states governments ordinarily should focus on attracting companies. 2113 02:00:09.239 --> 02:00:10.520 In other, ways we should switch. 2114 02:00:10.600 --> 02:00:14.279 Them the governments will not start collecting company in contacts 2115 02:00:14.279 --> 02:00:16.479 and the pedagment personally. 2116 02:00:16.560 --> 02:00:17.640 Contacts, now the. 2117 02:00:17.640 --> 02:00:21.119 REASON i actually had that tone is Because i've always asked, 2118 02:00:21.159 --> 02:00:25.000 myself what is really incentive that the government. 2119 02:00:24.680 --> 02:00:28.119 Can give is a company to come and set up 2120 02:00:28.159 --> 02:00:28.399 in their? 2121 02:00:28.479 --> 02:00:31.359 Environment and the biggest, PROBABLY. 2122 02:00:31.079 --> 02:00:33.199 I, mean you can find very little out there because 2123 02:00:33.520 --> 02:00:35.479 the way all those of after is such that they 2124 02:00:35.560 --> 02:00:38.720 have very limited opportunities to do. That, now in doing, 2125 02:00:38.760 --> 02:00:40.600 that WHAT i kind of think is that if for, 2126 02:00:40.680 --> 02:00:43.920 instance that switch is. Gone states don't dealing who is 2127 02:00:43.960 --> 02:00:44.680 born and who is not. 2128 02:00:44.800 --> 02:00:47.359 Born it's easy for you to collect individual taxes if 2129 02:00:47.359 --> 02:00:48.119 it is done by federal. 2130 02:00:48.159 --> 02:00:51.439 Governments now for these, states we should actually be able. 2131 02:00:51.279 --> 02:00:54.119 To now create wealth themselves by going to attract. 2132 02:00:54.279 --> 02:00:56.840 Entities and for the purposal attracting. 2133 02:00:56.439 --> 02:00:59.520 Those, entities they can give them some kind of that 2134 02:00:59.600 --> 02:01:01.279 i'm tax incentive to. 2135 02:01:01.359 --> 02:01:04.319 Try and comprete company. Contacts and of course if there 2136 02:01:04.319 --> 02:01:05.279 are arguments, around for. 2137 02:01:05.359 --> 02:01:10.079 Instance Long legos And go companies can, say, okay we, 2138 02:01:10.159 --> 02:01:13.239 good it's giving me twenty percent in, Contacts legos is 2139 02:01:13.279 --> 02:01:14.079 giving us twenty five. 2140 02:01:14.079 --> 02:01:17.000 Percent what should we do for everything That legos has 2141 02:01:17.279 --> 02:01:18.079 Or going really does? 2142 02:01:18.119 --> 02:01:18.159 Have? 2143 02:01:18.319 --> 02:01:19.520 This why not just motile? 2144 02:01:19.560 --> 02:01:22.000 Going there is a huge advantage that the state. 2145 02:01:21.920 --> 02:01:24.079 Is going to have for me to go and attract 2146 02:01:24.119 --> 02:01:27.439 that b company other than those in the reality. 2147 02:01:27.079 --> 02:01:29.239 Is that it's not in Contacts as far as my us, 2148 02:01:29.279 --> 02:01:31.680 concern the total collection is always very. 2149 02:01:31.680 --> 02:01:32.880 Very, Small so it makes no. 2150 02:01:33.239 --> 02:01:35.640 Sense it makes no different when it's and it staid 2151 02:01:35.680 --> 02:01:37.960 to go and be looking for all of these couplet 2152 02:01:38.000 --> 02:01:40.199 companies across the waters come and, say, hey costs set 2153 02:01:40.239 --> 02:01:40.399 up with. 2154 02:01:40.560 --> 02:01:41.760 Us So i've always had that. 2155 02:01:41.880 --> 02:01:44.880 View i've Always i've also waited multiple times around that to, say, 2156 02:01:44.920 --> 02:01:46.119 okay this is WHERE i think should. 2157 02:01:46.159 --> 02:01:49.159 Work now just coming back to the issues. 2158 02:01:48.880 --> 02:01:54.000 Around, me IT C i mean fast. STAY i think 2159 02:01:54.039 --> 02:01:54.479 you AND i have. 2160 02:01:55.960 --> 02:01:57.560 Engagement if you would use. 2161 02:01:57.600 --> 02:02:01.119 It and my view is, that, yeah, years it's easier 2162 02:02:01.239 --> 02:02:04.439 to operate a sales starts or a general typical consumption 2163 02:02:04.640 --> 02:02:08.760 tax that can to do this to decentralize. 2164 02:02:08.880 --> 02:02:13.479 Bility you can easily DECENTRALIZE, gsc which is generals. 2165 02:02:13.319 --> 02:02:15.800 Starts which you have the more part of the, world. 2166 02:02:16.159 --> 02:02:17.359 Even in THE us they don't HAVE. 2167 02:02:17.479 --> 02:02:22.000 VT A vt is in, quote you have probably the 2168 02:02:22.159 --> 02:02:25.039 most successful state the higher country that has been to 2169 02:02:25.159 --> 02:02:28.479 use somewhere like where they do it called A, cs 2170 02:02:29.039 --> 02:02:32.239 where states actually they displate ON vlc and connect those. 2171 02:02:32.319 --> 02:02:35.840 Bilities but then there's also a big dead weight that, 2172 02:02:36.000 --> 02:02:38.800 consulate which is that the companies are not able to 2173 02:02:39.000 --> 02:02:42.199 claim a lot of the impute parts of the beauty 2174 02:02:42.279 --> 02:02:45.800 because of the cross states. Activities so if for, instance 2175 02:02:45.960 --> 02:02:48.439 they say you have done let's, say than what they 2176 02:02:48.520 --> 02:02:52.399 USES a produces a problem that uses somewhere around fifty. 2177 02:02:52.159 --> 02:02:53.000 To seventy yer row. 2178 02:02:53.039 --> 02:02:56.119 Materials let's take that as an, example those seventeen row 2179 02:02:56.159 --> 02:02:59.720 materials come from probably about fifteen twenty. States it becomes 2180 02:02:59.760 --> 02:03:02.319 a help them for down to be able to manage 2181 02:03:02.359 --> 02:03:06.640 all of those how they in effects connect all of 2182 02:03:06.720 --> 02:03:09.279 the imputes activity into tax. 2183 02:03:09.199 --> 02:03:10.119 For every cell that you. 2184 02:03:10.239 --> 02:03:13.359 Make because the way deity works is that every single 2185 02:03:13.439 --> 02:03:15.960 cell that that is, done you have to go on 2186 02:03:16.119 --> 02:03:18.279 coct okay that you actually pay vit you on that 2187 02:03:18.399 --> 02:03:22.119 because actually the, beauty the overall caty should be borne 2188 02:03:22.560 --> 02:03:25.239 by the final, consumer most by you are the. 2189 02:03:25.359 --> 02:03:28.640 Producer so every producer has to, say, OKAY i need 2190 02:03:28.720 --> 02:03:30.560 to go and connect my beauty from each of these 2191 02:03:30.600 --> 02:03:33.760 states and then will be, LIKE i mean it didn't 2192 02:03:33.840 --> 02:03:36.039 terminating to, Me how DO i give you any? Credits 2193 02:03:36.239 --> 02:03:37.479 this is exactly in. 2194 02:03:37.520 --> 02:03:40.439 The most successful environment where you have viity operating with 2195 02:03:41.399 --> 02:03:43.920 they have the same issue that brings a lot OF 2196 02:03:44.000 --> 02:03:47.439 dea and then it's also a huge administratic. Hedict so 2197 02:03:47.880 --> 02:03:50.319 why DO i have any Bit if you ax me 2198 02:03:50.399 --> 02:03:52.920 out say maybe we should will do. It slax now 2199 02:03:53.039 --> 02:03:54.720 if you want to do if you want to play 2200 02:03:54.760 --> 02:03:57.359 from the PEPs from the saying hey we want to 2201 02:03:57.439 --> 02:03:59.760 actually make this thing. Easy we want all these states 2202 02:04:00.039 --> 02:04:04.800 to be able to probably have some legislation around consumption. 2203 02:04:04.960 --> 02:04:07.880 Tax they shouldn't BE VIT v it is very complex 2204 02:04:07.960 --> 02:04:08.840 to be done at state. 2205 02:04:08.960 --> 02:04:11.760 Levels, rather we can probably adopt. 2206 02:04:11.520 --> 02:04:14.920 Anyone ANY dsd any consumption, tax and that makes like 2207 02:04:15.039 --> 02:04:18.479 easy for body companies and even THE i think that's 2208 02:04:18.600 --> 02:04:19.560 just a little. 2209 02:04:19.600 --> 02:04:23.119 THING i think go back to the sales tax and 2210 02:04:23.199 --> 02:04:24.600 then allow the states to collect. 2211 02:04:24.640 --> 02:04:26.960 It it's an easier. 2212 02:04:27.039 --> 02:04:30.880 Ways it's easier for it's it's easier right than V 2213 02:04:31.000 --> 02:04:33.720 IT t V. T even for, example if you think 2214 02:04:33.760 --> 02:04:36.119 ABOUT i think somebody spoke about the important type of. 2215 02:04:36.199 --> 02:04:38.000 Things if you import stuff and then you sell the, 2216 02:04:38.079 --> 02:04:38.680 items who do. 2217 02:04:38.680 --> 02:04:43.039 You want tax from the important you? Paid you're not 2218 02:04:43.079 --> 02:04:44.079 going to claim. 2219 02:04:44.119 --> 02:04:47.199 It that becomes a big difficulty for our. Businesses that 2220 02:04:47.479 --> 02:04:50.079 makes life is more difficult for the. Companies it makes 2221 02:04:50.199 --> 02:04:53.960 cost of business even higher for those. Companies so that 2222 02:04:54.079 --> 02:04:56.199 has always been the problem around. 2223 02:04:55.960 --> 02:04:58.600 V c and malies that comes the world. 2224 02:04:58.479 --> 02:05:02.079 Actually centralized L, sure, yeah. 2225 02:05:03.760 --> 02:05:06.439 Maybe the example you can give it just this. 2226 02:05:06.600 --> 02:05:10.960 BRAVER i THINK i understand that some part of kind 2227 02:05:10.960 --> 02:05:13.840 of does some, bet but it has always been a 2228 02:05:13.880 --> 02:05:14.560 big headed. 2229 02:05:14.399 --> 02:05:16.039 For every country that centralizes. 2230 02:05:16.439 --> 02:05:19.920 Collection SO i think it's because we're trying to stuff 2231 02:05:20.039 --> 02:05:22.960 THE vat round hole in a square. Peg that's WHY 2232 02:05:23.000 --> 02:05:26.239 i think you should be From because The states had 2233 02:05:26.319 --> 02:05:29.159 a sales. TAX i don't know yet understand why we 2234 02:05:29.199 --> 02:05:31.159 related the sales TAX i went to a V a 2235 02:05:31.239 --> 02:05:36.000 t the just to make it fair was in MILITARY 2236 02:05:36.039 --> 02:05:38.640 i did. It wasn't the civilian class imitate did? It 2237 02:05:38.640 --> 02:05:47.439 because literally wanted revenues at the. Center, yes it was 2238 02:05:47.680 --> 02:05:50.840 sorry he had always, said as it was a vision 2239 02:05:51.039 --> 02:05:57.600 that did. It it WAS i. Baby the minister does 2240 02:05:57.640 --> 02:06:05.800 not CHANGE. Vat brian provided that. General but What i'm 2241 02:06:05.840 --> 02:06:09.000 saying is that in the midte there's a head that 2242 02:06:09.960 --> 02:06:13.880 it's not Mister tyle that has brought this. News has brought. 2243 02:06:13.960 --> 02:06:18.199 It so the military IN v eighty to get revenues 2244 02:06:18.279 --> 02:06:21.199 at the center because they are the, military and then 2245 02:06:21.199 --> 02:06:24.079 they stopped sales. Tax SO i just feel that the 2246 02:06:24.119 --> 02:06:28.199 sales tactic should have stayed or the stage that retained more. 2247 02:06:28.520 --> 02:06:32.159 Powers even if you DO v, eighty the rates should 2248 02:06:32.199 --> 02:06:34.640 have stayed with the. State allowed the states to charge 2249 02:06:34.760 --> 02:06:37.920 whatever they want to charge under THIS v eighty and 2250 02:06:38.039 --> 02:06:41.720 simply say whatever the charge x percent goes to federal 2251 02:06:42.239 --> 02:06:44.680 and experient still to. Stay that's WHY i think that 2252 02:06:44.760 --> 02:06:47.640 would have stopped this, issue saying so If lego stayed 2253 02:06:48.680 --> 02:06:51.920 just ten, percent then of Course federal can still get 2254 02:06:52.199 --> 02:06:55.079 x percent of that ten, percent and it's all other 2255 02:06:55.159 --> 02:06:58.439 sis can, say, well we're not as expensive As, legos 2256 02:06:58.800 --> 02:07:01.039 go to five and all. That so that way you 2257 02:07:01.119 --> 02:07:05.600 sort of guests stay decided and rates. Themselves right, now 2258 02:07:05.680 --> 02:07:08.199 you just have one blanket with. It why should you be? 2259 02:07:08.279 --> 02:07:12.119 Paid why should you'll be paid five percent or seven 2260 02:07:12.159 --> 02:07:15.520 point five? Percent why what's a point you pay seven 2261 02:07:15.560 --> 02:07:19.479 point five? Percent why the consumption consumers have more, money 2262 02:07:19.520 --> 02:07:21.680 they can't pay the one point Five but why make 2263 02:07:22.039 --> 02:07:25.680 uniform Across nigeria that if you are buying gala In 2264 02:07:25.960 --> 02:07:28.560 ubi you pay the same vis you're buying gala in 2265 02:07:29.239 --> 02:07:31.640 lcky doesn't make any? Sense know how you. 2266 02:07:31.680 --> 02:07:32.119 Don't make a. 2267 02:07:32.279 --> 02:07:35.199 SENSE i think the sense of that is just because 2268 02:07:35.239 --> 02:07:37.760 of the administrative side of. 2269 02:07:37.880 --> 02:07:38.520 Things make? 2270 02:07:38.600 --> 02:07:42.600 Sense is it for? Uniform how is? 2271 02:07:42.640 --> 02:07:44.159 It how do you make? It is you are buying 2272 02:07:44.279 --> 02:07:47.520 from the guy in in the, state there's no. Confusion 2273 02:07:47.600 --> 02:07:49.399 if you go To, hekey you are buying from a 2274 02:07:49.439 --> 02:07:52.119 guy In. Lucky it charges you at. Seven if you 2275 02:07:52.159 --> 02:07:53.960 go To, ubi you're being from a guy in THE. 2276 02:07:54.079 --> 02:07:56.319 Ubi the money is more moving FROM rb to. 2277 02:07:56.720 --> 02:08:00.920 Lakers THINKING i think you're from the part of just 2278 02:08:01.880 --> 02:08:06.159 you forget that people are manufacturing actually use loads of 2279 02:08:06.359 --> 02:08:08.399 impute from the different parts of the. 2280 02:08:08.560 --> 02:08:10.159 Country this way become the. 2281 02:08:10.279 --> 02:08:13.600 Problem but they're buying it also from a. Place even 2282 02:08:13.640 --> 02:08:17.239 If i'm buying a hundred imputs from hundreds of us 2283 02:08:17.319 --> 02:08:20.079 all Across, Nigeria i'm still going to buy it from 2284 02:08:20.079 --> 02:08:23.159 a particular state in the thirty FIVE i have to 2285 02:08:23.239 --> 02:08:29.039 do is when you produce an item in for, example 2286 02:08:29.680 --> 02:08:32.279 so you have actually gone to twenty five states in 2287 02:08:32.359 --> 02:08:35.560 the country to buy and get Your why WOULD i 2288 02:08:35.640 --> 02:08:37.760 go to the States i'm buying from a? Guy w 2289 02:08:37.880 --> 02:08:39.840 AM i buying? From tell me This i'm banking. FROM 2290 02:08:39.880 --> 02:08:43.000 i have to buy from a. STATE i have to 2291 02:08:43.359 --> 02:08:44.039 buy from a. State. 2292 02:08:44.119 --> 02:08:46.439 Sir selling items you want. 2293 02:08:46.319 --> 02:08:48.720 To manufacture and requires several. 2294 02:08:48.840 --> 02:08:51.279 Imps where. 2295 02:08:53.119 --> 02:08:53.239 Is it? 2296 02:08:54.159 --> 02:08:57.800 States but assuming for, example you want an, item this, 2297 02:08:58.000 --> 02:09:00.880 item this item you want to manufacture has impets from 2298 02:09:00.920 --> 02:09:01.720 different parts of. 2299 02:09:01.760 --> 02:09:05.479 The country and some of them from the. Forest are are. 2300 02:09:05.520 --> 02:09:08.439 Important when you get all of these, things you don't 2301 02:09:08.479 --> 02:09:11.119 have to. Produce when you, produce you have to. 2302 02:09:11.159 --> 02:09:14.840 Distribute it to different Hold, On, simon hold, on hold, 2303 02:09:14.840 --> 02:09:17.439 on let's, good let's USE i do both. It And 2304 02:09:17.439 --> 02:09:20.880 i'm buying, cocoa, sugar, milk yeas and all. That WHEN 2305 02:09:20.960 --> 02:09:24.319 i buy the cocoake from all your acquire bump from 2306 02:09:24.960 --> 02:09:27.720 the Point i'm making is weem buy And i'm paying 2307 02:09:27.800 --> 02:09:29.520 the Eighty, THERE i. 2308 02:09:29.560 --> 02:09:35.399 Don't people you sell you to go back to these 2309 02:09:35.479 --> 02:09:37.359 people and tell them p this. 2310 02:09:37.520 --> 02:09:40.680 Item you give me back my? AMOUNT i ad you. 2311 02:09:40.720 --> 02:09:42.000 When so what's wrong with? 2312 02:09:42.079 --> 02:09:42.119 That? 2313 02:09:42.359 --> 02:09:44.399 So So i'm buying from, OIL i go back to 2314 02:09:44.479 --> 02:09:46.239 oil AND i do what's what's the problem with? 2315 02:09:46.399 --> 02:09:50.279 That what's the? Problem so your how are you going 2316 02:09:50.359 --> 02:09:52.399 to get that? Money which? 2317 02:09:52.479 --> 02:09:53.359 Money which? 2318 02:09:53.439 --> 02:09:56.000 Money? Simon why are you making? 2319 02:09:56.279 --> 02:09:56.800 Complicated? 2320 02:09:58.079 --> 02:09:59.000 Well you see. 2321 02:10:02.039 --> 02:10:06.359 Because the way IT'S v, okay you buy and then 2322 02:10:06.439 --> 02:10:07.560 you PAY v eighty. 2323 02:10:07.880 --> 02:10:10.920 Imp out of. Beaty we get. That for the Point 2324 02:10:11.039 --> 02:10:13.439 i'm making it. Complicated IF i go and buy a, 2325 02:10:13.520 --> 02:10:17.760 cocoa that's my. Deity WHEN i sell more, BETTER i 2326 02:10:17.960 --> 02:10:21.600 try to buy a cocoa as, well and OUT i 2327 02:10:21.720 --> 02:10:25.119 pay the. Difference that's what happens IN v. Eighty the 2328 02:10:25.279 --> 02:10:28.520 Point i'm making is, this even if that fifty states 2329 02:10:28.560 --> 02:10:32.399 In america or testified To. Nigeria you are still paying 2330 02:10:32.479 --> 02:10:35.359 THAT v eighty to a supplier and then your your 2331 02:10:35.600 --> 02:10:38.119 buyer is paying YOU v. Eight it's still the same. 2332 02:10:38.199 --> 02:10:41.279 Thing if you are, bigger you'll have more, WORKLOAD i, 2333 02:10:41.439 --> 02:10:44.039 agree but you are still going to pay the same. 2334 02:10:44.159 --> 02:10:46.600 Thing so if you are, bigger you pay, More but 2335 02:10:46.720 --> 02:10:49.359 it's still the same, process isn't? It is there a 2336 02:10:49.479 --> 02:10:51.279 difference than what you're. 2337 02:10:51.319 --> 02:10:55.079 Saying SO i think we just given the fact that 2338 02:10:55.119 --> 02:10:56.960 you guys have actually been so long on this, one 2339 02:10:57.039 --> 02:11:00.359 maybe this is something we can discuss. SUBSEQUENTLY i, mean 2340 02:11:00.439 --> 02:11:02.359 it's not as easy as, that and that's why even 2341 02:11:02.399 --> 02:11:03.359 THE us doesn't DO b. 2342 02:11:03.479 --> 02:11:06.960 Eighty The uys don't DO vatd because that separate. States 2343 02:11:07.119 --> 02:11:09.439 they have sales taxes and all. That it's not because of, 2344 02:11:09.560 --> 02:11:12.520 This it's not because of what you're. Saying That's i'm 2345 02:11:12.600 --> 02:11:14.640 trying to get. Across in THE, uk you buy a 2346 02:11:14.680 --> 02:11:17.520 pair of shoes before now they stopped at the, airport 2347 02:11:17.840 --> 02:11:19.840 they give you back your. Money what is what is 2348 02:11:19.960 --> 02:11:22.760 complicated in? It because in the air it's going to be. 2349 02:11:22.840 --> 02:11:24.880 Accounting it just made the. 2350 02:11:24.920 --> 02:11:26.960 Point now in THE, uk do you know why they 2351 02:11:27.000 --> 02:11:30.000 don't DO V A c like they don't do the CENTRALIZED. 2352 02:11:30.039 --> 02:11:33.680 Vat it is the same Issue i'm raising. Now that's 2353 02:11:33.720 --> 02:11:35.199 why it's not decentralized. 2354 02:11:35.239 --> 02:11:38.439 Vity, okay it would have worked all all of the 2355 02:11:39.600 --> 02:11:44.479 shared of the accounties to do THE. Vt they centralize 2356 02:11:44.520 --> 02:11:48.640 it and make it something that is just. Connecting but, Again, 2357 02:11:48.840 --> 02:11:51.000 simon let's just come back to What i'm. Saying right, 2358 02:11:51.119 --> 02:11:54.119 now we do the SAME v eighty with seven point 2359 02:11:54.279 --> 02:11:58.640 five across the. Board, yeah, OKAY i am simply saying 2360 02:11:59.119 --> 02:12:02.600 it should not be fixed, rate the exact same thing 2361 02:12:02.720 --> 02:12:05.439 you are, doing but allow the seven point five to 2362 02:12:05.479 --> 02:12:07.600 be set by the. States if you still want to 2363 02:12:07.680 --> 02:12:11.279 set up five, percent two, percent ten, percent do the 2364 02:12:11.439 --> 02:12:14.159 exact same thing you are. Doing is your five or 2365 02:12:14.279 --> 02:12:20.279 ten or two you are? Changing, Okay i'm not asking 2366 02:12:20.319 --> 02:12:23.680 to change your, paperwork just the inch whatever you put. 2367 02:12:23.720 --> 02:12:26.239 There because you can't have all states another, say, WELL 2368 02:12:26.479 --> 02:12:28.159 i mean we can't move at the same. PAGE a 2369 02:12:28.199 --> 02:12:30.479 state might say we want to grow at two, percent 2370 02:12:30.600 --> 02:12:33.039 that's okay for, us it says the one we're by ten, 2371 02:12:33.079 --> 02:12:34.920 percent that's okay for. Us we don't want that go 2372 02:12:35.039 --> 02:12:37.800 to the. Refinery we just want to build a little 2373 02:12:37.920 --> 02:12:40.880 houses and stay in the civil. Circumstance if that's what they, 2374 02:12:41.000 --> 02:12:44.239 want why are you talking their pipes in Their florida 2375 02:12:44.319 --> 02:12:48.039 is a retire, city, right they have Very. Florida they 2376 02:12:48.039 --> 02:12:51.800 are different from Saying New york that's very high and young, 2377 02:12:52.479 --> 02:12:54.319 creature love of wealth and all. That SO i THINK 2378 02:12:54.359 --> 02:12:56.920 i have the tax is to fit the. State that's 2379 02:12:56.960 --> 02:12:58.680 What i'm going to do with, this which we can't 2380 02:12:58.720 --> 02:13:03.159 have a one size fits. All every consumer all Across 2381 02:13:03.319 --> 02:13:06.439 nigeria should pay some point five. Percent i'm not saying 2382 02:13:06.439 --> 02:13:09.319 if you won't, pay but let the still determine what 2383 02:13:09.479 --> 02:13:11.680 they want to. Pay if you do love vi, ety 2384 02:13:12.159 --> 02:13:14.680 you get a look IN id what you attract. Businesses 2385 02:13:14.680 --> 02:13:17.079 if you DO I, vat you get more, money but 2386 02:13:17.520 --> 02:13:21.479 you scare away investors your. Prison that would be a 2387 02:13:21.640 --> 02:13:25.399 fair way to end this right some way, again once, 2388 02:13:25.399 --> 02:13:30.000 AGAIN i got some. 2389 02:13:30.199 --> 02:13:31.199 Ideas when. 2390 02:13:33.199 --> 02:13:36.439 He's, here go for, it, okay it's one of the 2391 02:13:36.520 --> 02:13:36.920 question was. 2392 02:13:37.159 --> 02:13:40.600 SUGGESTION i THINK i haven't some, more but let me 2393 02:13:41.560 --> 02:13:46.439 just choice and works. There it sounds that if we 2394 02:13:46.560 --> 02:13:49.720 are lasted to fix its a lot of this is 2395 02:13:49.920 --> 02:13:54.960 it turns that manufacturer coute for me where disease is, 2396 02:13:55.079 --> 02:13:58.439 higher se like sell. 2397 02:13:58.960 --> 02:14:01.039 What disease is? Low what would we? 2398 02:14:01.119 --> 02:14:12.119 Do why would you do? That that's so, Said i'm, 2399 02:14:13.079 --> 02:14:17.439 Majority so you go to so you go to. 2400 02:14:17.520 --> 02:14:19.319 This no, no, no, no, no that's not your. Call 2401 02:14:19.439 --> 02:14:22.079 now is that your? Call someone is, expected but that's 2402 02:14:22.079 --> 02:14:25.039 not your. Call is The it is a cost to, 2403 02:14:25.159 --> 02:14:27.079 you right in your, opinion a tax to the. Government 2404 02:14:27.119 --> 02:14:30.800 if you pay ten PERCENT, vi that's a cost on your, 2405 02:14:31.039 --> 02:14:32.199 price on your own. 2406 02:14:32.279 --> 02:14:36.880 Costs because, actually like the way they is structurally. 2407 02:14:36.439 --> 02:14:38.239 So that it's to pay cost to you the. 2408 02:14:38.359 --> 02:14:41.439 Producer for, example so IF i buy AN, iam YES 2409 02:14:41.479 --> 02:14:43.840 I i PAID, aviatd BUT i need to collect. 2410 02:14:43.840 --> 02:14:45.000 It butack WHEN i sell the. 2411 02:14:45.079 --> 02:14:50.720 Item so in this, case for, example the asking it for, 2412 02:14:50.800 --> 02:14:53.880 instance that it's probably. 2413 02:14:53.600 --> 02:14:57.119 Somewhere around ten, THOUSAND i pay somewhere Around they say 2414 02:14:57.720 --> 02:15:01.720 one m V t, right and THEN i now add 2415 02:15:02.159 --> 02:15:05.079 to this item AND i sell to another place at 2416 02:15:05.119 --> 02:15:05.840 THE v Eighty. 2417 02:15:05.720 --> 02:15:07.880 I'm collecting here is probably about seven hundred and. 2418 02:15:07.960 --> 02:15:12.119 Fifteen, no but, simon, simon you are selling at your cost. 2419 02:15:12.319 --> 02:15:17.640 PRICE v eight is on your selling. Price what my guys, 2420 02:15:17.680 --> 02:15:23.239 Say so whatever you buy a selling, Price i'm getting, him. 2421 02:15:23.319 --> 02:15:26.800 Sir IF i IF i Make gala for ten n, 2422 02:15:26.800 --> 02:15:31.359 IRA i PAY v eighty on ten narra my cost. 2423 02:15:31.520 --> 02:15:34.600 Price IF i said IF i Sell, Gala i'm not 2424 02:15:34.680 --> 02:15:38.680 gonna sell galas five. Naira i'm gonna Sell gala at Fifteen. 2425 02:15:38.920 --> 02:15:44.239 Ira then PAY v eighty on the. Fifteen but that's be. 2426 02:15:44.399 --> 02:15:48.279 Eighty my sales price is. FIFTEEN v eighty is on. 2427 02:15:48.520 --> 02:15:51.560 Fifteen the two persons on the. Fifteen i'm not saying 2428 02:15:51.600 --> 02:15:55.359 that that let's. Price, okay let me let. 2429 02:15:55.279 --> 02:15:56.039 Me try to explain. 2430 02:15:56.119 --> 02:16:00.520 This WHEN i buy The galla for ten mm, HMM 2431 02:16:01.359 --> 02:16:04.560 i PAY vt on the ten, ERA i have to 2432 02:16:04.680 --> 02:16:07.479 go sell that together to somebody for Fifteen. 2433 02:16:07.119 --> 02:16:10.880 There another person has to pay vty on that fifteen. 2434 02:16:10.960 --> 02:16:14.479 Era i'll go To govement and, say, OKAY i saw 2435 02:16:14.560 --> 02:16:16.319 this item like BUT i bought it for. 2436 02:16:16.479 --> 02:16:18.720 TENERA i paid beaty of one. 2437 02:16:18.800 --> 02:16:20.479 Era NOW i have. 2438 02:16:20.640 --> 02:16:22.159 Sold it to somebody for fifteen. 2439 02:16:22.199 --> 02:16:29.439 ERA i COLLECTED vt of x. Lerara, yeah that's a. 2440 02:16:29.520 --> 02:16:34.239 Problem he is, saying what if you have. 2441 02:16:34.360 --> 02:16:36.799 A vit you paid a beauty of ten percent somewhere 2442 02:16:37.159 --> 02:16:39.079 and another state is charging two. 2443 02:16:39.200 --> 02:16:40.399 Percent what is. 2444 02:16:42.319 --> 02:16:46.079 Simon but percent on ten ra and fifteen percent. 2445 02:16:45.959 --> 02:16:47.440 On fifteen. 2446 02:16:48.760 --> 02:16:52.959 On fifteen what is the fifteen era profit five erra? 2447 02:16:53.159 --> 02:16:54.319 Extra what's the? 2448 02:16:54.399 --> 02:16:56.959 Issue, see we. 2449 02:16:57.000 --> 02:16:59.879 Are saying you paid. 2450 02:17:01.399 --> 02:17:05.920 D you, paid you need to get it. Back so 2451 02:17:06.040 --> 02:17:07.840 the way it was that you have to match the 2452 02:17:07.920 --> 02:17:11.360 D t paid against THE vt that you. Received the 2453 02:17:11.520 --> 02:17:14.520 difference have to come to you because. 2454 02:17:14.280 --> 02:17:16.079 That is not your. Cost question for. 2455 02:17:16.200 --> 02:17:18.639 You question for you what IF i have a negative 2456 02:17:18.719 --> 02:17:21.280 vit IS i paid ten AND i got to. Nine 2457 02:17:21.360 --> 02:17:24.799 what happens you have you have to recover you over 2458 02:17:24.920 --> 02:17:30.000 time from who from the? Issue but you have to 2459 02:17:30.040 --> 02:17:31.959 remind from the fact right? 2460 02:17:32.040 --> 02:17:32.360 Now so what? 2461 02:17:32.520 --> 02:17:36.719 Issue what's the? Issue this should know is that you 2462 02:17:36.840 --> 02:17:38.280 have stated that it's time that. 2463 02:17:40.799 --> 02:17:41.920 My BALANCE. 2464 02:17:43.120 --> 02:17:46.159 I hear you on my balance sheet will recovery it 2465 02:17:46.280 --> 02:17:47.559 as well as taxes. 2466 02:17:47.479 --> 02:17:52.440 Level WHAT i, recovered HOW i? Record don't forget that 2467 02:17:53.520 --> 02:17:59.760 technical answer the question. Side you have to test anything 2468 02:18:00.120 --> 02:18:05.239 receivable in your account or. Recoverability you're going to the. 2469 02:18:05.319 --> 02:18:09.479 Weeds let's assume it's. Recoverable assumes recoverable on. 2470 02:18:09.639 --> 02:18:12.200 My balansh IT i would have it and an entry 2471 02:18:12.360 --> 02:18:15.680 on my baunst to show that that is Something i'm 2472 02:18:15.719 --> 02:18:17.959 going to get from it comes from the government in the, 2473 02:18:18.079 --> 02:18:21.840 future is not so exactly to how WOULD i lose, 2474 02:18:21.879 --> 02:18:25.079 Money he's, Saying so he's not use any money. 2475 02:18:27.600 --> 02:18:28.239 To test it for. 2476 02:18:28.360 --> 02:18:32.959 Recoverability you are going into the weeds as you it is. 2477 02:18:33.079 --> 02:18:39.319 Recoverable on the, balance it will show a. Receivable SO 2478 02:18:39.479 --> 02:18:41.920 i don't lose the. Money it's going to be a. 2479 02:18:42.000 --> 02:18:45.840 Receivable so what's the? Issue no, problem no. 2480 02:18:45.920 --> 02:18:46.680 Problem i'll hear. 2481 02:18:46.680 --> 02:18:50.719 YOU i think it isn't is actually to do it 2482 02:18:50.959 --> 02:18:53.559 sales Taps and the problem with self stat is that 2483 02:18:53.680 --> 02:18:57.799 it becomes just an additional costs to the, business right 2484 02:18:58.520 --> 02:19:01.200 because you can't recover any count of. It so that's 2485 02:19:01.239 --> 02:19:04.680 why BET o to be, easy but then difficulty about 2486 02:19:04.760 --> 02:19:07.920 v centlize. It then you have a day which to 2487 02:19:08.000 --> 02:19:09.760 do business because we can recover. 2488 02:19:09.639 --> 02:19:10.479 All of it from the. 2489 02:19:10.559 --> 02:19:13.760 States that has been the problem for all of the 2490 02:19:13.840 --> 02:19:15.680 countries that DO vt across the. 2491 02:19:15.760 --> 02:19:20.200 World, Agreed And i'm, saying if we have to move 2492 02:19:20.280 --> 02:19:23.719 FROM bety to whatever value added, sales WHATEVER i want 2493 02:19:23.760 --> 02:19:25.840 to call. It the Point i'm, making And i'm tied 2494 02:19:25.920 --> 02:19:29.680 to center, point is that should we share? Derivation should 2495 02:19:29.719 --> 02:19:32.719 we share taxes that are generated based on? Consumption that's 2496 02:19:32.760 --> 02:19:36.840 the first. Thing what a vaity or c. It should 2497 02:19:36.920 --> 02:19:41.159 we share those taxes that are generated from. CONSUMPTION i 2498 02:19:41.200 --> 02:19:44.799 don't think we. Should second, question if we then don't share, 2499 02:19:45.000 --> 02:19:47.760 washing should we go and tweak that delusion from? Land say, 2500 02:19:47.799 --> 02:19:50.639 okay right now thirty? Percent should we take it to 2501 02:19:50.760 --> 02:19:54.319 forty percent so we reward governors that are actually investing 2502 02:19:54.319 --> 02:19:56.520 in Their still that's the. Problem now if you go 2503 02:19:56.760 --> 02:20:01.280 watch what we're, saying most state governors is antivised to 2504 02:20:01.440 --> 02:20:04.319 invest in the. State he just harded to have population 2505 02:20:04.920 --> 02:20:08.920 and equality and he gets nearly seventy percent OF. Fuk 2506 02:20:09.280 --> 02:20:12.159 we can't grandation that way while will cross it by 2507 02:20:12.280 --> 02:20:14.440 building it up and if it's still going to get 2508 02:20:14.520 --> 02:20:17.360 the same amount of. Money so it can't work that. 2509 02:20:17.479 --> 02:20:19.360 Way so we've got to go back to. Drive BUT i, 2510 02:20:19.479 --> 02:20:24.319 say this shade of tax revenues is making states. Lazy 2511 02:20:24.959 --> 02:20:29.079 we've got to incentivize people to take risks because it 2512 02:20:29.200 --> 02:20:32.840 is the risk that generates the. Return so these things 2513 02:20:32.879 --> 02:20:35.799 WERE i, like we're, going we're going to do with 2514 02:20:35.959 --> 02:20:40.000 a bit too. Much overall overall picture is this if 2515 02:20:40.040 --> 02:20:43.120 we simply say states should go and create, wealth but 2516 02:20:43.280 --> 02:20:46.719 that's well to be taken from them and shared to. 2517 02:20:46.920 --> 02:20:52.840 Everything natya based on equality and, population then we've lost 2518 02:20:52.879 --> 02:20:56.879 the blood right, there no child will read in. School 2519 02:20:57.600 --> 02:21:01.040 it comes first and, last and father gives him. Sweets 2520 02:21:01.440 --> 02:21:04.520 when he comes, first he comes, last he gets. Sweet 2521 02:21:04.840 --> 02:21:08.680 oh childhood. Read and now we have price, ceremony prize 2522 02:21:08.680 --> 02:21:11.360 giving day in schools to reward those that have taken 2523 02:21:11.399 --> 02:21:14.399 the risks not to, sleep not to WATCH, tv but 2524 02:21:14.559 --> 02:21:17.559 too read their books and contesting, class they get the 2525 02:21:17.639 --> 02:21:19.959 price your father out club for you you go to 2526 02:21:20.079 --> 02:21:22.920 mister big and. Eat that's the whole. Idea but if 2527 02:21:22.959 --> 02:21:25.840 you make it that whether you pastle you don't, passle 2528 02:21:26.319 --> 02:21:28.639 everybody will get priced and go to mister, bigs then 2529 02:21:28.719 --> 02:21:31.159 no schools for them to. Read and that's Where nigeria. 2530 02:21:31.399 --> 02:21:34.959 Is where we are. Today that tests five states When 2531 02:21:35.000 --> 02:21:40.719 i'm asking for fifty five additional. States so if it's low, 2532 02:21:40.879 --> 02:21:43.440 there there's stock about nations where passes we. ARE i 2533 02:21:43.520 --> 02:21:48.760 just gonna have ninety, states ninety states who will fund 2534 02:21:48.799 --> 02:21:53.399 These United states, LEGOS theata BUY usa and the. Rest 2535 02:21:53.760 --> 02:21:56.799 So simon leg today is building deep sea ports and 2536 02:21:56.959 --> 02:21:59.600 red line there will take the money from deep sya 2537 02:21:59.639 --> 02:22:02.680 pot red line and give to one in ninety. States 2538 02:22:03.079 --> 02:22:04.959 that might be like that might create me a new 2539 02:22:05.000 --> 02:22:08.520 state in my small. COUNTRY i might be governor in next. 2540 02:22:08.600 --> 02:22:10.719 Year so that's how you talk to, me And i'll 2541 02:22:10.760 --> 02:22:14.000 get the money From lego. States deepline and run my. 2542 02:22:14.159 --> 02:22:17.000 States doesn't make any. Sense and if we don't stop 2543 02:22:17.079 --> 02:22:21.920 it now by educating people about what this doesn't, means 2544 02:22:22.000 --> 02:22:25.040 that's t vote for it THOSE Us United, states that's 2545 02:22:25.120 --> 02:22:27.000 vote for. It i'll get this state in my localment 2546 02:22:27.079 --> 02:22:32.319 here if you some of it are Mere zenith bank in, 2547 02:22:32.440 --> 02:22:34.959 it not In. Lego so not in this standy bank 2548 02:22:35.040 --> 02:22:39.479 in a small town In. Plateau make more idea THAT 2549 02:22:39.639 --> 02:22:43.079 ministrp governments send it, bank you'll be they make more 2550 02:22:43.200 --> 02:22:46.399 idea that ministered. Governments how can we have a country 2551 02:22:46.479 --> 02:22:50.799 like this and you want to add fifty five fifty 2552 02:22:50.879 --> 02:22:51.360 five new? 2553 02:22:51.440 --> 02:22:51.799 States? 2554 02:22:52.440 --> 02:22:54.120 Simon what what what are you? 2555 02:22:54.159 --> 02:22:54.319 From? 2556 02:22:54.399 --> 02:22:57.719 Simon local? 2557 02:22:57.799 --> 02:23:01.000 Government i'm. 2558 02:23:01.040 --> 02:23:03.159 Homable so of course. 2559 02:23:03.280 --> 02:23:07.600 He took at like six stays critics from the center six, 2560 02:23:07.680 --> 02:23:12.239 States wow states or beyond stage you have you have become. 2561 02:23:13.639 --> 02:23:16.399 No, no no no, No BUT i want the things. 2562 02:23:16.239 --> 02:23:18.079 That ALSO i don't know to the extent that was 2563 02:23:18.120 --> 02:23:21.360 implemented in this new tax was actually trying to change 2564 02:23:21.680 --> 02:23:22.399 sharing from. 2565 02:23:24.399 --> 02:23:26.440 It would be a large copt from. 2566 02:23:26.319 --> 02:23:29.799 The aviation or that was Canceled. Simon that WAS. 2567 02:23:31.440 --> 02:23:33.840 I don't know how much they implemented that that was 2568 02:23:33.879 --> 02:23:34.680 in the conversation. 2569 02:23:36.159 --> 02:23:40.079 Coming, yeah, yeah it would be very important conversation that 2570 02:23:40.159 --> 02:23:40.479 they would. 2571 02:23:40.479 --> 02:23:45.559 Have you, KNOW i did a tweet what noble bungle 2572 02:23:45.840 --> 02:23:47.879 AND i, said you want to smile and who are attacking? 2573 02:23:47.959 --> 02:23:49.200 Me that who was going to. 2574 02:23:50.680 --> 02:23:56.040 Sixty percent delevision but he said having support and then 2575 02:23:56.159 --> 02:23:58.719 marked it down to thirty percent to turt. 2576 02:24:00.040 --> 02:24:00.200 Now. 2577 02:24:01.159 --> 02:24:05.440 Exactly, yeah before he signed Sixty now it's the simply 2578 02:24:05.559 --> 02:24:08.079 to give, him give him persent from population all the. 2579 02:24:08.159 --> 02:24:10.799 Day, yeah so we lost. 2580 02:24:11.120 --> 02:24:14.040 THAT i suppose him that if you had done sixty, percent, 2581 02:24:14.760 --> 02:24:17.360 nobody we're talking about creating mastic because you, know if 2582 02:24:17.399 --> 02:24:19.760 you create a, state you've got the. Money there is 2583 02:24:20.000 --> 02:24:24.120 sixty percent on the. Radiation nobody who but today everybody's 2584 02:24:24.120 --> 02:24:27.799 sign and buy us as money or Legal legos studied 2585 02:24:27.879 --> 02:24:30.360 a one race and past. Money then once just sit 2586 02:24:30.479 --> 02:24:33.399 down and say, okay thank You, legos and that share 2587 02:24:33.440 --> 02:24:35.719 doesn't make. Sense you can't create the cond that. Way 2588 02:24:36.360 --> 02:24:37.280 guys will be here for. 2589 02:24:39.479 --> 02:24:41.559 Sorry question. 2590 02:24:44.959 --> 02:24:50.239 Think or most part of this is that the law 2591 02:24:50.639 --> 02:24:58.520 of the cannot make his completities your correct. 2592 02:24:59.319 --> 02:25:04.319 N. Suggestion why has the state Not for, EXAMPLE i. 2593 02:25:07.959 --> 02:25:09.000 Can Infort. 2594 02:25:10.840 --> 02:25:14.920 So infect your paint four, Percent so come to my. 2595 02:25:15.000 --> 02:25:18.920 State that's that's a good. One AND i don't know 2596 02:25:18.959 --> 02:25:20.920 why then it BECAUSE i think in the past you 2597 02:25:21.040 --> 02:25:24.000 are taking that based on locational. Consumption so they still 2598 02:25:24.040 --> 02:25:27.159 could not only say WHAT vd was being incured in their. 2599 02:25:27.239 --> 02:25:29.920 State so for, Instance Ambi sis could not say that 2600 02:25:30.040 --> 02:25:32.840 THE v eighty that's coming to it came from it 2601 02:25:33.040 --> 02:25:36.040 because you've consumed aby. State but it is a good 2602 02:25:36.079 --> 02:25:39.559 suggestion to say NEGATIVE. V say if you come to my, 2603 02:25:39.719 --> 02:25:42.479 state your viated bill is thirve, percent we're going to 2604 02:25:42.520 --> 02:25:44.799 give you a one cent libit would you give back 2605 02:25:44.840 --> 02:25:47.079 to you the good idea states can implement it doesn't 2606 02:25:47.120 --> 02:25:49.040 don't you stop them from doing? That so you can, 2607 02:25:49.159 --> 02:25:51.840 say if that is going to agen, state, still, well, 2608 02:25:51.840 --> 02:25:53.760 still we're going to give you back two, percent be. 2609 02:25:53.879 --> 02:25:56.920 Eight so whatever you PAY v eight in organ, state 2610 02:25:57.600 --> 02:26:01.159 you think it you're going to write off by giving 2611 02:26:01.239 --> 02:26:04.440 you cash or giving you a tax credit towards your 2612 02:26:04.520 --> 02:26:07.920 Next it's. Possible it's a good, idea and it's a 2613 02:26:08.040 --> 02:26:10.719 very good wrong or. 2614 02:26:13.680 --> 02:26:14.159 That's a quick. 2615 02:26:14.239 --> 02:26:17.479 QUESTION i would like you to make a projection in 2616 02:26:17.680 --> 02:26:21.440 the idea of the concept where these states are allowed 2617 02:26:21.479 --> 02:26:24.000 to have you, know this type of rebits that you're talking. 2618 02:26:24.040 --> 02:26:28.479 About do we foresee a scenario where a place Like, 2619 02:26:28.680 --> 02:26:30.520 legos who's going to have a higher. 2620 02:26:30.959 --> 02:26:33.799 The tea and a place like any BIAS i have 2621 02:26:33.959 --> 02:26:34.360 the dower. 2622 02:26:34.399 --> 02:26:36.600 One is there going to be a future where there 2623 02:26:36.719 --> 02:26:40.319 is a balancing out in terms of people now rush 2624 02:26:40.440 --> 02:26:43.920 into biers are to pay lower and because they lesser 2625 02:26:44.079 --> 02:26:47.159 taxing bios for, instance you know The puntoria factories, there 2626 02:26:47.280 --> 02:26:49.680 the other taxes, there but when it's starting to, sell 2627 02:26:50.120 --> 02:26:52.600 they rush it back To legos to make their sales leving. 2628 02:26:52.760 --> 02:26:55.879 Low would look like in the future if that direction. 2629 02:26:55.799 --> 02:26:58.280 Were already having an answer of how THE us. OPERATE 2630 02:26:58.399 --> 02:27:00.559 i don't think you have a level enough to always, 2631 02:27:00.680 --> 02:27:03.440 lead but what you would do they are Giving biosa a, 2632 02:27:03.600 --> 02:27:06.879 lifeline so like in what would happen in reality that 2633 02:27:07.040 --> 02:27:09.399 a company will come To nigeria and SAY i want 2634 02:27:09.440 --> 02:27:12.600 to go and set up In gumby In biosa in 2635 02:27:12.680 --> 02:27:16.600 a factory, there AND i might put my sales office In, 2636 02:27:16.719 --> 02:27:19.920 legos right because they want to capture more of the 2637 02:27:20.239 --> 02:27:24.280 hr In biosa And gumby because they are not paying anything. 2638 02:27:24.360 --> 02:27:27.239 There and even look look At. Ireland look At. Ireland 2639 02:27:27.360 --> 02:27:32.120 island has been the number ONE fdr attractor in all Of. 2640 02:27:32.280 --> 02:27:35.319 Europe they don't have anything, there But, Microsoft google all 2641 02:27:35.520 --> 02:27:40.120 invoice you From ireland Because ireland doesn't charge you very excessive. 2642 02:27:40.200 --> 02:27:42.239 Rates they don't charge but you're repaying your. Charges but 2643 02:27:42.719 --> 02:27:45.600 you go To, ireland you're incorporate In, ireland you pay Attacking. 2644 02:27:45.680 --> 02:27:49.079 Island it's Because ireland they try to pass that minimum 2645 02:27:49.239 --> 02:27:53.479 tax across the world That biden passed to remove islands on. 2646 02:27:53.680 --> 02:27:57.600 Advantage so if you follow that, model if you have 2647 02:27:57.719 --> 02:28:02.239 a state where taxes are if that, devolved where states 2648 02:28:02.319 --> 02:28:04.319 can charge WHATEVER i want to, charge. 2649 02:28:04.440 --> 02:28:05.120 You will find. 2650 02:28:05.239 --> 02:28:07.719 Us like you said that many companies will go to 2651 02:28:08.000 --> 02:28:12.159 low tax states and set up high label intensive. Business 2652 02:28:12.159 --> 02:28:13.760 it's going to be what type of business is? It 2653 02:28:14.079 --> 02:28:17.680 if it's a factory employing people are run to that 2654 02:28:17.840 --> 02:28:20.120 state and of them BECAUSE i KNOW i will not 2655 02:28:20.959 --> 02:28:22.520 what's it, CALLED i will not pay a lot of. 2656 02:28:22.680 --> 02:28:25.680 Taxes if it's a bank AND i can do a 2657 02:28:25.760 --> 02:28:29.639 lot of, tax lots of to hide my taxes like 2658 02:28:30.479 --> 02:28:35.840 real not, illegal BUT i can still can do buy municipal. 2659 02:28:36.000 --> 02:28:38.360 BONDS i really don't care If i'm in legals or. 2660 02:28:38.440 --> 02:28:41.200 Biosa so you're gonna find those sort of. Companies if 2661 02:28:41.200 --> 02:28:44.399 you're want's high tax bis an oil company that has 2662 02:28:44.440 --> 02:28:46.840 been taxed a lot In, nigeria you want to run 2663 02:28:46.879 --> 02:28:49.600 to go and be Because gona will not tax. You 2664 02:28:50.360 --> 02:28:52.760 you won't want to go To biosa things like. That 2665 02:28:52.959 --> 02:28:55.280 so there's gonna be a plane out and that's what 2666 02:28:55.399 --> 02:28:57.479 the tax region should. Do you should force companies to 2667 02:28:57.559 --> 02:29:01.319 SAY i want to take advantage of the Lower pascal 2668 02:29:01.399 --> 02:29:03.879 regime in estate and when you go, there you then 2669 02:29:03.959 --> 02:29:06.879 create development in that. Space the same way In. Nigeria 2670 02:29:06.879 --> 02:29:10.159 and now look At. Nigeria we Attract americans here to 2671 02:29:10.399 --> 02:29:13.440 take advantage of our low tax is a new label 2672 02:29:13.479 --> 02:29:14.639 based as a company. 2673 02:29:14.680 --> 02:29:15.840 Here ge was In. 2674 02:29:16.000 --> 02:29:18.200 Calabar why did they come To? Calaba why were they 2675 02:29:18.280 --> 02:29:22.840 here Before trump produced attached to eighteen? Percent Before nigerian 2676 02:29:22.959 --> 02:29:27.719 taxis Were american taxes were Had american. Taxes, Remember american 2677 02:29:27.879 --> 02:29:32.479 taxes were higher Than nigerian taxes Before trump the first. 2678 02:29:32.680 --> 02:29:35.559 Term trump first time he caught the company tax rate 2679 02:29:35.879 --> 02:29:42.280 Making nigerian taxis. Higher Now nigeria is taxing higher Than american. 2680 02:29:42.399 --> 02:29:45.959 Companies so why would they come here if they can't 2681 02:29:45.959 --> 02:29:48.959 stay In america and pay whatever tax with and still 2682 02:29:49.000 --> 02:29:52.399 get their. Healthcare welcome To. Nigeria So nigeria has always 2683 02:29:52.440 --> 02:29:56.440 got to be lower than THE, eu than The americans 2684 02:29:56.520 --> 02:29:59.159 and even The. Chinese we can't be higher because we 2685 02:29:59.280 --> 02:29:59.840 want them to come. 2686 02:30:00.079 --> 02:30:01.959 Here so it's. 2687 02:30:02.079 --> 02:30:05.040 Strategy it's a long term strategy you can act on 2688 02:30:05.239 --> 02:30:08.239 to come to your. COUNTRY i looked at the it's 2689 02:30:08.760 --> 02:30:11.959 On twitter say as long as a were planes ticket 2690 02:30:12.079 --> 02:30:16.000 more expensive In, nigeria but if you fly From barcelona 2691 02:30:16.479 --> 02:30:19.920 to bastl is cheaper than going From nigeria to A. 2692 02:30:20.000 --> 02:30:24.760 Budja the tragic In spain is twenty five percent in 2693 02:30:24.799 --> 02:30:28.239 THE uk twenty five percent In. Nigeria is it's not 2694 02:30:28.399 --> 02:30:32.319 that the whole, thing but it's lower Than. Nigeria they 2695 02:30:32.399 --> 02:30:34.559 just should have a very very little tax rate to 2696 02:30:35.040 --> 02:30:39.840 attract those. People that's so. Complete that's What i'll. SAY 2697 02:30:40.440 --> 02:30:44.600 i Have supreme or Super, Basonic supreme. 2698 02:30:47.680 --> 02:30:51.200 And everybody on the. Space SO i JUST i just 2699 02:30:51.280 --> 02:30:53.200 wanted to explain. 2700 02:30:56.319 --> 02:30:56.959 Was talking about. 2701 02:31:01.280 --> 02:31:05.479 Climate this new pastor gives you opportunity to phibit yourself 2702 02:31:06.120 --> 02:31:10.360 and it actually. Worked so you know if you if you, 2703 02:31:10.559 --> 02:31:13.760 buy if you buy your boods from, someone that is 2704 02:31:13.799 --> 02:31:17.520 where you get the. Imput so it is when the 2705 02:31:17.639 --> 02:31:22.000 person fires the taxes that you can know that that 2706 02:31:22.120 --> 02:31:26.360 it will reflect your that is on your first promise 2707 02:31:26.920 --> 02:31:30.399 for you to get your money. Back let me stay this. Simpler, 2708 02:31:30.440 --> 02:31:33.879 now now you. Buy let's Say i'm buying my smith 2709 02:31:33.959 --> 02:31:38.040 now from down to The so it's a good talk 2710 02:31:38.559 --> 02:31:41.879 and is ready part of it now That i'm selling 2711 02:31:42.000 --> 02:31:44.719 this out, Libely i'm buying for nine to five And 2712 02:31:44.840 --> 02:31:48.079 i'm selling for ten, thousand so you know the nine 2713 02:31:48.159 --> 02:31:50.280 five is ver, inclusive so. 2714 02:31:50.399 --> 02:31:52.319 That my int that's part of the nine. 2715 02:31:52.440 --> 02:31:55.959 Five so WHEN i sell for ten, thousand it means 2716 02:31:56.360 --> 02:32:01.200 my Profits i've already added the disampoint. 2717 02:32:00.719 --> 02:32:01.680 Five on my. 2718 02:32:01.799 --> 02:32:07.479 Output so how it works is, this they impute minors the. 2719 02:32:07.680 --> 02:32:10.280 Output it's what gives you is what you fire to the. 2720 02:32:10.319 --> 02:32:15.280 Government so if the inst we are buying from did 2721 02:32:15.399 --> 02:32:20.719 not file did not file at, this you're. Include you're, 2722 02:32:20.760 --> 02:32:24.600 included but well not reflect when you're filing yours not 2723 02:32:24.719 --> 02:32:29.000 be able to claim. It so what our advice people 2724 02:32:29.600 --> 02:32:32.639 from next is this if you are buying any products 2725 02:32:32.680 --> 02:32:36.200 from anybody and ensure the person has a team number 2726 02:32:36.600 --> 02:32:39.120 and the person files eighty. 2727 02:32:39.360 --> 02:32:42.479 Monthly that is the only cleaning your. 2728 02:32:42.479 --> 02:32:46.319 Vity because if you have an output now you so 2729 02:32:46.879 --> 02:32:49.959 you you not have the outputs you're you're getting the 2730 02:32:50.159 --> 02:32:54.200 happen from the the cou so, to but the one 2731 02:32:54.399 --> 02:32:55.920 when you, bought if that. 2732 02:32:56.840 --> 02:32:59.840 Goes from did not file, It you'll not be able 2733 02:32:59.879 --> 02:33:00.479 to clearly. 2734 02:33:00.600 --> 02:33:02.399 Difference THAT'S i. 2735 02:33:02.719 --> 02:33:05.760 Walk so what would be doing is en showing that 2736 02:33:05.879 --> 02:33:10.959 anybody you are buying items from and shore you find 2737 02:33:11.159 --> 02:33:15.639 their taxes because it's refine on the end that's to 2738 02:33:15.719 --> 02:33:18.479 reflect on the proper and then your. 2739 02:33:18.520 --> 02:33:22.280 Own you can unless this and completely balance to. 2740 02:33:22.360 --> 02:33:29.479 The, yeah thanks for it's very very. Important not also 2741 02:33:29.639 --> 02:33:33.399 in port duty also import. Duty, yeah that was. 2742 02:33:33.399 --> 02:33:33.879 A very good. 2743 02:33:33.879 --> 02:33:35.959 ONE i think this is a guy that does message 2744 02:33:36.000 --> 02:33:37.479 and said THAT i don't know What i'm talking about 2745 02:33:37.479 --> 02:33:41.680 when it, Completed and this is. EXPLANATION i mean the 2746 02:33:41.799 --> 02:33:46.079 conversation we're having is actually beyond this, thing a different. One, 2747 02:33:48.559 --> 02:33:51.520 yeah and even we've had this conversation around you know, 2748 02:33:51.639 --> 02:33:55.360 this can you explained where people should who they should. 2749 02:33:56.000 --> 02:34:00.520 And whether they Should, indeed really and show that they 2750 02:34:00.639 --> 02:34:01.840 gets they devive from. 2751 02:34:01.760 --> 02:34:04.680 The people who actually have registrations and stuff like. 2752 02:34:04.719 --> 02:34:06.440 THAT i don't think we had that conversation a long time. 2753 02:34:06.440 --> 02:34:10.239 Ago the conversation we're, having because The hitter conversation was 2754 02:34:10.280 --> 02:34:12.760 actually in terms, of you know what the introduction what 2755 02:34:13.079 --> 02:34:16.520 if different states really now have to legislate some gilty 2756 02:34:16.639 --> 02:34:20.760 and some states have lower they raised and THE rsa that. 2757 02:34:20.799 --> 02:34:23.280 If you're not, so we're not talking about in terms 2758 02:34:23.319 --> 02:34:24.559 of the existing. 2759 02:34:26.079 --> 02:34:28.040 Talking about what what's what is? 2760 02:34:28.159 --> 02:34:31.799 Scenarios, right it's it goes beyond just the explanation of 2761 02:34:31.840 --> 02:34:34.840 the current laws or the introduction of the new deity 2762 02:34:35.879 --> 02:34:39.159 and the new legislatures within the vise That, so hope 2763 02:34:39.159 --> 02:34:42.600 you understand What i'm. Saying and it's it's it's it's incorrect. 2764 02:34:42.159 --> 02:34:43.239 For you to tell me THAT i don't. 2765 02:34:43.319 --> 02:34:44.840 Understand but you don't. 2766 02:34:44.879 --> 02:34:47.920 KNOW i, MEAN i Think i've been here for a long. 2767 02:34:48.000 --> 02:34:48.280 Time not. 2768 02:34:48.879 --> 02:34:50.840 That, Okay so what we're talking about to different? Things, 2769 02:34:50.879 --> 02:34:54.079 YES i think your point is we're talking about different. 2770 02:34:54.120 --> 02:34:56.840 Things this is what your spend. Is if you are 2771 02:34:56.959 --> 02:34:59.920 paying the, eight if you are buying good Then, Ida, 2772 02:35:00.079 --> 02:35:04.680 yeah the taxman has said you cannot claim AS v 2773 02:35:04.920 --> 02:35:08.399 eighty if the person you are buying from has not 2774 02:35:08.639 --> 02:35:12.840 PAID v eighty and important. Duty just the point FOR 2775 02:35:12.920 --> 02:35:15.280 i want to. Know so when like to woman's, advice 2776 02:35:15.479 --> 02:35:18.360 when you are buying from twenty twenty, six make sure 2777 02:35:18.399 --> 02:35:20.399 they have a team, number because if you buy a 2778 02:35:20.479 --> 02:35:25.280 generator and the important genera Into nigeria without paying import, 2779 02:35:25.399 --> 02:35:29.120 duty you cannot claim that generator as an. Expert that's 2780 02:35:29.120 --> 02:35:31.479 what the government is. Saying they have to have paid 2781 02:35:31.639 --> 02:35:35.000 import duty and. Creative but WHAT i was discussing was 2782 02:35:35.559 --> 02:35:38.840 the scenario what if a government goes up and down 2783 02:35:39.000 --> 02:35:42.360 reduce their viaty take advantage of lower created the how 2784 02:35:42.440 --> 02:35:46.719 would the company manage that high vity here and low. 2785 02:35:46.799 --> 02:35:51.079 Viety what's a scenario scenario not realty because we all 2786 02:35:51.159 --> 02:35:55.239 have a uniform. Rate just to make that point. Clear vastn, 2787 02:35:56.920 --> 02:36:02.280 okay it's verstr. Versio DID i get? IT i got? 2788 02:36:02.319 --> 02:36:02.360 It? 2789 02:36:02.639 --> 02:36:06.639 Yeah, yeah. YEAH i always like when you make a 2790 02:36:06.760 --> 02:36:16.360 title all the time is bast oak vast? Oak is 2791 02:36:16.399 --> 02:36:17.639 that From is that from the middle? 2792 02:36:17.920 --> 02:36:20.760 Side oh yeah so some. 2793 02:36:20.959 --> 02:36:22.879 No longer is a combination of many. 2794 02:36:23.000 --> 02:36:25.760 Things so let's just live it at. That, okay, gotcha 2795 02:36:26.000 --> 02:36:26.280 go for. 2796 02:36:26.399 --> 02:36:28.399 It, okay. 2797 02:36:29.920 --> 02:36:34.559 MEANWHY i was listening to For pram And simon that 2798 02:36:34.719 --> 02:36:37.120 debate was was fun listening to. 2799 02:36:37.239 --> 02:36:39.840 Them and again it's always. 2800 02:36:39.639 --> 02:36:44.159 We leave one or two from, this but that's cavet that. 2801 02:36:46.440 --> 02:36:47.840 An impulse for. 2802 02:36:47.920 --> 02:36:48.959 You to claim YOUR. 2803 02:36:49.040 --> 02:36:50.840 Vat on the other, side you. 2804 02:36:53.120 --> 02:36:55.440 You have to pay import, duty. 2805 02:36:55.479 --> 02:37:02.239 Right, yeah, yeah, Okay i've dealt reports many times special. 2806 02:37:02.479 --> 02:37:02.959 Customs. 2807 02:37:03.840 --> 02:37:10.959 Right my issue with some of these physical laws is implementation. 2808 02:37:11.840 --> 02:37:14.639 Times when you look at when you start explaining these, 2809 02:37:14.719 --> 02:37:18.680 things it's asking the question that the people who are 2810 02:37:18.760 --> 02:37:23.840 formulating this they play somewhere or did. 2811 02:37:25.239 --> 02:37:25.520 Here you? 2812 02:37:25.600 --> 02:37:25.639 Go? 2813 02:37:26.920 --> 02:37:30.719 Ye did they did they actually look at some of the. 2814 02:37:32.760 --> 02:37:37.159 Governance issues that exist currently to formulate these. Laws so 2815 02:37:37.280 --> 02:37:42.399 let's look at important duty as as as an addition for. 2816 02:37:42.520 --> 02:37:43.239 You to claim. 2817 02:37:43.719 --> 02:37:46.959 This do you know that for your for your boost 2818 02:37:47.000 --> 02:37:49.959 to come from the port right the corruption that is 2819 02:37:50.239 --> 02:37:55.840 within the coustom were custom gains and customer custom officers 2820 02:37:55.959 --> 02:37:59.959 and now husband and wife you, know conlluding two different 2821 02:38:00.239 --> 02:38:02.719 The nigeria state and to reach them. 2822 02:38:05.360 --> 02:38:08.239 Sells right exitutional whereby will be. 2823 02:38:08.559 --> 02:38:09.799 Building i'm going to. 2824 02:38:09.840 --> 02:38:13.399 Submitted somebody turned the way to reprogram the, building some 2825 02:38:13.760 --> 02:38:17.319 someone someone on the value the custom we actry good 2826 02:38:17.559 --> 02:38:19.719 so if the goods is worth one million, dollars the 2827 02:38:19.879 --> 02:38:22.680 tend customers to do. It they know the customers know 2828 02:38:23.520 --> 02:38:25.879 you will evaluate and tell you are going to pay 2829 02:38:25.959 --> 02:38:28.159 this one to government and pay this one to this 2830 02:38:28.319 --> 02:38:29.239 personal and give us. 2831 02:38:29.319 --> 02:38:32.319 Cash so my my issue is at the time you 2832 02:38:32.399 --> 02:38:33.760 want to viate it the. 2833 02:38:33.840 --> 02:38:36.399 Tax one that tells you that your goods is under? 2834 02:38:36.520 --> 02:38:38.879 Value who takes responsibility from? 2835 02:38:38.920 --> 02:38:43.000 Her is it me or the customer who did? 2836 02:38:43.079 --> 02:38:44.639 It because it's going to. 2837 02:38:44.760 --> 02:38:48.840 Happen you want to yes, Better you want to assess 2838 02:38:49.200 --> 02:38:53.920 your that your your your output that the tax guy 2839 02:38:54.000 --> 02:38:56.879 would know that this good this is the market, price 2840 02:38:56.959 --> 02:39:00.280 this is the deportation pride, right there's no way still 2841 02:39:00.319 --> 02:39:03.360 would have been both eight hundred thousand dollars this this 2842 02:39:03.559 --> 02:39:06.680 thing was this is actually one. Million so your, question 2843 02:39:07.399 --> 02:39:09.280 you will not be able to assess that v BECAUSE 2844 02:39:09.280 --> 02:39:12.600 i will tell you that your important duty payment was 2845 02:39:12.639 --> 02:39:13.159 on the bad. 2846 02:39:13.159 --> 02:39:16.600 Way so you're back to one. Again that's issue number. 2847 02:39:16.680 --> 02:39:20.319 One you're not. Issuing was. 2848 02:39:20.879 --> 02:39:26.479 Shared i've Always i've always, hated, yeah That nigeria state is, 2849 02:39:26.559 --> 02:39:31.520 sharing that the is sharing over its led states to 2850 02:39:31.600 --> 02:39:34.600 become physically lazy revenue. 2851 02:39:34.719 --> 02:39:37.760 Lazy, Right all these states are doing. 2852 02:39:37.879 --> 02:39:43.159 Correctly they are building profile for banks so that you 2853 02:39:43.239 --> 02:39:47.319 can take. Loan this whole CALLED i call it, dynamics 2854 02:39:47.399 --> 02:39:49.719 this WHOLE i gr roud thing that they always trained 2855 02:39:49.760 --> 02:39:52.840 AROUND i gr ro, numbers, right those numbers are the 2856 02:39:53.000 --> 02:39:55.559 limaging throne so that they can go and collect loan 2857 02:39:55.639 --> 02:39:56.440 from commercial. 2858 02:39:56.559 --> 02:40:02.559 Banks in, reality if state are able to hold and 2859 02:40:03.239 --> 02:40:06.719 keep your, vat it is that states will continue to 2860 02:40:06.879 --> 02:40:11.280 provide enabling environment for vatable businesses to. 2861 02:40:11.559 --> 02:40:15.719 Thrive who are the biggest players of? That the, ESPENIES 2862 02:40:16.680 --> 02:40:19.319 i need your skill. Enterprise you are the biggest players 2863 02:40:19.399 --> 02:40:21.680 of that. Globally, Right so. 2864 02:40:22.200 --> 02:40:26.159 If states Like legos is creating an enabling, ENVIRONMENT i 2865 02:40:26.239 --> 02:40:30.239 Think i've given you an example. Before let's say an 2866 02:40:30.280 --> 02:40:34.920 adult entertainment strip. Club, right we all know what happening 2867 02:40:34.959 --> 02:40:38.719 a strip, club strip, dirty they sell, food. 2868 02:40:38.559 --> 02:40:39.200 Thert they sell. 2869 02:40:39.360 --> 02:40:44.000 Drinks there so many experences going on. There, right this 2870 02:40:44.120 --> 02:40:47.840 is a vatable. Income so If lego state has a 2871 02:40:47.879 --> 02:40:51.760 regulation for adult entertainment and you that just in can 2872 02:40:51.879 --> 02:40:53.200 you say, no you're a sharier. 2873 02:40:53.280 --> 02:40:56.719 State you don't do a daughter. Entertainment but WHEN i 2874 02:40:56.879 --> 02:41:01.079 create an environment WHERE i. Entertainment you, ME i didn't 2875 02:41:01.120 --> 02:41:04.120 come prove that you pick it up from a b 2876 02:41:04.600 --> 02:41:08.600 as your, Share so for me stick shoot from now 2877 02:41:08.680 --> 02:41:11.959 we should stop sharing that it is taking. 2878 02:41:11.760 --> 02:41:14.520 The stakes lazy and we need to we need to 2879 02:41:14.559 --> 02:41:17.520 allow states to hold onto YOUR vat so that they 2880 02:41:17.559 --> 02:41:21.879 can continue to grow this enabling environment so that semi 2881 02:41:21.920 --> 02:41:24.959 and mcs can thrive in those states and pay more 2882 02:41:25.040 --> 02:41:28.040 taks for the, state that's tanks for those. States that's 2883 02:41:28.120 --> 02:41:31.079 that's my take on. THAT i think it's well, delivered 2884 02:41:31.120 --> 02:41:33.479 it's very. Wealthy but at that first point you've, MADE 2885 02:41:34.239 --> 02:41:36.120 i think that's What i'm going to be the surprise 2886 02:41:36.200 --> 02:41:38.079 THAT i will. SEE i think it's the first invitation 2887 02:41:38.200 --> 02:41:40.159 of the. BILL i think there's going to be more 2888 02:41:40.159 --> 02:41:43.479 and more revisions, because like you, said if the custom 2889 02:41:43.559 --> 02:41:47.479 guys on the price the bill that you, pay how 2890 02:41:47.760 --> 02:41:51.879 will you then say THAT i paid my customs bill 2891 02:41:52.360 --> 02:41:54.520 so it's no longer my. ISSUE i have paid to 2892 02:41:54.559 --> 02:41:59.079 the better Of. Nigeria why should then go back and prove. 2893 02:41:59.200 --> 02:42:01.799 THAT i think THAT i think it's it's a big 2894 02:42:01.959 --> 02:42:03.399 quote and. QUOTES i don't want to use. That WHAT 2895 02:42:03.440 --> 02:42:05.680 i want to use but to put the burden on 2896 02:42:05.879 --> 02:42:10.879 the cons from the taxpayer is. Somewhat IF i pay MY, 2897 02:42:11.079 --> 02:42:13.360 vatd got my guys should know If i've paid, it 2898 02:42:13.479 --> 02:42:17.440 not to ask me to prove. Again so they're making 2899 02:42:17.719 --> 02:42:21.440 us make that we're buying for me teen certified. Supply 2900 02:42:21.520 --> 02:42:23.280 that's WHAT i trying to. Do that are making us 2901 02:42:23.479 --> 02:42:27.079 only buy from teen cintisfied, supplies so they're putting the 2902 02:42:27.120 --> 02:42:29.479 button on the buyer to when you shut the supplier 2903 02:42:30.079 --> 02:42:32.959 has teen. Verification that's what's going. On BUT i, hope 2904 02:42:33.239 --> 02:42:36.639 like you, said when the first find a, ship when 2905 02:42:36.680 --> 02:42:38.719 the first thing it hates that were we're gonna have 2906 02:42:38.959 --> 02:42:42.000 enough capacity to deal with that. Issue we have an 2907 02:42:42.319 --> 02:42:44.639 On bosman now. Right this is what we're gonna talk 2908 02:42:44.639 --> 02:42:46.159 to him. About lots of things THAT i say are 2909 02:42:46.159 --> 02:42:48.479 gonna happen in twey five that we're not in. Positioning 2910 02:42:48.959 --> 02:42:50.840 many people are gonna wake up and it's gonna go, 2911 02:42:51.040 --> 02:42:54.639 up not because the tax rates have gone, up but 2912 02:42:54.799 --> 02:42:57.000 because they did not understand that they have to go 2913 02:42:57.120 --> 02:42:59.799 and do A b OR. C many people are going 2914 02:42:59.840 --> 02:43:02.000 To i'm gonna, say, WELL i let that, iteration what 2915 02:43:02.000 --> 02:43:04.719 AM i paying tax because you didn't do A b AND? 2916 02:43:04.840 --> 02:43:06.120 C thank? 2917 02:43:06.120 --> 02:43:06.600 You so, much. 2918 02:43:06.680 --> 02:43:10.159 GUYS i think we'll spend nearly three hours here talking boring, 2919 02:43:10.319 --> 02:43:15.399 taxes boring, Taxes bob being here dropping some not just. 2920 02:43:15.479 --> 02:43:17.440 SUPPOSED i want to listen because this is what we 2921 02:43:17.559 --> 02:43:21.760 do every. Week we're talking, money the economy and of course, 2922 02:43:21.920 --> 02:43:26.159 finance vilit, square discussing ideas and of course especially past the. 2923 02:43:26.239 --> 02:43:29.000 Solutions that's what we've done this. Weekend we're gonna be 2924 02:43:29.040 --> 02:43:33.360 here next weekend again talking topic around these. Issues last 2925 02:43:33.399 --> 02:43:36.479 week talking about. Gold you can't see gold price has 2926 02:43:36.559 --> 02:43:40.319 crashed as they crashed. Forever we don't think, so but 2927 02:43:40.440 --> 02:43:44.000 this has um down. Substantially the whole world is now In. 2928 02:43:44.120 --> 02:43:49.559 Asia Trump county down In, asia trying to extend their market, 2929 02:43:49.600 --> 02:43:52.399 share also to Counter china and all that kind of. 2930 02:43:52.440 --> 02:43:54.680 Stuff trump is also gonna meet with G i think 2931 02:43:54.680 --> 02:43:57.680 it's not the. Cars all this have got an impact ON. 2932 02:43:57.760 --> 02:44:01.479 Innaira The fed is going to be On, wednesday THE Us. 2933 02:44:01.600 --> 02:44:04.799 Fed THE Us. Fed my decide to cult. RATES i 2934 02:44:05.079 --> 02:44:07.319 believe the will that's what everyone to. Say do by 2935 02:44:07.360 --> 02:44:10.559 twenty five business. Points the government is shut, down so 2936 02:44:10.680 --> 02:44:13.879 they have No the inflation reports came OUT i believe 2937 02:44:13.959 --> 02:44:18.200 On friday it was muted at three point. ZERO i 2938 02:44:18.319 --> 02:44:22.159 believe lower than. Expected why is this important for? You 2939 02:44:22.280 --> 02:44:25.319 IF I fed cut, straits it helps. Anira so the 2940 02:44:25.440 --> 02:44:28.399 more THE fed coust, RAITs the more The nira is 2941 02:44:28.440 --> 02:44:33.760 going to gain. Value So, wednesday put reminder and tell your, guys, 2942 02:44:33.840 --> 02:44:38.280 hey IF fed give their, decision let me know it's 2943 02:44:38.280 --> 02:44:41.000 gonna be a. Prime it's not the main, thing but 2944 02:44:41.079 --> 02:44:44.360 it sort of helped not The. Nira emerging. Currencies the 2945 02:44:44.479 --> 02:44:48.159 more THE US fed drops, rates the more imaging currencies 2946 02:44:48.200 --> 02:44:50.559 will do. Better why because we don't have to go 2947 02:44:50.639 --> 02:44:53.399 to THE us to get. Yields we have to go 2948 02:44:53.639 --> 02:44:56.520 outside THE us to get. Yields so that's seeking for 2949 02:44:56.639 --> 02:45:00.040 alpha props up imaging. Currencies that's what's gonna. Happen so 2950 02:45:00.079 --> 02:45:01.639 AS i say highlights of what's going to happen this 2951 02:45:01.719 --> 02:45:03.879 week for you guys to keep your eyes peeled and to, 2952 02:45:03.959 --> 02:45:06.440 Follow i'll ask to you guys next. Week my name 2953 02:45:06.520 --> 02:45:08.680 is Carlu. AJA i want to thank you guys again 2954 02:45:08.719 --> 02:45:11.440 for hanging out With doozen also educations with so much. 2955 02:45:11.520 --> 02:45:15.280 Passion appreciate. Everyone as to you, guys take care of. 2956 02:45:15.280 --> 02:45:16.920 Yourselves it's gonna be a great. Week go out and