PRESIDENT Bola Tinubu is an accountant who, going by his training, knows a few things about taxation. Accountants know where to look in the books in order to make money. They also have the skill to hide figures, and what they don’t want you to see, you don’t see except you enjoy the benefit of their type of training.
These claims, including the related one that Lagos is the largest or second largest economy in Africa, have been fact-checked and found to be false even when it is widely acknowledged that there was a radical improvement in the revenue of Lagos during Tinubu’s time in office. The point at issue is that Tinubu’s tax reforms in Lagos brought much pain to Lagosians on account of the insensitive manner they were deployed.
The problem with the implementation of the subsidy regime, mostly on petrol, is that the entire process was corruption-ridden. Nigerians who needed it had no access to it except the big business owners that worked as middlemen. The helplessness the government displayed in putting things right in this regard was a major, if not the main factor, in many Nigerians supporting the removal of petrol subsidy last year. This was coupled with the fact that the economy was at the verge of bankruptcy.
In the last few months, it has moved to increasing the tariff on electricity by its apartheid policy of “banding” consumers into those who deserve electricity and those who don’t. Its latest imposition is the Cybersecurity Act of 2024 which seeks to tax, with only few exceptions, all electronic transactions even where no profit is made. It’s like turning the office of the National Security Adviser that will have custody of the revenue from the tax into a cash cow.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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