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