The first story, concerning the commencement of the rehabilitation of the Port Harcourt refinery, must leave right thinking Nigerians wondering if the Federal Government of Nigeria really intends to fight corruption. With another round of work inevitably consuming scarce foreign exchange expected to go into the contract, it is clear that the waste of the nation’s financial resources is deliberate.
The same NNPC announced its readiness to produce 2.3 million barrels a day as if the Group Managing Director, Dr Maikanti Baru, is totally unaware of the quota established for Nigeria by the Organisation of Petroleum Exporting Countries, OPEC. The announcement was made a few days after the Minister of State had confirmed that Nigeria was cutting production by 400,000 barrels per day. Obviously, even if Nigeria can produce 2.
The Organised Private Sector, OPS, is Nigeria’s biggest foreign exchange parasite. It consumes a higher percentage of the dollars earned by others than its contributions to the Gross Domestic Product, GDP, and to foreign exchange inflow into Nigeria. It has also had better days. The Value Added Tax, VAT, was proposed and passed into law in the 1980s mainly at the request of the OPS itself when companies were faced with multiple sales taxes imposed by the Federal Government as well as individual states. The situation was untidy. So, a centralised tax system was introduced to collect sales taxes, renamed Value Added Taxes, and the revenue derived would be shared by the Federal Government, States and Local Governments. Neither sales tax nor VAT is unique to Nigeria.
vanguardngr Reason number 1 - nigeria is governed by illiterates, tribal bigots and thugs.
vanguardngr Many reason one they don't love lgbos
vanguardngr It’s more than 3 reasons