Tiranga

[Tiranga @AfternoonstarUs]

@jacksonpbn Release the audio.

[Tiranga @AfternoonstarUs]

@OpeBee Hmm

[Tiranga @AfternoonstarUs]

@OpeBee Subsidy now is purely an intervention.

when significant disruptions occur in the oil market or forex, potentially leading to an uncontrollable surge in oil prices, the government will intervene temporarily to mitigate these effects until market balance is restored

[Tiranga @AfternoonstarUs]

@FinPlanKaluAja1 What we are saying is that you are looking at this issue only from the perspective of crude oil when there are other variables at play, such as foreign remittance, artificial demands, FX leakages, and general market efficiency.

These are variables that also have great effect

[Tiranga @AfternoonstarUs]

@basilabia Was the fall of the naira backed by fundamentals?

Initially, $ was trading at N750 in the black market. How does a currency lose 100% of its value in less than 50 days?

The CBN has addressed fundamental flaws in our forex system, which is responsible for the sprout

[Tiranga @AfternoonstarUs]

@isaaccrownie @AskMichaelTaiwo Though with peculiarities, Normal economics works everywhere even in the animal kingdom.

If you understand economic concept very well. You"ll be able to connect the dots.

[Tiranga @AfternoonstarUs]

@TonyOElumelu @AlikoDangote The conversation be like...

Alica$h..

I need that bar wey I borrow you, Abeg. The economy tough Baba, I am telling you.

Aliko: Tony, You worry too much,..Anyway its Ok..Call me tommorow..w"ll fix up something

Oh Thanks brother ..No shaking.

#TOEWay

[Taiwo Oyedele @taiwoyedele]

We have curated the 10 most frequently asked questions about the Presidential Fiscal Policy and Tax Reforms Committee. I am glad to say that we are making progress with our work and on track to meet our deliverables on time according to plan.

Q1 - What exactly is the Presidential Fiscal Policy & Tax Reforms Committee set up to do?

A1 - The committee was set up by President Bola Tinubu to review and redesign Nigeria’s fiscal system with respect to (1) revenue mobilisation, both tax and non-tax (2) quality of government spending and (3) sustainable debt management. In addition, the committee will identify relevant measures to make Nigeria an attractive destination for investment and facilitate inclusive economic growth.

Q2 - What is the timeframe for the committee’s assignment?

A2 - The work of the committee is expected to be completed within one year divided into 3 milestones (1) Quick Wins within 30 days focusing on urgent interventions to cushion the effect of current socio-economic challenges (2) Critical Reforms within 6 months including measures to address multiplicity of taxes, simplify the tax laws, ensure policy coordination, drive accountability and transparent reporting (3) Implementation of structural revenue reform measures and critical fiscal policy changes.

Q3 - Is the committee’s mandate limited to only the federal government?

A3 - No. The committee will work with all levels of government as critical stakeholders to ensure effective collaboration in the design and implementation of necessary fiscal policy changes and localisation of reforms at the subnational level as may be applicable.

Q4 - Who are the members of the committee and what was the basis for their selection?

A4 - Members of the committee are drawn from a diverse pool of eminently qualified Nigerians across all geopolitical zones, age brackets, religion, and gender. They represent the private sector including trade associations, small businesses, civil society, and professional bodies as well as public sector institutions at federal, states and local government levels.

Q5 - How can the public contribute to the work of the committee?

A5 - The committee will open channels of communication and platforms for submission of inputs by the end of September 2023. In addition, we have outlined various stakeholder engagement sessions with Nigerians from all walks of life including people living with disabilities, artisans, Nigerians in the diaspora, multinational companies, international investment community and so on. Everyone who has something to say will be heard.

Q6 - Should we expect more taxes and frequent changes to the tax laws?

A6 - We do not intend to introduce new taxes or impose higher tax rates. Rather, our mandate is to reduce the number of taxes and levies while harmonising revenue collection to reduce the burden on the people and businesses. The objective is to avoid taxing investment, capital, production or poverty. We plan to review and re-enact the major tax laws in a holistic manner thereby limiting the necessity for frequent changes through annual finance acts.

Q7 - How does the committee intend to achieve a tax to GDP ratio of 18% within the next 3 years?

A7 - The average tax to GDP ratio for Africa excluding Nigeria is about 18%. This is the basis for the target of 18% and the estimated tax gap of N20 trillion. There is a huge opportunity to generate revenue by leveraging technology and tax intelligence to close the tax gap. In addition, we will rationalize incentives, reduce the cost of collection, and optimise revenue from government assets and natural resources. This way we can generate more revenue without introducing new taxes.

[Tiranga @AfternoonstarUs]

@TheML007 @vestdays The logo needs to be reworked.

Remove gun from the logo.
Use a simpler image for printing purpose.
Just remove the image in the middle and put a Bat or corn

[Tiranga @AfternoonstarUs]

#Naira to US Dollar rate is closing in on 1,000. The Official exchange rate is under N440. This creates room for Arbitrage.

If CBN gives you $5Million at official rate of N440, you can sell it immediately at N1000 per 1$ and make N2Billion profit. This gap must be closed!

[Tiranga @AfternoonstarUs]

How do we trust people with unsupervised assets? ....The human factor is the most complex of any process.

#StartupNigeria #Nigeriatechnology
#NigerExp2022 #Startupbill #SME #Companyregistration #Nigeriabusiness #Tinubu #Obi

[Tiranga @AfternoonstarUs]

Can this ever work in Nigeria ?
Years ago an India startup decide to start a bike-sharing app.

The bikes would be parked by the roadside so any person who needs one can find it on the app and start the bike with an OTP.

[Tiranga @AfternoonstarUs]

Not only the helmets, people begin to "Naked" the Bikes. Stealing tyres, lights, batteries and everything attached to the bikes

[Tiranga @AfternoonstarUs]

Am I the only one who doesn't like the word C.E.O for an entrepreneur?

[Tiranga @AfternoonstarUs]

@Naija_PR They said we should not take things that belong to someone else.

[Tiranga @AfternoonstarUs]

People who love series like 24, Better Call Saul.
Loves Reading, Tea, old buildings, Old Music, rainy days, deep conversations, low Volume music, Dark Rooms and private beach are my kinda people.

#Nigeria

[Tiranga @AfternoonstarUs]

Chief Salami Agbaje's House, Ibadan. #Circa: 1930's

The beautiful #masterpiece is still standing till today.

Salami Agbaje was one of #lbadan's indigenous entrepreneurs and textile dealer in the early 1920's.

Chief Salami Agbaje (#Balogun of lbadan) died in 1953
#kujeprison #

[Tiranga @AfternoonstarUs]

Built: Circa 1940
Owner : Chief Joseph A. Ajao
Location : Aawe Town, #Oyostate, #Nigeria