The Nigerian Economy: Who Will You Believe? Dangote or Peter Obi?
The Dangote Group paid a total of ₦402.3 billion in taxes to the Nigerian government in 2024. Think about that for a minute. One man paid more taxes than any other geopolitical zone except the Southwest and South-South.
The tax that Alhaji Dangote paid is four times the ₦101.09 billion generated by the Southeast in 2024, and more than twice the ₦183.7 billion generated by the Northwest in the same year.
And it is from that ₦402.3 billion that the Federal Government can fund numerous infrastructural projects that benefit you and me.
But that is not the story. The moral of the story is that in 2022, the Dangote Group paid a total of ₦141.69 billion in taxes.
What does that tell you? It reveals to you that the amount of taxes paid by Alhaji Dangote has tripled from ₦141.69 billion in 2022, which was before President Bola Tinubu took office, to ₦402.3 billion today.
So, when Alhaji Dangote says that President Bola Tinubu's policies have stabilised the economy and that “we are also beginning to see some stability in the naira-to-dollar exchange rate, which has had a positive impact. There is now less fluctuation, and this has brought a degree of predictability to the market", believe him.
It is due to this predictability that Alhaji Dangote has been able to expand his refinery to become the world's largest.
And according to Mr. Dangote, "Africans should be very proud that one of them is freeing them from slavery."
Do not believe Peter Obi when he accuses the President of impoverishing 50 million Nigerians. Why? Because Peter Obi is the single largest individual importer in Nigeria, importing goods and services that can be produced in Nigeria actually contributes to importing poverty.
And if Peter Obi were right, then how come Nigeria went from a trade surplus of ₦1.206 billion in 2022 to a surplus of ₦29.58 trillion?
If Peter Obi truly means well for Nigeria, then he should emulate Alhaji Dangote and start manufacturing in Nigeria, rather than importing products such as tomato paste, biscuits, toiletries, and other items that Nigeria already produces.
When you import cheap goods, you destroy local manufacturers, eradicate thousands of jobs, and enrich foreign producers at the expense of Nigeria's economy.
So ask yourself this question: On the matter of the economy, who will you believe between Nigeria's largest manufacturer and Nigeria's biggest individual importer of foreign goods?
If Peter Obi wants to see who is causing poverty in Nigeria, perhaps he should look in a mirror!
Reno Omokri
Gospeller. Deep Thinker. #TableShaker. Ruffler of the Feathers of Obidents. #1 Bestselling author of Facts Versus Fiction: The True Story of the Jonathan Years. Hodophile. Hollywood Magazine Humanitarian of the Year, 2019. Business Insider Influencer of the Year 2022. 21st Most Talked About Person in Africa, 2024.
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BREAKING: Tinubu signs the Tax Reform Bills in to law.
Here is what the new development means for Nigeria and Nigerians:
-Federal Inland Reveneu Service (FIRS) will now become Nigeria Revenue Service (NRS)
-The Nigeria Revenue Service (NRS) will now collect revenues previously handled by agencies such as the Nigeria Customs Service, NUPRC, NPA, and NIMASA.
-Tax exemption for workers earning ₦800,000 and below annually.
-25% personal income tax applies only to individuals earning above ₦50 million annually.
-Small businesses owners are exempted from paying income tax.
-Company income tax for medium and large companies will be reduced from 30% to 25% starting in 2026.
-Value Added Tax (VAT) exemptions on essential goods and services consumed by the poor, including food items, medical services, pharmaceuticals, educational fees, and electricity.
-VAT remains at 7.5%, and corporate income tax stays at 30%. NO INCREMENT!
-Introduction of a Development Levy ranging from 4% to 2%, allocated to support the NELFUND, TETFund, NITDA, and NASENI.
Read More….
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