NewStats: 3,265,319 , 8,186,372 topics. Date: Saturday, 14 June 2025 at 12:21 PM 1j5i4w

Softmirror:
Miyan kukah.....😂😂😂😂

This jihadi boy, is this dirty-looking, green, watery soup what you have been using to brainwash your brain?
No wonder!

Goodmarlian:
Lets talk spiritual ,These days its very rare to see someone successful in Nigeria without some sought of spiritual backup either from the Christian God or some traditional gods don't be deceived most millionaires and billionaires you see today in Nigeria are into something most times they wouldn't tell you.
Until you decide to change your situation by consulting a spiritualist like true pastors or babalawo you cannot prosper in Nigeria,I repeat you will remain where you are forever until you awaken yourself spiritually.

You dey mumu with this kind of archaic mindset

AntiChristian:


It will never be successful!

Aamin!

See them!
Jihadists and intolerance are like 5&6!

helinues:


Why can't you people respect others beliefs?

We can't all sleep and face same direction now

I wish you could tell that to your islamic brothers so that their intolerance and hate that are spurring them on to jihad could be bridled.

EeyanMayweather:

Smelly Maggot
Use your google ! Well, I know you did already but too ashamed to it the lies you’ve always kept in your limbic
Dumb , parasitic USB rat 😂😂

Ondo produces more oil than any of the Sad East states .. Fact!
Facts don’t care about your emotion buddy 😛

''Facts'' pulled from your rotten father's rectum, right
Such 'facts' don't really need to be proven

aribisala0:
What is 5he connecti9n between the loan and the bill

Denial will not help you guys
The article stated it clearly how the World bank wanted VAT increased, just as they did with fuel subsidy, yet you're still asking what the connection is.

You don't know that VAT increment is part of the bill or you're just feigning ignorance

Bobloco:



For those querying the rationale behind the rush to the tax reform bill, I say look no further—the World Bank loans approved in June 2024 are to blame. Some may recall that the World Bank announced in June 2024 that two loans worth 2.25 billion US dollars had been approved for Nigeria under two new programmes. These loans were approved based on the agreement that Nigeria will increase VAT rate to “at least” 12.5 per cent by 2026.

These programmes will have negative implications for the country, leading to inflation. It is surprising that a government struggling with a 34 per cent inflation rate would agree to these . But before we discuss the consequences, let’s discuss some details of the loan, including the actions to be taken.




The first, ‘Accelerating Resource Mobilisation Reforms’ (AMOR), is worth 750 million US dollars. It is a programme for results with disbursed linked indicators. To my knowledge, no detailed information on the World Bank website shows any disbursement or financial agreement for the AMOR programme.


The second loan, 1.5 billion US dollars, is under the ‘Reforms for Economic Stabilisation to Enable Transformation’ (RESET) programme. Under this programme, two World Bank agencies—the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD)—share the financing of 750 million US dollars each.

According to the World Bank’s website, the RESET loan of 1.5 billion US dollars is active. IDA disbursed all 750 million USD of the RESET loan on June 28, 2024. IBRD claimed its front-end fee—a payment made at the beginning of a financial arrangement—of 1.875 million US dollars on June 26, 2024. These transactions happened without the Senate announcing approval unless they were done in secrecy.


The costs of these loans are also different. Nigeria will pay an 8.33 per cent interest rate on half of the loan under IDA, which will commence between 2030 and 2036. For the other half, with IBRD, the payment will begin in 2035 and end in 2048 at 3.85 per cent.

These 8.33 per cent and 3.85 per cent interest rates are too high for a World Bank loan to a low-middle-income country like Nigeria. The loans reflect non-concessional stipulated under the Fiscal Responsibility Act of 2007. Concessional loans from the IDA typically have 0% interest, a 40-year repayment period, and a 10-year grace period to ease the financial burden. Ironically, these rates contradict the fiscal laws outlined in the Fiscal Responsibility Act. This also contrasts with the World Bank’s principle of providing affordable financing for development.


In all seriousness, this is not a rate designed to help a country seeking to build a fiscal space. But my sympathies or suspicions lie with the s of this Tinubu-led government who sought this loan. But that’s not it.

The worrying part comes under the actions to be taken under the programme. They are divided into two pillars. Pillar 1 is about building fiscal space, and Pillar 2 is about protecting the poor and economically insecure. I wrote about these in one of my previous columns in June, titled “Counterproductive World Bank Loan: Reasons to Reject.” The expenditure mainly duplicated existing projects because Nigeria has digitised its tax collection since 2015. We have the Integrated Tax istration System (ITAS), e-filing Platforms, Tax Identification Number (TIN) System, Remita, Treasury Single (TSA), Payroll Management, e-payment Channels, Automated VAT Collection, and Electronic Tax Clearance Certificates, among a few others.


The fiscal trap is under item 2 of Pillar 1. The agreement reads, “To increase non-oil revenues and reform the VAT regime, the Borrower has submitted to the National Assembly a draft bill to progressively increase the VAT rate to at least 12.5 per cent by 2026 and allow input tax credits for capital and services.” This agreement is what is pushing the government to get the Tax Reform Bill ed.

As we are already in December, this agreement means the government will increase VAT rates by two-thirds within 12 months. Recall that the FIRS Chairman has proposed an increase of 33.3 per cent in 2025, from 7.5 to 10 per cent, some few days from now. They will then raise the VAT rates by “at least” another one-third to 12.5 per cent in 2026, which will have to be announced in December 2025. There will be consequences.

The VAT system in Nigeria covers all finished goods and services, with a few exemptions that hardly impact the average person. Given the present hardship, with the inflation rate touching 34 per cent, people will see a direct spike in the prices of all VAT-able items—the vast majority of consumer goods.

The scary part is that this will not be like the inflationary trends after the removal of fuel subsidy in June 2023, where the burden will be shared between many products. This impact will be directly felt on every product as soon as the announcement is made. Let us also not ignore that once people expect prices to rise, they will increase regardless of what the government does.


The immediate consequence is a reduction in total consumption. When people buy less, producers will be affected because their goods and services are not selling. This will press them to reduce the cost of production, including workers, which means higher unemployment in the country.

These expensive World Bank loans will only increase economic instability in an already volatile economy because the repayment period is in 2030. Nigeria will still be working through the VAT increase shocks. As many policymakers and experts have advised, the government should postpone approving this tax reform and consult much further.

https://dailytrust.com/costly-world-bank-loans-behind-tax-reforms-rush/

SW and fulanis destroyed Nigeria
History & posterity should never forget that.

KnowAll:
Because this government don become begi begi government. Make Tinubu no fall our hand oh!!

Lets hope he won't disgrace us before those hateful xenophobes.

fineboynl:

I met some marketers of this life insurance of a thing. I don't want to mention the company name here.

But there is a distrust with anything Nigeria company especially financial once

With the way the country is going with no headway. Policies keep changing. Business keep failing. Inflation and depression. Once cannot really see the future clearly as eventually keeps changing. It only takes luck and grace for people living in this part of the world as things don't go by merits. And reasons we have religious houses everywhere.


What is this life insurance thing all about. Can you trust Nigerian life insurance?

As for trust, you can trust some of them, especially the bigger, already established ones.
I started one with cornerstone in August 2019 which ended this year's july/August, and there were no stories when i requested for my money.
But it wasn't easy oo; i was paying 50k every month for 5yrs without fail.
There are consequences if you don't meet up with your payments.

EeyanMayweather:

Pig
It’s public information.
Your phone isn’t meant for trolling on naira land only . Use google and see the mudu of oyel your so called oyel producing states produce 😂😂

Stinking cockroach can't defend his lies and propaganda, which they are known for.
So, crawl back quickly into your dark, smelly holes

seunowa:

Ogun has large deposits of solid minerals and even deposits of untapped oil and gas.

So why don't you secede and start mining those resources?
Why are you still begging for unity and lose appetite anytime you hear about those agitating for secession?

EeyanMayweather:

Are you not ashamed that your 3 useless states that you were bragging with as Oyel producing do not even produce as much oil as 1 state of Ondo . That’s the crux of the matter .
Rather a good head than 3 useless ones 😂😂
Ndi oyel producing with 2 gallons of crude a year 😂😂

The sad east is home to the greatest proportion of imbe.ciles with single digit IQ in the World . No critical thinking .. just nsogbu nsogbu reasoning

The SW produces more oil than the parasitic SE . Fact!

Landlocked , red muddled Parasites 🤡🤡🤡

Show statistics to prove your useless, hate-enabled points, bingo.

Paraman:
Don't you guys get tired of this bullsheet talk

Ikorodu is not part of the federal territory of Lagos, no local government is generating as much as ikorodu all over the 36 states of Nigeria. More than 90% of present day Lagos state was never part of the capital.

Lagos has been developing even before Nigeria was created

How you clowns downgrade what the APC/ACN/AD has done in Lagos state is insulting.

Enugu was the former capital of eastern Nigeria, why is it not generating as much revenue as Ibadan the capital of western Nigeria?

Why's Enugu not as industrualise as Ibadan and Kaduna?

Yes, lagos had been developing before Nigeria was created.
But by who??
I hope you won't ascribe the development to your lazy kinsmen??
Lagos was named by the Portuguese who used it as their headquarters and take-off point for their slave trades.
Again, the British used it as their headquarters during the colonial era.
These 2 different groups of foreigners initiated the development you're talking about.
Apart from federal investments, the strategic location of the city helped it to attract overwhelming investments from individual Nigerians from all states, cooperate organisations and foreigners.
The Enugu you're talking about, how many investments do your kinsmen have there, when compared to lagos which has massive Igbo investments?
If your kinsmen developed the city, don't you think they would have used the same hands to develop Ekiti, Ondo, Osun, oyo and even Ogun that's just nearby??
Nonsense!

richmond500:

Which disparity? If ur governor is working, he will close the gap.
But no, they are resting in Abuja and abroad while waiting for Lagos, Delta and Rivers do the the job and give to federal govt so they can share it to FAAC.

Miscreant, if your own governors in sadwest are really working, then tell them to go for full resource control, and not to cunningly secure VATs for themselves while still having shares in the revenues generated from natural resources in other states

EeyanMayweather:

Clown
Those 3 parasitic states don’t produce half as much as Ondo .
You are the real village, unexposed clown here who don’t know those states are just added for completeness 😂😂
You think it’s palm oil we are talking about here 😂😂

That's exactly how nonentities from sadwest talk.
If 3 oil producing states can be described as "parasitic", how then would you describe Ekiti, Osun, Oyo and Ogun states where you morons are being produced en mass

helinues:
Toh

Nothing as good as this bill. Which states won't want to improve their IGR with this initiative .

All those branch companies operating in your state that have been remitting all their to their headquarters, you can now have a direct bite in your state.
The more IGR you can rake, the more richer your state

You crooks were everywhere saying the same thing when that frog-eyed, clueless and nepotistic creature removed petrol subsidy and floated the naira
Today, millions of Nigerians are still reeling and dying from his stupid decisions

Softmirror:


We are not opposed to it. Even if they want 100% the will get it. Igbos are there to fight for the 'rights' of the South-South lol. 😂😂😂😂😂😂

Most of you village boys from SW who only know about lagos don't know that Imo, Abia, and recently Anambra are also oil producing states and part of the Niger delta.

Softmirror:


The irony is even if you give them 100% they will still have nothing to show for it.

That's a silly statement aimed at diverting attention from their legitimate demand. What they do with the money is none of your business.
What of you? What will you do with the VATs you want to cunningly secure for yourselves in Lagos?
If lagos and other SW states want to keep the VATs and taxes they realized within their sates, other states will also have to keep whatever revenues that are being generated from their territories.
You guys really think you're smart trying to cunningly deceive others into fighting for a bill that will give you advantage.

helinues:
You are a disgrace to Yoruba's for disrespecting others . Forgot the cultured part?

Shame on you Seyi

Modified: How the Igbo's take enter this conversation is what I am yet to understand. What's all this unnecessary mentioning for bayi

See these hateful hypocriites pretending to be nice in order not to further annoy their slavemasters

BlackfireX:
We are solidly behind our darling president
Jagaban
Asiwaju
2027 to 2031

For planning to borrow additional 9trillion naira that will further worsen out debt burden and economy??
What's wrong with you people from the SW. Is this iberibe or hypocriisy or blindness from tribalism??
Them swear for una??
Nawaoo!!

Factcheck0001:
isn't it annoying that it's u people that have been crying that u don't want your resources b used in developing other regions that are against this bill?

If u are sane u should b happy now that northerners won't sit in d comfort of their homes n share oil proceeds from d south again

Use your head n think about it, how can people b destroying beer n closing bet shops n still b spending proceeds of beer n betting?

U have always shouted u are tired of d parasitic north n here u have d opportunity u are insulting tinubu again instead of praising him n embracing d bill to seperate u n north

Just shut up, descendant of cunning creatures. Who do you want to deceive?
This useless Tax/VAT bill is not about oil or resource control
Your cunning people when for VAT that will favour them over others while still taking part in sharing the revenues from crude oil
Why don't you cunning people go for full resource control at the go??

Factcheck0001:
Now every sensible Nigerians will know d root source of our problem, these people just want to b eating free money without working n always take d largest share without doing anything at d expense of d south

If u are a southerner n by now u can't see through d northern facade then u need brain surgery

Yeye, talk. Every southerner should first confront Tiefnubu and his kinsmen who got a mandate to run a southern presidency, but instaed, turned it to a yoruba presidency
You hypocriites think others are foools, right?
The SW has destroyed everything; there's no such thing as ''south'' anymore.

EmperorCaesar:


Its not about Igbos

Please, dont drag yourself into it


He rounded the whole thing by saying "North and South". Dont break them further into mini categories

Which north and south?? Cunning creatures!
Your uglylooking, tribal god is running a southwestern govt, none of you has so far called him to order, but when issues arise, you start shouting "north and south"!
Which south?
There's no north and south here.
It's north, southwest, southeast and south south.

skywalker240:

I got mine when it was cheaper, (225k) and it's not even off grid, it came with 3 bright LED lights and powers TV, phone, laptops and fan that's all. I charge my phone, they watch their TV and everyone is okay and satisfied, I paid on instalments. So I can't say much on off grid solars

To get something like it now will cost you close to 600k, I regret why I didn't opted for the off grid one though when it was cheaper. presently getting a decent off grid with battery, inverter and s will definitely cost you close to or even above a million naira

As for the cost effects, aside the monthly installments i paid for almost one year, nothing else, they gave me warranty for a year and half.

Which company did you use, bros?

YoungBTCxchange:
ok, I'm not trying to say people don't spend more than 20m for a month but the rate at which people talk down on money here is annoying , imagine a plumber guy who is just managing life with his family in my street saying that 3m is nothing that he can spend it under 3 days, and he can't even open a store for himself to be selling plumbing materials like his peer do

Don't mind that crazy attitude of Nigerians.
Most times you hear such comments from quarters you didn't expect it from, like from struggling guys.
A Nigerian artisan will give you a quotation for work amounting to 2.5m, for instance, and you price him 2m.
Next thing you'll hear is "Oga, that 2m is too small".
2m TOO small?! Nothing can be more annoying than that.
If you tell me that the 2m won't be enough for the work, it's a different.
But saying it's TOO small, it's just plain arrogance and so annoying.
And almost every Nigerian Artisan i have met talk like that!

marlow1962:
Yes.

Why are you so sure??

siofra:
Nigerian men are becoming shameless

Because tell me why you would ask for a girl's number but not pay for her food in a restaurant?

This ugly, smelly cultist (yes he's a cultist, he was hailing his friend in lingo and flying colours) asked for my number yet didn't offer to pay for my food. Who does that?

Like do men not know things like this might make the girl look at him twice and maybe save his number in her phone for real.

Like it's so disgusting when Nigerian men don't offer to pay for women stuff🙄

I will NEVER consider you if you come to toast me at the mall, a shop or restaurant and not pick up my bill.

Entitled girl

osuofia2:
All men must die.
She was careless with her son health. Taking him to prayer house instead of hospital

Stop spreading stupid information you're not sure of!
Were you there or you just swallowed rubbish fed into you by the unreliable Nigerian authorities??

richmond500:
It's always the police.
There are lots of army roadblocks but they hardly extort from motorists.

It is easier to see an army man telling motorists to cut grass or pick dirts than extorting money from them. But the police will always look for a way to collect ur money

Every day, una go dey use una little, 2yr old boy's experience dey generate outlandish conclusions

Oceanfl0w:
Welcome to the round two of the cold war.

What is cold war about a war being fought by 2 useless Islamic sects: Sunnis(Hayat Tahrir Al-Sham, Turkey) Vs Shiites(Assad's men, Iran, Hezbollah)??

Omoawoke:


Go and study quantum mechanics, you will understand the link between your mind and reality.
Education is ability to continually learn and evolve.
Many of you think once you know small physics, it ends there. lol.
I am not talking of the God concept like Jesus and Mohammed stuff, talking of you being the creator of your own reality. And yes, the education taught you currently were carefully crafted to keep you limited in knowledge.
But your ego won’t let you see, even when they the messages to you using movies like matrix, Lucy, inception,… you won’t still get the clue
I have studied a lot about ancient cultures, the concept of spirituality and back to my own culture and quantum mechanics and all are connected.
Interesting thing is that, there’s a thin line between the overly delusional religious church/mosque goers and you who think have known it all and dancing in ignorance and ego.
People like Nikolas Tesla and the rest tested reality and got so many discoveries that are not even shared with the public .
Even the CIA spent billions of American dollars to research this and it’s there on their website, but you are too busy and distracted to even think not to talk of seeing what is placed right in front of your nose
You know nothing !

You be mumu.
I have a degree in Physics & Astronomy, and i understand Quantum mechanics better than you do.
See how you're jumbling unrelated topics together, misquoting/misinterpreting the laws of Physics/science to justify your yeye beliefs