Recent Tax Reform and what they may cause.

[Ambatman]

At first, the Tax reform made few months ago felt like it favored low income earners especially the personal income tax that was increased to 800K.
https://www.goldsmithsllp.com/all-you-need-to-know-about-nigerias-newly-signed-tax-reform-acts/

This should have increased disposable income and boost the rate of investment
Until the fuel tax was introduced.
Many are complaining about the price forgetting that the worse is yet to come, Inflation.

Fuel na one thing wey almost everything for Nigeria dey indirectly or directly need
The prices of things would pick up, and increase higher and the value of our Naira go fall.


Everybody go suffer the cost, but those with good assets or investment go gain ahn
But not as much as before because even gains from investment on crypto Would be taxed 10%
Though hard to implement is possible.


In essence if this fuel tax gets implemented we should be expecting worse inflation next year
And we know for Nigeria if something go up e dey hard for ahn to com down.

Grab good assets (Bitcoin) and properly utilise ur excess cash
One naira today dey higher than one naira tomorrow

[SuperBitMan]

I was really expecting the government to make sure that fuel price is reduced, sometimes I really don't know if is lack of good economic advisers that makes them take wrong decision and choice's.
One of the best way to make things okay is by reducing the price of fuel, if the price of fuel is reduced maybe 300 to 400 naira per liter you will see that a lot of things will reduce, the reason why things are cost in Some states especially food stuff is because of transportation, a friend of mine that is staying in Kaduna told me that things are very cheap over there than in rivers state especially food stuff.
Now we all know that the northern part of Nigeria is the food basket of Nigeria and to transport food stuff from the north to the west and eastern part of the country is too expensive because of the fuel price so as soon as this food stuff lands the price becomes high in the west and eastern part of the country.
And lastly the insecurities in the north has made a lot of farmers stopped going to farm there by making production of food to reduce, our government knows how to solve our problem but they just don't want to because of there selfish interest.

Nice there OP but I believe this thread should be in the politics and society sub board.

[Felicity_Tide]

In essence if this fuel tax gets implemented we should be expecting worse inflation next year
And we know for Nigeria if something go up e dey hard for ahn to com down.

Things has gotten so tough to the extent that we can't even tell how bad things would become when the fuel tax starts causing its own damage. Where are we heading to with all this tax implementations?.  What are we reforming exactly?. What are the crude oil money used for exactly?. It is getting heated already. Till this minute, the VAT, or Tax or whatever, that caused Telecom companies to increase the prices of their data is still affecting everyone, and there is no sign of making amendments.

Grab good assets (Bitcoin) and properly utilise ur excess cash
One naira today dey higher than one naira tomorrow

The year isn't over, and we are already forced to start preparing for the coming year. Of course, Bitcoin is a good asset to hold, but what of the common man that lives a hand to mouth life?. God bless Nigeria.

[Karl_3000]

Let us say that a vulcanizer is earning 4000 naira in a day because at least 10 cars will come daily and that is 4000 naira daily profit. That is 120 thousand naira in a month. That is over 1.44 million in a year.

The tax is just for everyone and that is very bad of this present government that is making life worse for people in Nigeria.

But I want to ask a question to know if poor people will suffer from the tax. Is it to money earned by people that they did not spend or the moey wasthe person earned in total?

[CryptoHeadlineNews]

In essence if this fuel tax gets implemented we should be expecting worse inflation next year
And we know for Nigeria if something go up e dey hard for ahn to com down.

It's just bad say for Nigeria, yesterday keeps getting better than tomorrow, of which in the right sense, the reverse would have been the case. But shah anyhow eh be, person go still always survive for this country despite whatever policy the Federal Government intends to implement. Because to be frankly speaking, implementing of policies is not always a problem, but executing it is always the biggest challenge wey we get, including corruption wey dey kill us due to the greed of our politicians. Because just the same our president been remove fuel subsidy, while claiming to channel the money to other sectors for the benefits of the general public. It's so sad that till today, we are yet to see any positive impact of it. Due to lack of policy executions and supervision. And I'm 100% sure there won't be any difference between this new tax policy.
While secondly, this intended tax policy is enough reason why people needs to prioritize investing in Bitcoin, because at least with Bitcoin, it gives you peace of mind, unlike our banks wey inflation go still devalue your money. 

[Mia Chloe]

They basically gave a little with the income tax break but they're taking way more back with that fuel tax. Fuel costs will make everything more expensive and that inflation is going to be brutal. It's basically a case of getting a raise but watching prices go up so fast you're even worse off.

[Churchillvv]

Funny how it’s never going to get better even though there is high hopes in every Nigerians mind but in reality the rules and regulations are implemented to hold the bourgeoisies accountable and never level up nor to experience anything beyond their means but to keep struggling with hold of changes coming, the capitalism happening in Nigeria is alarming but it’s never going to be discussed.

Basically their are other serious things that should be implemented before all this but they’re implementing taxes that will live us all trapped and never to escape, maybe tax invasions should be our next area of concentration for the ordinary citizens.

[nelson4lov]

~Snip

Everybody go suffer the cost, but those with good assets or investment go gain ahn
But not as much as before because even gains from investment on crypto Would be taxed 10%
Though hard to implement is possible.

I don't think it would be hard to implement as long as the president makes it mandatory. The reason why I think it's possible to tax it all(crypto gains or person income) is because government has successfully implemented that previous N50 tax from 10k and above transaction. That fee is automatically deducted before the money settles in your account lmao.

The problem isn't the taxing. It's the fact that

• Proceeds from the new tax law won't be directed to the avenue iyit needs to be. Will most likely be used to enrich politicians more.
• The rich and nepo babies will find a way around it and the poor will suffer the pains (via charities/foundations).
• This is actually a question. Will the salaries and "allowances" of politicians be taxed? I think not

[Smartvirus]

This whole tax matter eh, I still Dey look Tinubu like WTF. This country we never ready for all these kind things. I understand wella say, this kind thing Dey be the way forward via advanced countries and development but, we no be either of the two. These nations way Dey collect their citizens like this Dey also give back to their citizens. Them Dey pay them for crying out lord and even fosters Dey collect money to use train the kids way them Dey foster.
If them carry all these their private jet money and yacht money put inside development for the nation, them go get better result than to Dey fine where to tax free money.

[Nathrixxx]

In essence if this fuel tax gets implemented we should be expecting worse inflation next year
And we know for Nigeria if something go up e dey hard for ahn to com down.

Inflation has always been right from time, and it was because of this way of running the economy in a careless manner that led to where we are today under our governments.

Grab good assets (Bitcoin) and properly utilise ur excess cash
One naira today dey higher than one naira tomorrow

Bitcoin is an opportunity together with a privilege of getting it because it is not centralized, if not, some would have made it accessible only to them for use.

[Skydrill]

In essence if this fuel tax gets implemented we should be expecting worse inflation next year
And we know for Nigeria if something go up e dey hard for ahn to com down.

It's just bad say for Nigeria, yesterday keeps getting better than tomorrow, of which in the right sense, the reverse would have been the case. But shah anyhow eh be, person go still always survive for this country despite whatever policy the Federal Government intends to implement. Because to be frankly speaking, implementing of policies is not always a problem, but executing it is always the biggest challenge wey we get, including corruption wey dey kill us due to the greed of our politicians. Because just the same our president been remove fuel subsidy, while claiming to channel the money to other sectors for the benefits of the general public. It's so sad that till today, we are yet to see any positive impact of it. Due to lack of policy executions and supervision. And I'm 100% sure there won't be any difference between this new tax policy.
While secondly, this intended tax policy is enough reason why people needs to prioritize investing in Bitcoin, because at least with Bitcoin, it gives you peace of mind, unlike our banks wey inflation go still devalue your money. 

The scourge of this unreasonable tax reforms has already taken its tole on Nigerians and might further worsen our fragile economy unless the right measures are engaged to mitigate the effects, I think the best option is to review these policies because it is obvious that they are not beneficial to the ordinary Nigerians, the price of goods and services have skyrocketed and has remained so since the introduction of these so-called policies, and as usual, don't expect things to get better by next year, rather they would get worse because almost every sector of the economy is feeling the impact of these policies, so we should brace up and expect the worse.

[B-BossMan]

This reminds me of a post I saw on someone's status yesterday, that tax will be on fuel purchases above 10k, then I was like this present administration will finish the less prevelage, due to poor economic in our country and cost of foods some people couldn't even afford to buy fuel as usual, but I trust my Naija people sha, no matter how the hardship they will adapt to it in few days, however as the federal government is planning to implement new law taxes, which I believe would also triggers price of many goods and services, as such we need to think out of box, what are your plans for future or against 2026 before the implementation kicks off, think of a reasonable or reliable source of income, go into more businesses and investments, Bitcoin investment would help you alot, think of a brighter future and laugh the government as a successful investor.

[Jubilee58]

Brotherly, na wetin we de see for awah country ooo. Everything weh you de yan here na tru talk, awah government won finish us with tax, the fuel subsidy weh dem comot still de wory us , now na another tax again for the fuel. As ibi now, we de pay tax for almost everything we de do for awah country, the airtime weh we de buy and data no de waste time finish , for the bank weh we de keep our money, them de debit you anyhow, as yu won collect your money sef them go charge wetin go make you ves.

Another thing weh de wory us now na awah money weh no get value again , ibi like seh the money de disappear for person hand.Yu carry money go buy something, just small thin weh yu buy money don finish.

My people, with plenty thins weh me i de see , dis bitcoin biz make sense, na di only thin weh fit giv us hope and make awah money get value ooo.

[Spaceman1000$]

Ever since way Tinubu come, na so so tax tax we dey experience, person way come remove fuel way we dey enjoy, say him wan use the money take do one thing one thing, till now, them never still do anything. Now them wan still tax fuel, fuel way them no gree subsidize oh, so we should expect the price to hike from January. NNPC have agreed that none of the refineries are working, so we either import or buy from Dangote. Omo this directionless government is leading us to nowhere. Funny enough, an not surprised because he said he was going to widen the tax net when he becomes the president, for a country that tax payers barely see the dividend of the tax they pay.