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Finance Minister says FG Will Move Very Fast in 2020 to Pull 100M Nigerians Out of Poverty

BellaNaija.com

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Zainab Ahmed

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has revealed the plan of the Federal Government to “move very fast” this year, and “pull 100 million Nigerians out of poverty.”

Zainab Ahmed passed the information across in an interview on Nigerian Television Authority (NTA), PM News reports.

She said:

President Muhammadu Buhari has directed that we must pull 100 million Nigerians out of poverty and that is our major focus. Based on the president’s directives, we want to move fast to make the kind of change the president wanted in the country.

In 2020, we want to move very fast because we realized that going at the steady rate we are doing is not going to make the kind of change that the president has directed must happen.

So, we have to make sure that we are creating more jobs and reducing unemployment, and pulling as many Nigerians as possible out of poverty. And that is the reason why when we did the finance bill, you will find that the bill was largely targeted at making businesses easy for small and very small businesses. This is because we believe that is where the economy needs to really grow and stabilize from.

24 Comments

  1. by_stander

    January 7, 2020 at 3:10 pm

    SPOT ON!!!

    Don’t know why BN didn’t cover Finance Bill, Which could be the single most important document in Nigerian history. Likely making President Buhari the man that saved Nigeria.

    1
  2. by_stander

    January 7, 2020 at 3:11 pm

    BN you might have someting wrong with your site, i have to post my comments in bits for it to show.

  3. by_stander

    January 7, 2020 at 3:13 pm

    (pt2)

    WHY?

    Because for the first time in history, the chains of slavery that has enslaved Nigerians for years is being removed.

    WHO PUT IT THERE?

    Your beloved rent-seeking Lawyers and Accountants who benefit financially through monopoly access to unregulated 3rd party fees.

    1
  4. by_stander

    January 7, 2020 at 3:14 pm

    (pt3)

    HOW DID THEY PUT IT THERE?

    Through rent-seeking legislation and regulations, you will find it in CAMA, CITA, PITA and virtually any document of law, that has to do with the progress and prosperity of Nigerians.

    1
  5. by_stander

    January 7, 2020 at 3:18 pm

    (pt4)

    SO HOW DOES IT GET 100M OUT OF POVERTY?

    Rent-seeking laws including CAMA & CITA are estimated to be responsible for making the lives of more than 140million Nigerians uncertain.

    For example they have unrealistic catch-22 requirements that basically kill any start-up or R&D business without access to excess external funding.

    1
  6. by_stander

    January 7, 2020 at 3:19 pm

    (pt5)
    Due to all these unrealistic and unnecessary requirements that do not contribute any value to SMEs, SMEs can find themselves paying as much as half of their share capital yearly in unregulated fees to Lawyers and Accountants.

    CAC also publicly published in a newspaper a while ago, how many failed businesses it scrubbed from its register. Based on the average size of small business in Nigeria and the average family/breadwinner/dependent size in Nigeria, that CAC data can be use to estimate the number of Nigerians affected by each business going bust or having difficulty operating.

    And explain why so many Nigerians are living in poverty, linking Lawyers and Accountants to the biggest human disaster in Nigerian history.

    WE DO WE GO FROM HERE?
    Well let BN post this, and i will tell you more.

    2
  7. by_stander

    January 10, 2020 at 10:28 am

    (PT6)

    WHERE DO WE GO FROM HERE?

    I’m glad you asked, the Finance Bill (at least the highlights) is a very good starting point, but a lot holistically, still needs to be done especially if we want consistent improvements.

    1) More Nigerians need to be educated about their inalienable rights.

  8. by_stander

    January 10, 2020 at 10:30 am

    (PT7)

    2) All laws and regulations (especially as related to Nigerian prosperity) need to be reviewed. e.g CAMA2 still has land mines for SMEs, not making it easy for them to prosper on their own and by burying them in unrealistic rent-seeking requirements.

    CAC still trys to treat private business like public held entities, some of the stupid requirements for small private businesses including have a Lawyer, Accountants or Secretary(usually a lawyer as well) e.t.c.

    All that without any regulation on the 3rd party fees charged by these same professionals or any remedy for small private businesses that can not afford excessive fees of these professionals.

    We can not be surprised at the state of Nigeria if the only economy is a monopoly economy for rent-seeking Lawyers and Accountants.

    Even EFCC was asking NGOs to come and be filing something with them every month, because maybe all Nigerian NGOs are criminals until proven innocent.

  9. by_stander

    January 10, 2020 at 10:34 am

    (PT8)

    3) The Nigerian constitution is pretty robust, but still needs to be fine turned for the inalienable rights of human beings. I hate to break it to you, but your rent-seeking Lawyers and Accountants got there first.

    4) One would expect that Civil servants are the people’s first line of defense when it comes to rent-seeking schemes that infringe on the inalienable rights of Human beings. In Nigeria they are not, because they enjoying protection from the realities that Nigerians face everyday. I will cover more on this in the extra [WHAT ARE THE CIVIL SERVANTS’ SHIELDS]

  10. by_stander

    January 10, 2020 at 10:44 am

    (PT9)

    5) All this talk of no money after rent-seeking has lead to the squander of our Oil resources, Nigeria needs 80% Inheritance Tax.

    Given all the Grand Rent-seeking Pyramid Scheme (GRPS) over the years, This is more justifiable than increase in VAT. So if you can increase VAT you should definitely have 80% Inheritance Tax.

    One could argue that the bane of corruption in Nigeria, is when children and family members stand to gain a lot, it’s no more a passive matter, they can be come active instigators and when necessary impose coercion.

  11. by_stander

    January 10, 2020 at 10:58 am

    (PT10)

    6) Still on Tax, since rent-seeking via unregulated 3rd party fees has led to the greatest scam and disaster in Nigerian history, it’s best that all taxes are collected automatically from bank accounts’ deposit, with the option for people/businesses to opt to pay their taxes manually if they choose.

    This smaller percentage of manual tax-payers should be the only ones required to file their taxes regularly and should be easy to audit them regularly since they are going to be a small number of people or businesses.

    Everyone else just get’s a report from FIRS or SIRS on how much was collected and their clearance, they can then follow-up on any inaccuracies.

  12. by_stander

    January 10, 2020 at 11:12 am

    (PT11)

    (still on 6)

    This means that both Federal and State government should agree a fixed percentage they will collect as Tax from all bank deposits, to cover all taxes.

    All the stupidity and madness of having different taxes that people don’t even understand or understand how to calculate on their own and asking them to file non-sense every month/year needs to stop immediately, it’s an extreme waste of resource!

    Rent-seekers tried to couple taxation and crime in the constitution obviously because they were looking to make unregulated 3rd party fees from creating complications in paying your taxes or carrying out a civic duty.

    No problem if it is a must, it can not be coupled to unregulated 3rd party fees or complicated that a lay person can not carry it out on their own.

  13. by_stander

    January 10, 2020 at 11:21 am

    (PT12)
    (still on 6)
    And here is what you probably didn’t know about taxes (or compliance cost of taxes) it can make or break your nation in-terms of foreign investments as well. Ideally you want to have taxes and costs under global costs, in the same sense that exporting countries devalue their currency to promote trade.

    So if you are wondering today where your forex went, you can thank your rent-seeking Lawyers and Accountants, for two things as they get their cut:
    a) making it unrealistic to operate
    b) and making it easy to take your money to tax havens.

  14. by_stander

    January 10, 2020 at 11:32 am

    (PT13)

    7) Nigeria needs to actively protect Industries and businesses especially those in Research and Development otherwise they will be run over by foreign competition who have not suffered stagnation in the hands of rent-seekers, there many ways to do this, including providing access to funding, Imported competitor goods/service tariffs, local content tax credits e.t.c.

    8) Nigerian professionals (excluding lawyers and accountants) need to set-up a panel to determine and resolve the issues of rent-seeking in Nigeria.

  15. by_stander

    January 10, 2020 at 11:40 am

    (PT14)

    9) DSS and Security agents needs to prepare and set-up investigation into Lawyers and Accountants associations for possible economic sabotage and national security threat. I say this because these rent-seeking problems have been on going for years and they didn’t feel the need to inform Nigerians in detail. infact they would shift the blame to the vague “people in power”.

    10) We need to review how we make laws in our country. There needs to be a paper/data trail of those involved, their thinking, what problem they plan to solve, who they are solving it for and a liability for those that create laws that end up causing a mass disaster or found to infringe on the inalienable rights of human beings, especially when initially protested, meaning we need to start formally documenting protests against any bill/law/regulation as notice as well issuing compensation.

    You can expect more points as research continues on these problems.

    • by_stander

      January 14, 2020 at 11:13 am

      I just thought I will update this with an ongoing example currently in the Nigerian Senate.

      The Senator who was/is undergoing investigation for assault at the NASS, who now has a court case and who also happens to be the same senator sponsoring the social-media bill that was protested across Nigeria.

      If his reactions to the female senator who was part of the investigation committee was anything go by, Nigerian people should know that we can not just simple trust a person or a group of persons to make laws without any consequence for when that said law has a negative effect on the inalienable rights of Nigerians.

  16. by_stander

    January 10, 2020 at 11:43 am

    (PT15)

    EXTRA: WHAT ARE THE CIVIL SERVANTS’ SHIELDS?
    various comments have been made in the past about this, but let BN post these new comments and I will touch on it again.

  17. by_stander

    January 11, 2020 at 11:45 am

    (PT16)
    EXTRA:WHAT ARE THE CIVIL SERVANTS SHIELDS?

    Let me start by saying that one of the things that defines our humanity is the ability to empathize, in fact being without Empathy can be worse than being an Animal.

    Our body sef has senses and ability for us to communicate how we feel. What is not normal is if for some reason we can not communicate or sense what is being communicated by others.

    For example trying to speak to a deaf person. with their eyes they may be able to read your lips but if they don’t know how to read your lips, there will be a break-down in communication until the problem is fixed, simple things become unnecessarily difficult.

    And worse still, a Grand Rent-Seeking Pyramid Scheme may go unnoticed or unchallenged.

  18. by_stander

    January 11, 2020 at 11:47 am

    (PT17)

    WHAT HAS ALL THAT GOT TO DO WITH CIVIL SERVANTS’ SHIELDS?

    Well nobody would imagine ordinarily that deliberate steps would be implemented to remove empathy, especially for people engaging in social services by creating a barrier in which these people can no longer feel or understand what others are going through.

    Infact in the worst cases, there is no incentive to understand what others are going through.

    If you don’t feel or understand what others are saying by being far removed from the problem, you cant start to think of a solution for their problems out of thin air.

  19. by_stander

    January 11, 2020 at 11:48 am

    (PT18)

    SO WHAT ARE THE CIVIL SERVANTS SHIELDS?

    1)Pension: Even when dismissed from office or convicted for wrong doing, civil servants still receive pension sometimes multiple sef.

    And now they are even talking about taking pension funds abroad, to further shield it from the reality of the markets in Nigeria.

    • by_stander

      January 14, 2020 at 11:56 am

      Again I feel the need to update at this point to including a recent example i came across. So it turns out CAC/CAMA has been crap for doing business for years especially for SMEs and playing a major role in killing off start-ups and SMEs.

      So it may not come as a surprise the former boss and acting-registrar was asked to step down by CCT for false declaration of assets and imagine this:

      She was also accused of receiving allowances she was not entitled to as an acting registrar-general of the agency.

  20. by_stander

    January 11, 2020 at 11:51 am

    (PT19)

    2) Ownership of more than 1 Real-Estate property: Some civil servants own more than 1 real-estate property and are still getting or going to get pension.

    How will this type of civil servant ever understand what it means not to have a home? and do we know when and how these properties were acquired?

    meanwhile their children, family members and friends through connection are ready follow their footsteps.

    3) Rental Business: some Civil Servants have side or full-time rental hustles which creates a conflict of interest, because the prosperity of the people will be bad for business. If you think about it well, a person is cornering public funds to establish an infinite revenue source for theirself. Why would they want government to provide anything for the people?

    Let’s just call it public laundry 🙂

  21. by_stander

    January 11, 2020 at 11:55 am

    (PT20)

    4) Little or No Inheritance Tax: Yes if you don’t even want to be corrupt for yourself, how about for the family members, friends and children? and even if you don’t steal the money, why would you bother with development when you can legally channel funds for your generation to your bank account?

  22. by_stander

    January 11, 2020 at 11:57 am

    (PT21)

    All these means that civil service becomes a lucrative business, as opposes to an opportunity to effect positive change. That time in office becomes time to acquire as much wealth as possible as oppose to making a better world all people can thrive in.

    While not all civil servants are corrupt, the system is such that it dulls the senses to reality no matter their position to the point they are unable to act. Think about drug-addicts, a normal person can from play become hooked that it becomes a serious problem.

    It’s also unfortunate that alot of Nigerians are not aware of these shields,rent-seeking e.t.c when picking their leaders or civil servants. Most are not even aware of their inalienable rights that is backed by Science.

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