#Musing Sometime in late 2012, I was in a meeting where the issue Of luxury tax was discussed as an avenue to generate fund for the govt. It will be interesting to note that Nigeria is not only a consuming nation but we consume most of the worlds expensive luxuries. In transcorp, some wines go for as high as 2M per bottle. Yes! It is not an exaggeration. It is reality! In 2012 or so, Nigerians were the second highest consumer of champagne in the world. I also got an unconfirmed information that in 2013, the revenue from wines sold in Shoprite Nigeria alone was more than the total revenue of Shoprite in South Africa. That is for Wine alone. The conclusion from that Meeting was that the nation can generate up to 100bn Naira as luxury tax from wines and other consumables and that a proposal had already been sent to the ministry of finance to that effect. I was however pessimistic because the elites will always want to protect their interest. Abi na me wey dey hustle go go buy wine of 2M naira neh? Well yesterday, I saw a little breakdown of 2015 budget and the govt is now serious on non-oil revenue hence luxury tax has been placed on expensive wines, mansions,yatcht and private jet owners and hear this too, those who fly first class and business class. Ahahahahahahahaha. See as laugh wan break my intestine! Shey na now una eye clear abi. The political class in this nation are enemy of the state. The recurrent expenditure still stands at about 2.6trn while capital expenditure is still below 1trn naira. Many MDAs will also be starved of fund. #Gobe. Now this budget is premised on a 65 dollars per barrel of crude and a devalued naira. Last time I checked, crude price is 58.78 dollars and exchange rate of 180naira to a dollar. ECA of 3.1 and foreign reserve of about 35bn dollars I pity the next president of Nigeria. #OkBye
Posted on: Thu, 18 Dec 2014 07:23:12 +0000
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