Nigeria's Federal Inland Revenue Service (FIRS) has arrested executives of UTC, Pivot Engineering, Reliance Telecommunications, Entertainment Highway,... (1) Comment
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OMOTAYO, J. A. Lagos, NIGERIA May 14, 2012
We shall soon get there. Where? When blood of Nigerians will be demanded all in the name of revenue generation. Since 2006 when Mr. Soludo introduced the magical banking theory called banks consolidation under very high interest rate regime (26% - 33%) coupled with high income tax on profit regime (37%), and high cumulative other taxes (11% - 13%), I have been warning that companies and individuals who do not benefit from looted and illegal political funds, through contracts, would default.
I stated many times that the Nigerian business environment was destructive to local industries and individuals. I have warned many times that planting flowers in streets was a mere fantasy, and would not contribute to national development. I advised many times that government must first address basic needs of man: food, shelter & clothing.
And that it was wrong and unconstitutional for government to increase salary (whether labour or politicians) astronomically for less than 10% of the population while the majority 90% who should be production are unable to eat three times a day. The FIRS must brace up for more arrests and prosecution to fill up all the rooms in our prisons and detention centres. When virtually all the companies in Nigeria close down, the drivers of the Nigerian economy will come to their senses that for too long, the policy thrust of government has been anti-progressive and disastrous. Until then, God save Nigeria.