Ladies and Gentlemen: Many of you know that I am an economist. The function of an economist when he comes to deal with political subjects is to appreciate and understand the human situation in its relationship to economic events. In politics, the most potent forces spring from intimate human experience. At this moment, we are witnessing a poignant example. Massive misappropriation of funds of ones region for the development of another region by a public official often the President of Nigeria is the greatest corruption in Nigeria. The Yoruba Youths do not know what this means to the Yoruba people. I will be using Corporate Tax Rate to picture what it means to the people of Yorubaland. In Nigeria, the Corporate Income tax rate is a tax collected from companies. Its amount is based on the net income companies obtain while exercising their business activity, normally during one business year. The benchmark rate of 30% is the highest rate all registered companies in Nigeria pay for Corporate Income tax. This means that a company that makes N100.00 Naira net income pays N30.00 as Corporate Income Tax. Revenues from the Corporate Tax Rate are an important source of income for the Federal Government of Nigeria. Here is the corruption aspect of the Corporate Income Tax: Yoruba, Ibo and Hausa/Fulani Regions all have registered companies paying Corporate Income Tax. Based on actual values, historical data, forecast, chat, statistics, and economic calendar, 85% of all registered companies are within the Yoruba Region. What is more, the companies within the Yoruba Region pays 85% of the Corporate Income Tax to the Federal Government of Nigeria. We do not need much imagination to know that economic justice dictates that the Yoruba Region should receive nothing less than 85% of the Corporate Income Tax as reinvestment into the Yoruba economy. But all the revenues from Corporate Income Tax go to Abuja and Abuja uses the number of States, Local Governments, Wards, Senatorial Districts and Population to share the revenues. The North with more states, more local governments, more ward councils, more senatorial districts and a fictitious population figure receives 60% of the revenues raised from Corporate Income Tax whilst the Yoruba region, the region that contributed 85% of the Corporate Income Tax, receives less that 10% of the total fund accruing from the Corporate Income Tax. The above is corruption that no Gambari will work to stop. In the absence of Fashola as the APC Presidential candidate... four more years for President Jonathan. #ThinkYorubaFirst
Posted on: Sun, 02 Nov 2014 22:34:44 +0000
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