Economy
Explainer: What Duty-Free Imports Mean for Ordinary Nigerians
Experts believe when importation is expensive, costs of living soar and essential commodities become unaffordable.
Shereefdeen Ahmad
July 11, 2024
Experts believe when importation is expensive, costs of living soar and essential commodities become unaffordable.
In agreement with the protesters, fiscal professionals say history teaches no country can reasonably tax itself to success.
Our findings revealed that by dictating to hardworking Nigerians how much to sell their goods, not only is the price control immoral, but such policies can create more scarcity and further inflate the price of goods.
Using competition to reduce airfare is not alien to the Nigerian aviation sector. A few months ago, a Nigerian major air carrier, Air Peace, secured a deal to fly to the United Kingdom from Lagos and pegged its flight ticket prices at a record low compared to its foreign counterparts.
The call for a “living wage”, a connotation for an increment of the minimum wage, should focus on asking the government to fix the causes of inflation and not be a demand that will drown the country further into debt.
“It’s an indirect tax on the masses. The service providers will not feel it that much. They will accommodate it and add it to their cost of services, and the masses will keep suffering.”
Implementing the cybersecurity levy looks as though the CBN aims retrogression of digital banking.
To enjoy all the benefits of the AfCFTA, countries must be committed to complying with the values of economic freedom.
The prospects of cutting the cost of governance in Nigeria look promising. But will it propel the country’s journey to economic prosperity? Experts responded in affirmative.
Nigerians don’t necessarily need alms, they only need an environment that makes it possible for them to make money and create wealth.
…Singapore recognises cryptocurrency as a major economic booster; hence, it places no restrictions on its trade. Likewise, Switzerland, Germany, and the US. These countries recognise the advantages of cryptocurrency and prioritise it as one of their economic boosters.
Under the NBS’s new system, ’employed’ individuals are anyone in the working-age population who engage in any activity to produce goods or provide services for pay or profit… Government uses these types of metrics to determine what to tax and who to tax, and the data processing unit might just be laying a foundation for the government to trap the poor struggling working class into taxation.
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