Several African countries have a similar habit of protectionism, especially the act of restricting imports in favour of local products. But this is at the detriment of consumers who could have enjoyed lower prices of goods.
Nigeria’s current economic predicament is an imminent stopover in its unfree economy.
Nigeria’s tax reform could ease living costs, but a looming tax hike on non-essentials would sting consumers.
Experts believe when importation is expensive, costs of living soar and essential commodities become unaffordable.
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.
“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.”
Global freedom is under siege.
The essence of financial freedom lies in the ability to make choices aligned with personal interests and goals, and this new policy appears to curtail that autonomy.
Nigerians don’t necessarily need alms, they only need an environment that makes it possible for them to make money and create wealth.
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.
It is pertinent for the Nigerian government to review policies that might be holding the country back. The leaders must be championing economic freedom, transparent governance, and a commitment to protect human rights
The series of attacks witnessed by Nigerians in various parts of the country is proof that Nigerians are far from enjoying complete personal freedom…. If human freedom is worse, economic investment will not improve, which rings back to underdevelopment.
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