Disingenously Comparing South Africa Tax to GDP That of Nigeria Without Capturing The Whole Picture.
SOUTH AFRICA – For the 2024/2025 tax year in South Africa, the minimum annual taxable net income threshold (the amount below which no income tax is paid) is R95 750/ USD5,931/N8,807,537.00 for individuals under 65 years old.
NIGERIA – The minimum annual taxable net income threshold (the amount below which no income tax is paid) as recommended by Oloyede and co is N800,000/ USD538/R8,685 for individuals under 65 years old.
SOUTH AFRICA – GENERATES and distributes 50,000-60,000mw of power and over 95% of South Africans have access to electricity
NIGERIA – GENERATES only 13,000MW of power and only 61% electricity access …Even here in Ikoyi, we spend over N1.8million monthly on deseil to run our 100kva generator , despite spending over N360,000 monthly on band A electricity that barely stays for 16 hours a day [ with endless grid collapse
SOUTH AFRICA – Giltfree lending rate: 6.75%, Pension funds assets size : $365billion/N542trillion; Capital Market Size ; $1.48trillion/2.19Quadrillion naira ,; Inflation 3.2%
NIGERIA – Giltfree Lending rate 27%: Pension funds assets $17.5billion [ less than 5% of South Africa ] ; Capital Market Size : $67billion/N100trillion [ 4.5% of that of South Africa ]; Inflation 24% [8 times that of South Africa ]
SOUTH AFRICA – GDP PER CAPITA ;$6,667
NIGERIA – NIGERIA GDP PER CAPITA : $835-$1,084
FIRS VS SOUTH AFRICA REVENUE SERVICE
SOUTH AFRICA REVENUE SERVICE COLLECTED R2.3TRILLION/$143BILLION TAX REVENUE
NIGERIA REVENUE SERVICES FORMALLY FIRS COLLECTED N23TRILLION/$15.6BILLION
If we are to compare the depth of the size and profitability of the south africa corporate world , reflected in the depth and size of their Capital Market to that of Nigeria , the FIRS actually outperformed their South african counter parts by practically stripping Nigerians.
Also see: Udu Council Holds Sanitation Exercise
With a capital market depth, size and performance that is 4.5% that of South Africa , a $6.43billion/N9.3trillion revenue collection by the NRS[FRS] would have been the comparatively equal to that of their south african counterparts
Based on the current economic situations and realities, Taiwp Oloyede and his gang, should advise their bosses on the need to place more efforts in creating the enabling safe , secure and sound policy driven environment that enhances productivity in the land [ rather than this satanic fixation to tax the poverty and misery in the land ]
In saner climes, where leaders are sensitive , honest , patriotic, sane and selfless , a country with 8.1million of her citizens in IDP camps, 330,000 of her citizens in refugee camps in Niger Republic , Chad and Cameroon; 23million kids out of school and 2.2million kidnapped annually in a country ravaged and totally besieged by 3 of the 5 most dangerous terrorists groups in the world [ Fula Militia, BH and ISWAP , ] and now Lukawara, should focus 100% energy in securing the people and destroying the terrorists, to allow the people go into productive works
Nigeria has the capacity to generate over $600billion revenue and $200bn tax revenue but, save , secure and empower the people first. You don’t tax poverty…you tax wealth.
OBIARAERI, Nnaemeka Onyeka, FICA, MIRA
