Economic Analysis of Sit-At-Home
We made a critical research on the economic impart of the sit-at-home and what we found was just unbelievable.
Take a look!
In 2018, after the May 30th sit-at-home which was done in solidarity for the fallen heroes of Biafra, the Guardian News estimated that the government lost about N224 billion in a single day.
You can’t believe this…
This amount is equivalent to 1/5 of the total Internally Generated Revenue of Nigeria in a single year and about the same amount of the IGR of Lagos state for an entire fiscal year.
What is Internally Generated Revenue?
This is the money the states make from taxing markets, collecting levies, giving out licenses et cetera. Lagos, Delta and Rivers make the highest money from IGR almost every year. In 2020, Nigeria made N1.3 trillion from IGR.
What is the IGR used for?
IGR and statutory allocations are the only two ways a state in Nigeria gets money to fund it’s projects. Because statutory allocations have narrowed because of oil glut, states have implemented policies to boost their IGR.
some of these policies include heavy taxations. That is why Agbero people are now everywhere on rampage, forcing people to pay at the slightest misdemeanor, ranging from face mask violations to wrong traffic behaviors to standing at the wrong place.
Now get the gist!
The sit-at-home’s primary target is the IGR! The government will not make this open but i will tell you anyway.
This is a secret!
When States receive allocations from the federal government, they may use it to pay their workers but the billions they make from IGR is made to be spent on infrastructural development.
You are about to hear a bomb blast!
Anambra state makes about N28 billion every single year for infrastructural development accruing from their IGR. Yet, Anambra state does not look like a place where N10 billion is spent on yearly bases on infrastructure. This is relative to other states in the Old Eastern Region.
What are they spending the IGR on?
This is disturbing, more than 50% of the IGR is what has made the rich politicians what they are today. They spend it on themselves.
It means that by those frightening taxes paid by the poor, 50% of them is used in funding the extravagant life styles of the politicians. This is exactly why they are lamenting that the sit-at-home is crippling the economy, or better put, “their economy.”
However, the sit-at-home also affects the poor masses in the sense that the profits of a day’s labour has been suspended but not lost in many cases. But for the government, it is lost, for all the daily taxes they could have collected have expired and cannot be recovered.
The Politicians are the greatest losers in the sit-at-home, however, for many traders, the profit was just suspended. Some crooked ones are going about saying that the government didn’t lose, well you have seen it. They lost billions.
The question is, are you still ready to suspend a day’s profit for the collective interest of Ndi-Igbo?
By sitting at home, you are not only defunding the extravagance of our Politicians, you are making the political pressure of the southeast zone a force to recon with and as well pressuring the State government to do something for the release of Nnamdi Kanu.
I want to give you the last shock!
In the coming weeks, IPOB may make more stringent demands through civil disobedience. The greatest of them all might be so lethal that the next generations will make lyrics from them.
Tax Revolt
What will happen if this civil disobedience enters the gear of tax Revolt whereby everyone will refuse to pay tax? Is this what the government wants?
IPOB is growing powerful on daily bases, the only mistake the government officials will make will be to further neglect them. Surely, it will not end well for the bad eggs.
9Naija 