Business Nigeria Warned: Tax The Wealthy To Avoid Economic Collapse

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According to a Ventures Africa report, the only way Nigeria can avoid an economic collapse is to tax its rich wealthy citizens.

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As oil prices have fallen from $115 a barrel to hover around $50 a barrel over the last nine months, economic indicators in Nigeria have entered a downward spiral.

At one point just before the elections, the Nigerian naira fell to record lows of around 206 to 1 dollar. With global capital markets currently reeling from the Greek default crisis in the Eurozone, oil commodity prices will continue to fall and sovereign borrowing costs will continue to rise rapidly, especially for governments with low-credit worthiness.

It is now the responsibility of the new APC-led administration to arrest the current economic slide. The only way to do that is to increase government revenue, immediately.

Throughout the campaign president Buhari, his running mate and other APC associates suggested that they would increase revenue by eliminating mismanagement and political corruption – in the petroleum sector and the Nigerian National Petroleum Corporation (NNPC).

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