The lawmaker representing Eti-Osa constituency 2 in the Lagos State House of Assembly, Hon. Gbolahan Yishawu, has said the United State of America (USA) deliberately stopped buying crude oil from Nigeria as a form of sanction, saying it is high time government took drastic action about the parlous state of the economy.
He disclosed this while reacting to the economic situation of the country.
Yishawu emphasised that the country has a big problem on her hands and that the Federal Government of Nigeria does not know the solution to our economic-cum security problems.
Reacting to the missing Chibok girls, the lawmaker added, “Unfortunately you can see that the federal government is not interested in finding the girls. They feel they have paid the parents off. You can see the way they are going about it; it is unfortunate.”
Yishawu said he expected President Goodluck Jonathan to hand over to the next president as he lacks the ability to solve economic problems.
“You can have someone from the World Bank experimenting with our economy. Shell said it two or three years back that they were going to start a new system, what did we do as a nation? Rather, we are using fire brigade approach. They are now trying to increase taxes and introducing luxury tax and what have you. All these would not work; it is not the issue. If we remove tax from the Gross Domestic Product (GDP), what do we have left? We are collecting only 2% as tax, whereas the standard is 20%. Even in war-torn countries, the percentage is 11%, but Nigeria is far from that.
“This means there is large inefficiency in tax collection. You knew this was going to happen two years ago, why not improve on your tax collection method.”
Source: 247nigerianewsupdate
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