monkeyleg:

I think we should start with house prices in Lagos. They need to correct themselves, the current property and land prices are not real. There is no way that a piece of land should cost 1.6Bn.

My guy, that land is even cheap, that is why the developer bought it with speed. You need to know the cost of land in that quoted area, then fear go catch you!.

monkeyleg:

I think we should start with house prices in Lagos. They need to correct themselves, the current property and land prices are not real. There is no way that a piece of land should cost 1.6Bn.

thanks just what i insinuated in my post.  for them to be billed 400million then obviously the project they have in mind mst be a big one.

lets assume the government even decide to grant them a waiver on the 400million, when they want to rent out these properties you will hear them calling millions, some even charge in foreign currencies.  if these companies are making money off their developments and location of the investments the government should also be able to get rewards from them and use it to better other areas of the sector which needs development.

Oboma1:


My guy, that land is even cheap, that is why the developer bought it with speed. You need to know the cost of land in that quoted area, then fear go catch you!.

my guy thats true but we all know if we nigerians are given to opportunity to even get petrol for free without paying we would do so. i happen to have a friend who used to be the BM of a big development coy in vi , when i hear the amount of money spent on projects and how much in profit they are making they are making as much as 50-60% on just a property. and these property are beyond the reach of average nigerians. when a house cost 50million naira to finish including all the paper work and land buying, and they ask you to come and pay 110million to buy it beocs its in banana city. for what were as the same house with same everything sells in magodo shangisha for 70million.

Oboma1:


My guy, that land is even cheap, that is why the developer bought it with speed. You need to know the cost of land in that quoted area, then fear go catch you!.

I agree with you for Lagos especially and area like Lekki to find land for N1.6B for a 52 flat and condos is cheap.

I agree that the development tax is too much.

axeman85:

@oboma1

you will be suprised with the amount of tax people or chages we pay here, we have council tax, work tax, congestion charge, e.t.c.

the tax charged is not withn limit oooooo. dont even think so. i have dealt with people on benefits whos total bnfts he/she gets from the government is £240/month and out of that they are to pay their bills, food, and pay council tax which is around £60 upwards.

I am not disputing you point, but my problem here is that, something is just not right with his tax drive. I believe every taxable adult should pay tax, so that we deviate from this oil thing, but where over N14billion is made from taxes monthly, and the government still can not do more than the BRT and flower planting, and powering street lights process is not encouraging. I am not expecting a miracle over night, but, where is this money going to. You need to see how these guys harass people under the guise they are tax collectors. It is so crude and barbaric. In fact, you will tell Fashola to scrap the shit!, if they can not confined themselves within the constitution.

Oboma1:

I am not disputing you point, but my problem here is that, something is just not right with his tax drive. I believe every taxable adult should pay tax, so that we deviate from this oil thing, but where over N14billion is made from taxes monthly, and the government still can not do more than the BRT and flower planting, and powering street lights process is not encouraging. I am not expecting a miracle over night, but, where is this money going to. You need to see how these guys harass people under the guise they are tax collectors. It is so crude and barbaric. In fact, you will tell Fashola to scrap the poo!, if they can not confined themselves within the constitution.

Have you seen the BRT, they are on their way to turning to Molue. Lack of Maintenance is quietly and slowly killing the project. NEXT newspaper did a story about it on sunday with a picture of how the buses now look.

This is our govts ruin good things by spoiling the broth. The state house and the senate should take a close look at this and not just let Fashola do whatever he likes.

axeman85:

my guy thats true but we all know if we nigerians are given to opportunity to even get petrol for free without paying we would do so. i happen to have a friend who used to be the BM of a big development coy in vi , when i hear the amount of money spent on projects and how much in profit they are making they are making as much as 50-60% on just a property.  and these property are beyond the reach of average nigerians. when a house cost 50million naira to finish including all the paper work and land buying, and they ask you to come and pay 110million to buy it beocs its in banana city. for what were as the same house with same everything sells in magodo shangisha for 70million.

Every investor wants some good money in return. If they are raking in so much, that should not be the problem of government. In stead, government should encourage them to exercise some social responsibility to the environment they are making such money, instead of outrages taxes, and double-taxation as in the case of Lagos. Do not be surprise that in Lagos, you can pay tax for a particular thing twice (to federal and state government), even when that area belongs to federal government.

Let us get one thing out of the way here. [size=14pt]NO ONE SAYS IT IS WRONG TO PAY TAXES[/size]  . . . . can we now move on from that forever??

@oboma1

i also understand your point and views, its the same thing we are saying here. in as much as i am in support of this tax payment i want to also see evidence the money is in use. but i know LASG has limits to what they can do without approval of FG.  but nevertheless we need to see more than what they are doing.

@naijatoday

i was reading it today and in all fairness thats bad but the problem is not just brt buses most organisations in  naija just put things in place without proper checks and balances and their mentality of management is either fear or just turning a blind eye. simply is they dont know what management is all about. these i have seen in most establishment including the brt. rude drivers and rude conductors as well as rude passengers. what they need is a proper management structure in place who knows the true meaning and understanding of management.

Kobojunkie:

Let us get one thing out of the way here. [size=14pt]NO ONE SAYS IT IS WRONG TO PAY TAXES[/size]  . . . . can we now move on from that forever??

I agree with you. Now ask Fashola, after BRT, Street lighting, and Planting of flowers, what next?

axeman85:

@oboma1

i also understand your point and views, its the same thing we are saying here. in as much as i am in support of this tax payment i want to also see evidence the money is in use. but i know LASG has limits to what they can do without approval of FG.  but nevertheless we need to see more than what they are doing.

@naijatoday

i was reading it today and in all fairness thats bad but the problem is not just brt buses most organisations in  naija just put things in place without proper checks and balances and their mentality of management is either fear or just turning a blind eye. simply is they dont know what management is all about. these i have seen in most establishment including the brt. rude drivers and rude conductors as well as rude passengers. what they need is a proper management structure in place who knows the true meaning and understanding of management.

Even when these guys are budget disciplined, and they claim to make N14billion monthly, have they really achieved anything. Yes, they are better than goverment of Abia, Adamawa, and many others, but do we really have to compare them with mediocres? I respected Fashola so much, even before the governorship debate, but I am some how still disappointed. Jimi Agbaje had better plan for Lagos, but Fashola was the one we all knew will win in Lagos. So much was really expected from him, so I am disappointed. He had all the structure laid down already for him. The same thing is what Akwa-Ibom governemnt is enjoying. It is not like these guys are super-heroes, so, lets look at what they have done on their own critically.

oboma1

thats the point we expect too much from a particular government withing the period of 3yrs or 2yrs their tenure is and when they dont deliver we are dissapointed. lets assume fashola, did brt, street ligh, expansion of roads, and flower planting, and tax. when the next government comes he.she can continue were he stopped from and do lighgt, road. e.t.c.

Yes, No one is against paying tax. The problem is with double or even triple taxation with no basis. If you run a business in Lagos, you will understand. You will pay for one thing several times to LGA, state and FG. There is no attempt to encourage enterprise.

We all know Lagos needs money but must the state pursue it in such a way that they will encourage flight of businesses. Many companies are re-locating to Sango for some quiet ear. He hires crude thugs and gives them revenue targets and they run wild on the streets. We did not empty the nation's coffers so he must not visit the resultant desperation on poor folks struggling to make a living.

Taxes? I'm not against taxes, what I don't support is the rate,  and no one consults you on this one, and while the its a panel or board that approves it, the Governor is the one who signs it.  I know when the city of Fairfax increased our gas tax by 1% over a 5year period, everyone went haywire because that would put just cents on each gallon (remember just only 1%), when DC passed a tax law to impose common 5c (cent)for plastic bags in grocery stores, DC residents sued the govt to court. My point is with all this tax here and ther and as little as they might be that you wouldn't expect people to bother yet they did, I can imagine how frustrating this can be let alone when a large tax is imposed.


Bottom line that is so way off

axeman85:

oboma1

thats the point we expect too much from a particular government withing the period of 3yrs or 2yrs their tenure is and when they dont deliver we are dissapointed. lets assume fashola, did brt, street ligh, expansion of roads, and flower planting, and tax. when the next government comes he.she can continue were he stopped from and do lighgt, road. e.t.c.

That is NOT the point, my friend!!! Please read to understand what the people are complaining about rather than run off on a tangent assuming you can READ the minds of the people and have it all figured out when you don’t.

madam L:

We all know Lagos needs money but must the state pursue it in such a way that they will encourage flight of businesses. Many companies are re-locating to Sango for some quiet ear. He hires crude thugs and gives them revenue targets and they run wild on the streets. We did not empty the nation's coffers so he must not visit the resultant desperation on poor folks struggling to make a living.

I don’t think this will encourage flight of businesses. If anything, it is bound to raise the cost of living even more and make life more expensive for Lagosians.

Kobojunkie:

I don’t think this will encourage flight of businesses. If anything, it is bound to raise the cost of living even more and make life more expensive for Lagosians.

When business have more cost than they budgeted for, what does that result to?

According to the laws of economics, when the cost of living increases perharps rises above the point moving it to the right, what happens?

manny4life:

When business have more cost than they budgeted for, what does that result to?

According to the laws of economics, when the cost of living increases perharps rises above the point moving it to the right, what happens?

Well, we know what the textbooks say, but then we have Lagos.

Kobojunkie:

Well, we know what the textbooks say, but then we have Lagos.

That's exactly my point, we cannot ignore those textbooks because they are right to certain if not all extent. If Gov. Fashola continues in this trend, I might be wrong but here are possible scenarios

1. Like several articles have stated even in this one, real estate is the bone of the Lagos (it contributes, perhaps generates substantial amount of revenue for Lagos)

2. If company A payed N1,500 taxes monthly for an annual amount of N18,000, suddenly there is a change in the tax rate of 20% which is N1,800 for an annual amount of N21,600, automatically people and business would react to the change eventually. A reaction to the change for company A would be layoff three workers to adjust the cost expense, increase their price to compensate the cost or otherwise.

3. If company A decides to move on to someplace else because the excessive tax rate is becoming unbearable, a) Lagos state govt has lost the tax income revenue from company A. b) The supply of real estate would increase because there are several vacant building lying waste, thus accruing losses from revenue on their part. Remember that this is just company A leaving Lagos state, we have not talked about the employees that were laid off as a resultant effect of their actions. Let's not remind ourselves of the economic implications of such action

Anyway you get the point, if his not careful, Lagos would experience the fatal mistake many big cities have made and takes a while to correct. So YES , excessive tax rate can break you and it not only applies to real estate even trade.

manny4life:

That's exactly my point, we cannot ignore those textbooks because they are right to certain if not all extent. If Gov. Fashola continues in this trend, I might be wrong but here are possible scenarios

Anyway you get the point, if his not careful, Lagos would experience the fatal mistake many big cities have made and takes a while to correct. So YES , excessive tax rate can break you and it not only applies to real estate even trade.

I definitely understand what you are saying but as someone who has lived and continues to own property in Lagos, I am not sure Lagos will fall to that anytime soon. More than half of what happens down there make absolutely no sense at all. I expected the global recession/property burst to bring things down but that did not happen. Dubai has succumbed but Lagos still seems untouched. Now this is not to be confused with sign of good government or anything of the sort since the government itself does not control the real estate market and private companies.

@manny4life

You are RIGHT. I know a very big company that fled to Ota. Said taxmen were visiting daily and behaving like thugs. The thing is that fashola is popular and uses hype to intimidating level that he will soon stop hearing the truth. Many biz are getting ready to run but are not saying why because of his intimidating stature and stance. Some just give one or two reasons but refuse to mention the main reason which is harrassment.

He now has a driving institute that we all have to pay to attend and be certified fit very soon. The certification is renewable annually. That is aside the fact that some of us started driving long ago and have our driving licences. It is becoming too uncomfortable here.

Kobojunkie:


I definitely understand what you are saying but as someone who has lived and continues to own property in Lagos, I am not sure Lagos will fall to that anytime soon. More than half of what happens down there make absolutely no sense at all. I expected the global recession/property burst to bring things down but that did not happen. Dubai has succumbed but Lagos still seems untouched. Now this is not to be confused with sign of good government or anything of the sort since the government itself does not control the real estate market and private companies.

Trust and believe Lagos is going to get there with this current trend besides, Dubai might be smaller but economically larger than Nigeria. If Nigeria is to experience heavy recession, it must attain the height of success like developed nations with 160million citizens have achieved

madam L:

@manny4life

You are RIGHT. I know a very big company that fled to Ota. Said taxmen were visiting daily and behaving like thugs. The thing is that fashola is popular and uses hype to intimidating level that he will soon stop hearing the truth. Many biz are getting ready to run but are not saying why because of his intimidating stature and stance. Some just give one or two reasons but refuse to mention the main reason which is harrassment.

He now has a driving institute that we all have to pay to attend and be certified fit very soon. The certification is renewable annually. That is aside the fact that some of us started driving long ago and have our driving licences. It is becoming too uncomfortable here.

That is the Fashola I have been complaining about. I personally want this tax regime, so that, so many poor northern states, can have something at least, but the way and manner they are going about it is madness. Do you know that even as it is now, people are still managing, but as the saying goes, "when a cob is in the fire over a period of time, it screams for help, when the conditions there are unbearable"

@axeman85

You continued forming and writing rubbish until you were cut to size by dear kobojunkie, you did not know when to stop. Can you now buzz off and go sleep? You think your UK claims are anything fantastic? I know your type, continue sweating and slaving away and forming but don't show up to read our minds. We don't need you here. You will never get the point because you belong to the lowest form of humans-the betrayers.

Another thing I have rightly noticed that is causing this madness is the issue of new local government councils. Since these councils are not funded by federal government, they are empowered by law to embarrass people under the guise of tax collection. Until of recent, do you know that, business enterprises paid taxes to both state and local government on the issue of Tv. licence, Radio licence, advert permit, business permit amongst others, yet, states still come around for the same thing. It was as a result of the cries from the public, that Lagos state government brought about LASAA (Lagos State Advert and so on). Yet, the local government still come around for business permit, radio and tv permit, even when the state says all the above are enshrined in the current act establishing LASAA. To the state, LASSA collects these monies, and then shares it with the local government, yet the local government thugs still come around. How does one explain that.

Akwa-ugo:

@axeman85

You continued forming and writing rubbish until you were cut to size by dear kobojunkie, you did not know when to stop. Can you now buzz off and go sleep? You think your UK claims are anything fantastic? I know your type, continue sweating and slaving away and forming but don't show up to read our minds. We don't need you here. You will never get the point because you belong to the lowest form of humans-the betrayers.

Guys, please let us not go that way. Let us continue to educate ourselves here, please. I like the way we are comparing issues here with those outside the country. It makes us know how far, our government are doing.

manny4life:

Trust and believe Lagos is going to get there with this current trend besides, Dubai might be smaller but economically larger than Nigeria. If Nigeria is to experience heavy recession, it must attain the height of success like developed nations with 160million citizens have achieved

I was not really addressing recession as much as I was addressing a correction of some sort. The trend has been that of increase for so so long and there does not seem to be any slowing down in the horizons. For instance, cost of living has been rising higher and higher for decades. Even with increased in population, increase in unemployment and deterioration, that has not deterred the rise in cost of living in anyway.

Lagos need to use another approach in revenue drive, else, people will revolt someday.

Akwa-ugo:

@axeman85

You continued forming and writing rubbish until you were cut to size by dear kobojunkie, you did not know when to stop. Can you now buzz off and go sleep? You think your UK claims are anything fantastic? I know your type, continue sweating and slaving away and forming but don't show up to read our minds. We don't need you here. You will never get the point because you belong to the lowest form of humans-the betrayers.

you are a useless fool for thinking in an upside down manner. kobojunkie is pointing out his vies and so am i and every other people on here.  neither am i claiming uk is same as naija but its similar. for you information i have been here studying which by the grace of God i will be back in naija to contribute my own quota after gaining work experience and qualifications as well. go back to your books and understand the true meaning of the word betray becos if a governemnt cant give me proper education and i have the opportunity to get the best from another country why wont i do so. if you read my post WELL i will be relocating back to naija to continue the struggle not becos i dont have a well paid job here but becos i believe in the country called Nigeria.

AS earlier stated its either you are frustrated or an educated illiterate who just hapens to pass thru a university with a 3rd class or poor 2.2. do you even stop to think for a while before speaking. mabie you should be buying punch every day and be reading so you can enlighten yourself more. i.d.i.o.t

@kobojunkie

are you saying the recession didnt affect naija economy or property market ?

Nigeria hasn't experienced recession in my own point of view. For a country to experience recession, it must first experience a certain height of Growth and Development which in this case I've not seen any measurable development.