Personal Taxes

The day by day N800 price covers personal revenue taxes of drivers and others – LASG

By Timi Olubiyi, PhD

The new year is here, I pray that 2022 will be a profitable year for all individuals, businesses and households. Our New Year’s resolutions at all levels must include increasing productivity and improving performance.

Transportation undoubtedly plays a central role in this and can be an effective indicator of performance in any economy, business and quality of life. Simple things like getting to work, school, meetings, appointments, facilitating trade, transactions, shipping cargo, traveling, and even delivering social services like emergency medical services can become extremely difficult when transportation is poor.

In fact, business decisions and access to everything for economic progress depend heavily on effective transportation, I must say.

Certainly any nation, regardless of its population, level of development, and industrial capacity, can benefit from an efficient transport network, be it by road, waterway, rail, or air. On the contrary, transport poverty exists where inefficiency prevails in all modes of transport within an economy. This is the case in many African countries and cities including Benin, Ethiopia, Nigeria, Uganda, Tanzania and Lusaka, Zambia and many others.

In many developed countries, transportation plays a significant role in facilitating business transactions, and government plays an integral role in implementation and management. A recent visit to the United Kingdom (UK) and United Arab Emirates (UAE) clearly demonstrated that where there is efficient transport and less congestion, economies and businesses are positively impacted.

From my observation in the two countries, the public transportation, which includes buses, taxis, water ferries, trains, trams, and subways, are adequately regulated by the government and not entirely privately run, which is what makes them so efficient and reliable. As mentioned above, when private companies are involved in the operations, it appears that this usually happens under an agreed model such as the public-private partnership (PPP) model.

Ironically, the unreliability of the transportation system in many African cities, particularly in my country Nigeria, has continued to limit access to services, shops, trade facilitation, attracting foreign direct investment, and also government revenue streams.

The pilot observation region is the state of Lagos, the economic center of Nigeria, where transport is largely operated informally by private individuals. This makes the services undesirable because of the inefficiencies that exist due to under-regulation.

For example, as the state’s car dependency continues to grow due to public transit’s poor responsiveness to demand, commuters then avoid the long queues and waits at bus stops and the associated risk of using public minibuses called Danfo. However, the result is usually wasted productive hours with many commuters stuck in traffic jams.

Sometimes pedicabs, usually referred to as okada, are considered for mobility. Although this trend represents congestion, it is greatly amplified by the informality of the public transport sector, widespread unemployment, lack of value in the available means of transport, lack of proper maintenance system, resulting in high congestion on the roads and expensive transport fares.

Basically, over-reliance on one mode of transport, road transport, and over-exposure to informality are the main problems slowing down the growth of the sector. As generally noted, private participation with little or no government barriers to entry encourages informality. Like operating the unconventional ferry on the waterways, the motorized tricycles and the okadas and danfos in the hinterland. Unfortunately, despite widespread insecurity and risk, these are the only affordable services for the poor.

In the UK, particularly London, a mobile application (app) provides most information about the public transport system and city regulations, including fares, routes and arrival and departure times. That is, if you need to know the government, this procedure reduces informality. In both the UK and UAE, the logistics and business supply chains are effective as they rely on the available transportation infrastructures and strict regulations, which lowers the cost of running the business.

Video surveillance (CCTV) for security companies is installed for most public transport. Most of these forms of public transport also use transport cards to make payment easier. This provides a hassle-free environment for residents, visitors and tourists. Strict regulations also give the government the ability to oversee many of these services, ensuring operator accountability and government oversight of service development.

For example, in the United Arab Emirates there were around 600 million journeys on public transport in just one year (in a city of 3 million people). This is an indication of the rate of conversion to the public system by visitors and residents in a region previously served mostly by private vehicles.

This is an indication that individuals are comfortable getting around and traveling on public transport because it is timely, affordable and reasonably available. With such a system, companies can make forecasts and enjoy a reliable supply chain without uncontrollable logistical problems. Based on this experience, I firmly believe that there is a direct correlation between the development of the transport system and the ease of doing business in any country.

In fact, without a doubt, it is easy to conclude that transport can be a useful criterion for measuring a country’s development. Because if transport is organized efficiently, it must have a positive effect on a country’s economic development and also improve the performance of companies in this country. It is not child’s play or magic that such a system can emerge in Nigeria with improved regulation, reduced informality and sufficient investment in the sector.

Even though Nigeria’s ports have experienced hectic traffic congestion, poor roads, congested railways, under-utilization of waterways, long waiting times for access and inadequate infrastructure, there should be a concerted effort to increase the percentage of public transport , which expand modes of transport and offer stricter regulations.

For security reasons, the ease of access of informal transport companies to the sector needs to be checked, as this is obviously the main problem. Government barriers to entry are obstacles that can make it difficult for an individual or company to operate in the sector, such as that available in the airline industry.

It is important to improve transport service policies and regulations, expand transport networks to achieve large-scale economic growth and modernization. Although it can be argued, effective transportation can alleviate the level of poverty in the country. Indeed, the current chaotic congestion on the roads and in the ports essentially fuels market failures and impedes business activity in the country, allowing for plant closures and impoverishment.

When transportation is effective and efficient, companies can forecast appropriately, improve production, produce faster, reach consumers faster, attend business meetings in a timely manner, all of which boost the economy, create jobs and reduce poverty.

Frankly speaking, the transport sector can provide the needed diversification of government revenue generation. I am aware that the current national debt of the country is around N38 trillion according to figures released by the Debt Management Office (DMO) and this is mainly due to revenue challenges. In my opinion, an effectively regulated and efficient transport system can bring revenue to the government.

Finally, it is also important to note that an improved mode of transportation – air, rail, water networks and the expansion of the road network – can increase economic productivity, reduce production costs and facilitate doing business in the country. For thinkers, the above themes can present staggering opportunities, especially for investors and corporates. To this end, businesses and individuals can have better mobility, access and livelihoods. Much luck!

How do you get advice or more information about the item?

dr Timi Olubiyi, an entrepreneurship and corporate governance expert with a PhD in Business Administration from Babcock University Nigeria, is a prolific investment coach, senior scholar, Chartered Member of the Chartered Institute for Securities & Investment (CISI) and the Securities & Exchange Commission (SEC). capital market operators. He is available via Twitter @drtimiolubiyi and email: drtimiolubiyi@gmail.com for questions, reactions and comments.

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