Nigeria is one of the world's largest oil producing and exporting nations, but more than 75% of the revenue from her oil sales is used to run her government at the federal, state and local levels. This development leaves Nigeria as a nation without any significant money left over for any capital and human developments. No nation under this type of financial status will ever develop in all reality as a nation or be able to truly meet the basic needs of its own citizens.
The four biggest loopholes that are directly siphoning the Nigeria's wealth today are:(i). The massive and unabated official corruption. (ii). The mammoth mismanagement of her state resources by her own public officials. (iii). The huge oil theft or oil bunkering that is growing daily. (iv). The many tax loopholes that allow companies, businesses, individuals and importers of goods as well as services to deny the Nigerian government her legally due tax revenues.
Nigeria has all what it takes to make more money than what this oil revenue is bringing into the government coffers at the moment. If Nigeria will ever move forward in our lifetime, then the country has to pursue the following goals now and not tomorrow:(i). Begin a massive war to stamp out official corruption and the mismanagement of own state funds by our leaders. (ii). Embark on a war to end this oil theft and tax loopholes. (iii). Put significant investment into education, agriculture, tourism, manufacturing, renewable energy resources, modern infrastructures, exportation of finished goods and services, mining, helath care services, social services, national security and then put a very effective taxation policy in place that punishes tax evasion severely in reality and then collects all the taxes that are legally due to the Nigerian government in general.
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