Author: Peter Tuketu

Do you desire to be a millionaire? And you are ready to become one the smart way? Do you desire to be your own boss, working at your own pace while living the good life?

Dr Festus Okubor, immediate past Chief of Staff to ex-Governor Emmanuel Uduaghan of Delta state, think you should try planting a 1000 plantain suckers farm and three harvest seasons from now, voila, you are a millionaire.

But you need a few things, the most important of which is your zeal to work hard and make it big. Then you need an equivalent of two acres of land; and finally, you need to plant 1000 suckers of plantain. That is it. It is that simple, if Dr Okubor is to be believed.

According to Dr Okubor, who was also a two-time commissioner in Delta state, the mathematics gained from his personal experience proves his optimism. To him, plantain is a highly profitable crop that can indeed create a second economy, after oil and gas, in Nigeria, and particularly in Edo and Delta states.

He believes that plantain plantation is a veritable avenue to empower our teaming youths who are seeking non-existent white collar jobs. He says instead of wasting time and years in seeking the ever elusive jobs, uncles, brothers, communities and indeed, state governments can use this as an avenue to empower their youths.

In his words, “with a gift of 1000 plantain or banana suckers, you will take a youth permanently out of unemployment and poverty and actually turn him to a rich man in three years; and an employer of labour. Enough of complaining; let’s start doing.”

Speaking further, the former Chief of Staff, said: “Remember the banana republics of yore? To create a plantain and banana economy in Delta and Edo states will virtually take out all the youths from unemployment. I am committed to this and take the first step to instal macro-propagators in my farm. With these, I am in a position to supply all the needed suckers, disease resistant, high yield and short species. We can do it.

“Join me to mobilise the states and agencies and individuals to create the second economy to oil and gas, that is surer to eradicate unemployment, certain to make its farmers rich and catalyse industrialisation,” he noted.

On how just 1000 suckers currently valued at a mere N100,000 can make one rich in three years, Dr Okubor volunteered the following: “with 1000 plants today, you are sure to harvest at least 1000 bunches monthly in 3 years. Ask your agric-economists in your area to confirm or disprove this assertion.”

Breaking this down, he says at four metres pacing, you will need two hectares of land. “I do three metres spacing. Plantain multiplies exponentially. So by harvest, which is ten months, 1000 will give you 4000 suckers. By the second harvest, you will have 16000 and by the third circle, you will have 64,000.

“Nature spaces the emergence of suckers such that after three circles, you have for monthly harvest, the number you started with.”

Speaking on the cost of the suckers, he said they are cheap. “A sucker costs N100 only. A bunch of plantain costs at least N1000 today. There is no back breaking weeding, so the youths can accept it.

With or without fertiliser, it will produce. It is advised to get more land to transfer suckers by the end of the second circle to avoid clustering and ensure good bunches. With diligence, one person can maintain two hectares (actually 1.6 hectares).”

According to Dr Okubor, whose farm, Ewere Farms, is currently mass producing suckers, “psycho-socially, it is also easier to show the youths the money or profits involved and so secure their interest. Equipment for processing to powder or starch is available and not expensive. A bunch of N1000 processed, will yield N6,000 as plantain amala and N10,000 as pharmaceutical grade starch.”

As a mass empowerment programme, he says, “government can clear land enough for 100 persons, for example, 200 hectares and multiples as may be done and empower the young men and women individually with 1000 suckers. Thereafter, they can be formed into cooperatives for ease of access to extension services, marketing and finance for further growth. Give them three years tax exemption but capture them in the tax net by the fourth year.

“As cooperatives, it is easier to get funding for processing plants or attract investors for same. With focus, we can create a solid, second economy in seven years where there will be no youth unemployment and where prosperity would have been democratised,” he enthused jubilantly.

The federal government has started moves to tighten the noose on tax evaders as Acting President, Yemi Osinbajo has offered them a nine months grace period to regularise their tax status or face criminal prosecution for tax offences.

This move is contained in the Executive Order signed by the Acting President codename: Voluntary Assets and Income Declaration Scheme (VAIDs).

According to Osinbajo, the scheme is especially targeted at taxpayers who have not declared their taxable incomes and assets, as well as those who don’t pay at all, and those who had been underpaying or under remitting.

The scheme which would become operational from July 1, 2017 to March 31, 2018 will cover all federal and state taxes such as companies’ income tax, personal income tax, petroleum profit tax, capital gains tax, stamp duties and tertiary education tax.

Speaking at the occasion, the Acting President said “the executive order which I will sign into law today offers a once in a life time opportunity to those in default to regularise their tax affairs.

“In exchange for full and honest declaration, tax evaders will receive immunity from prosecution, forgiveness of penalty and interest that is due on unpaid taxes.

“They will also get the full assurance that all information provided will remain confidential.

“In addition, participants in the scheme will not be selected for audit investigation for the period.

“We understand that some tax payers may have problems raising cash and for that reason, we have built in a system that will allow those owing to pay over a period of time.’’

According to the acting president, this is subject to conditions.

http://thenewsguru.ng/breaking-osinbajo-signs-executive-order-asset-declaration/

Osinbajo said that those who fail to take advantage of the nine months grace period will face criminal investigation, and if found guilty, may face up to five-years jail term.

He said that the government would immediately commence a nationwide sensitisation of Nigerians on the scheme and tax in general to ensure compliance.

“To this end, we have agreed that every Thursday starting from today, and for the next one year will be declared Tax Thursday.

“We expect the Federal Inland Revenue Service (FIRS) and every state government to organise sensitisation events that would raise awareness of the tax system to ensure massive enrolment of new tax payers.

“We must enroll at least 4 million tax payers and increase the level of payment among the 14 million already registered tax payers.

“We expect that all state governors will personally lead this initiative and support the work of the 7,500 community tax liaison officers that would be employed shortly.’’

The acting president said that a high level team working with the Federal Ministry of Finance was set up 15 months ago to research on tax evasion and illicit financial flows.

He said the report of the team, which was tagged “Light House Project” searched various data bases such as banks, Corporate Affairs Commission, vehicle registration numbers and immigration to fish out tax evaders.

On the international front, Osinbajo said; “Nigeria is now a party to the automatic exchange of information which comes into effect in January, 2018’’.

“This means that Nigeria will automatically have all the information to successfully pursue tax evaders across the world.

“Specifically, we will have information on beneficial owners of assets held abroad, including those in tax havens,” he said.

Meanwhile, the Minister of Finance, Mrs Kemi Adeosun, said that with the scheme, Nigeria hopes to increase tax to Gross Domestic Product (GDP) of the country from six per cent to 30 per cent.

“If we pass this test, the future of Nigeria is assured,” she said.

In his remarks, Sen. John Enoh of Cross River Central, who represented the President of the Senate, assured of legislative backing to the scheme.

He said the senate would pass whatever legislation needed to improve tax compliance in the country.

Similarly, the Chairman of Nigeria Governors Forum, Mr Abudulaziz Yari pledged the state governments’ support and commitment toward the new initiative.

Yari, who is also the Governor of Samara, said that state governments would be the biggest beneficiary of revenues derived from the scheme as they would give the FIRS necessary support.

A recent report of the Joint Tax Board showed that only 14 million people out of the estimated 69.9 million Nigerians, who are economically active, are paying taxes.

Accordingly, 96 per cent of the 14 million have their taxes deducted at source; this shows that they are government workers.

Also, only 214 Nigerians pay taxes of about N20 million annually and about 900 Nigerians pay N10 million as tax every year.