I have heard from gullible Yoruba Youths say the Federal Government of Nigeria built the Tin Can Port in Lagos, Yorubaland. The simple question to ask is this: Where does the Federal Government get the money to build the Tin Can Port?
Here is the simple answer:
The Federal Governemnt of Nigeria gets revenues from the following major sources:
1. Personal Income Tax
2. Corporate Profit Tax
3. Excise Taxes (VAT, Sales Tax etc.)
4. Custom Duties
5. Withholding Tax (Estate, Gift etc.)
6. Capital Gain Tax
7. Education Tax
8. Stamp Duties
9. Information Technology Tax
10. Petroleum Profit Tax (levied on the income of companies engaged in upstream petroleum activities, passed onto vehicle owners)
11. Mining Rents
12. Miscellaneous Receipts (earnings from fees, charges, etc.)
49% of the total revenues collected by the Federal Government from the sources listed above comes from the Yoruba South-West region of Nigeria. The South-South geopolitical zone contributes 44% of the revenues of the Federal Government. The remaining balance of 7% is contributed by the remaining four geopolitical zones of the South-East, North-Central, North-West and the North-East respectively.
The money used by the Federal Government to build the Tin Can Port in Lagos, Yorubaland, comes essentially from the Yoruba South-West geopolitical zone of Nigeria. It therefore makes economic sense that the revenue realized from Tin Can Port, be retained for re-investment into the Yoruba economy. Alas, that is not the case however.
Tin Can Port, generates more than N6 trillion a year for the Federal Government of Nigeria. The port was built with money sourced from Yorubaland, but the N6 trillion revenue collected from the port is first taking to Abuja, from where it is shared across the six geopolitical zones of Nigeria, based on the number of States, Local Governments and population in each of the geopolitical zones. At the end of the sharing, the Hausa/Fulani North-West zone gets more money from the N6 trillion collected from Tin Can Port, because the zone has more states, more local governments and population, yet it contributed nothing to the money. The Yoruba South-West zone that contributed the whole of the N6 trillion gets a meager sum. This is an economic injustice and must be stopped. The Yoruba Youth will resort to the use of viral and bacterial weapons if this injustice continues.