To fund our $41bn 2022 budget, President Buhari is going to have to introduce a Nigerian Luxury Consumer Goods Bill to raise at least $10bn

Ayo Akinfe

[1] For starters, we need a database to determine what are luxury goods. This will include designer clothing, jewellery, automobiles, footwear and fashion accessories. All such items will be subject to a 20% luxury goods tax at the point of purchase

[2] All private jets will be subject to an annual tax worth 40% of their value

[3] All luxury cars from manufacturers such as Rolls Royce, Porsche, Lamborghini, Ferrari, etc, will be subject to an annual tax worth 10% of their value

[4] This bill will seek to raise $2bn in taxation which will go towards funding education and training. Its goal is to raise the revenue to get every single one of the 13m out-of-school children in Nigeria back into full time education

[5] A 200% tariff will be placed on the importation of branded luxury items from the likes of Luis Vuitton, Gucci, Armani, . Dolce & Gabbana, Yves Saint Laurent, Dior, Hermes, Versace and Chanel

[6] Any of these brand designers who wants to come and open a factory in Nigeria, however, will be granted a two year tax holiday and a year’s free land lease provided they employ a minimum of 500 Nigerians

[7] If any of these brands opens a facility in Nigeria, all elected officials, civil servants and public servants will be obliged to purchase made in Nigeria whenever buying luxury items with public funds

[8] Clergymen who purchase luxury automobiles will be obliged by law to also make corresponding purchases of at least two 40-seater buses for their congregation before their imported cars are cleared

[9] Politicians, monarchs, public officials and senior civil servants such as permanent secretaries are barred from wearing non Made in Nigeria goods at public functions

[10] State governors who attract such manufacturers that generate in excess of $1m a year in revenue for their states, will be given a special bonus in the form of a 5% Allocation Incentive Payment by the federal treasury