As Nigeria’s revenue generation dips further due to shortfalls in the oil sector, the federal government has been banking on taxation to save its purse from being completely empty.

This has resulted in multiple taxation with new taxes being introduced and VAT being increased. At the receiving end of the increasing taxation is the private sector.

Against this backdrop, a member of the Organized Private Sector of Nigeria (OPSN) has advised the federal government not to overburden the real sector operators with further taxes and stringent regulatory policies.

Adewale-Smatt Oyerinde, the Director General of the Nigeria Employers’ Consultative Association (NECA), gave this advice on Sunday through a statement titled; “Beyond Rhetoric: NECA Calls for Urgent Action to Save the Real Sector.”

In his statement, Oyerinde urged the government not to overburden businesses in the private sector in its attempt to generate revenue to fund the 2023 budget and liquidate interest accruing on debts.

“It is in the best interest of government to protect the real sector rather than tax it out of existence… debt and paucity of revenue are challenges that are acknowledged, organized businesses should not be made to suffer the lack of proper economic planning and political will that have pervaded successive administrations.

“At the last count, organized businesses are presently faced with over 50 different taxes, levies and fees at all tiers of government, some of which are duplicated,” he said.

In July, the federal government had moved to introduce 5% tax on telecom services, including calls, SMS and data. The move, which was vehemently opposed by stakeholders in the industry and members of the Nigerian public, underscores government’s determination to switch to taxes as its main source of revenue generation.

Oyerinde said, “currently, at the National Assembly, there are over five different bills, which seek to impose various taxes and levies on organized businesses in addition to the notable taxes and levies, which are of general application, such as The National Information Technology Development Levy (NITDA Levy), Education Tax (or Tertiary Education Tax), National Social Insurance Trust Fund (NSITF), Company Income Tax (“CIT”), Television and Radio License Fee, Local Content Levy, Stamp duty, among others.

“While taxes are global phenomenon, governments all over the world seek to protect their most productive sectors rather than tax them out of existence.”

Nigeria’s economic crisis has eaten deep into every sector, creating a huge revenue vacuum that the government is helplessly trying to fill. With the oil sector’s underperformance even in the face of oil windfall that could have served as succor to the country’s financial setbacks, the government is focusing on the real sector, which appears to be performing better than other sectors.

But NECA, like others, is concerned that the government’s focus on the real sector will impact businesses negatively.

“At a time when government should do all that is necessary to protect businesses from total collapse and reduce the increasing unemployment rate, there are proposals to further increase excise tax on select products, including the spirits, alcoholic and non-alcoholic products.

“This action will not only reduce the competitiveness of the industries but will also increase the costs of doing businesses and further reduce their potential sustainability,” Oyerinde said.

He added that “it is in the best interest of government to protect the real sector rather than tax it out of existence.

“As the AfCFTA comes into full swing, Nigeria cannot afford to become a dumping ground for cheap imported products because we have refused to protect local businesses.

“Over the years, we have urged government to expand the tax net, take a bold step towards stopping the oil-theft industry, take more than a cursory look at national assets that are laying waste and address the national embarrassment called the petrol subsidy regime.”

The major factor in Nigeria’s revenue crisis is the fuel subsidy, which is tied to non-functioning refineries and has been gulping a huge part of the national budgets. In 2023 alone, the subsidy is projected to consume N6.7 trillion from the budget, a large depletion of resources meant for capital expenditures.

Oyerinde said that local businesses should not be punished for the inconsistencies of the government.

“There is no justification why the nation’s four refineries are still moribund after many Turn-Around-Maintenances.

“It will be counter-productive for government to continue tightening the noose on legitimate businesses that are contributing to national growth while there exist obvious wastages and inefficiency in government that are yet unattended to.

“As a panacea to the ever reducing Foreign Direct Investments, rising unemployment and multi-facet revenue challenges, government and its agencies must protect local businesses and make the operating environment more hospitable,” he said.

Nigeria’s inflation rate hits 20.52% in August, the highest in 17 years. The recent rise is attributed to forex scarcity and the rising cost of diesel that forced businesses to either shutdown or hike the cost of their goods and services.

Oyerinde said all these, in addition to the stringent regulatory environment and non-alignment of fiscal and monetary policies, are already stalling economic growth in Nigeria. He said these, together with excess borrowing, have set the country up to self-inflicted revenue challenges.

“Even with the nation’s current level of indebtedness, the government is still poised to borrow over N11 trillion to finance the 2023 national budget. Currently, the government had made a cumulative expenditure proposal of over N19 trillion in the 2023 national budget, a 15.4% increase over the 2022 estimate,” he said.

NECA is just one among many stakeholders in Nigeria’s private sector that have called on the government to ease its tax imposition on businesses. But the government has appeared helpless in the face of challenges stymieing its revenue generation, narrowing its choices to taxes and borrowing.

Decentralization is the most significant feature of cryptocurrency. Therefore, DAO cryptos such as Big Eyes (BIG), Decentraland (MANA), and Curve DAO Token (CRV) embody how cryptocurrency eliminates the need for intermediaries to create wealth directly for its community.

These cryptocurrencies enable fully autonomous decisions and crypto transactions in a blockchain network or ecosystem. The new community-driven Big Eyes (BIG) recognizes that its strength lies in the community and therefore focuses on generating wealth in the DeFi ecosystem while seeking popularity.

On the other hand, Decentraland (MANA) and Curve DAO Token (CRV) have gone a long way to establish well-known and functional DAO systems, acquiring wealth through GameFi and DeFi while sustaining their various platforms through their communities.

This article explores how these three cryptos empower their respective communities.

Big Eyes

Big Eyes (BIG) is a full-fledged community crypto aimed at transferring wealth into the DeFi ecosystem and saving a vital part of the global ecosystem – the oceans. Therefore, the new cryptocurrency wants to give more by building a self-propagating blockchain ecosystem.

It plans to use NFTs to offer its community access to more content and events that will make the hype worthwhile. Due to its focus on community wealth, 80% of its BIG token supply is up for an ongoing public presale.

The Big Eyes community enjoys many benefits, including free transactions with BIG tokens to encourage more token trades. This dynamic tax system allows for changes, including fees for auto burn functions, liquidity pool acquisition, and the marketing wallet.

Furthermore, Big Eyes (BIG) will reward its members with token profits from NFT events for participating in a “burn or not to burn” vote. They will also enjoy regular giveaways in tokens, NFTs, and rewards.

Big Eyes (BIG) is about openness, communication, and trust. It also believes that the decentralization of finance and advancement of blockchain can not happen alone and in secret. Therefore, it plans to educate and simplify the DeFi process for its community members using the Big Eyes Swap, tutorials, and how-tos.

Finally, Big Eyes (BIG) believes the bigger the community, the more active, the more engaged, and the greater the momentum. Consequently, its community will engage in charities to save the oceans and aquatic lives. This charity will help popularize the Big Eyes (BIG) project while bringing health to the world.

Decentraland

Decentraland (MANA) is one of the largest Metaverse cryptos by market cap, built on the Ethereum blockchain. It is a three-dimensional virtual reality platform where users can experience, create and monetize content like LAND parcels, avatars, virtual clothing, and events.

Its native token, the MANA, is a top NFT token that facilitates high-end transactions such as buying real estate NFT LANDs and trading other NFT collectibles on the Decentraland marketplace.

Beyond this, Decentraland (MANA) is one of the biggest DAOs in the Metaverse world. Unlike its competitor, The Sandbox (SAND), Decentraland’s DAO allows MANA token holders to govern LAND auctions, vote on content controls, platform events, and other virtual world features.

It is also a sure way to earn rewards on the Decentraland platform since members get rewarded with MANA tokens for their active participation.

The Decentraland DAO ensures the MANA retains its value, especially during the bear market, since having functionality within the Metaverse helps with immunity. Also, as the Metaverse is still in its infancy, the MANA will be less affected by the bear market than the more speculative tokens.

Curve DAO Token

Curve (CRV) is a decentralized exchange specifically for stablecoins. It uses an automated market maker (AMM) to provide and manage liquidity.

The trading platform serves both those looking to maximize returns without risk by holding relatively non-volatile stablecoins and those engaged in DeFi activities like yield farming and liquidity mining.

The Curve trading platform uses the CRV as its native token. The CRV facilitates the affordable trading fees charged on the platform, which are then distributed to liquidity providers.

It also governs the Curve DAO, giving its holders rights and incentives to vote on proposals presented on the crypto trading platform. Users can purchase the CRV tokens on many popular crypto exchanges, such as Binance and Coinbase.

The growing use of stablecoin trading, the potential of the Curve as an automated market maker and liquidity provider, and its DAO community have been responsible for keeping the platform afloat and opening up new prospects for its applications in DeFi, despite the current volatility in the cryptocurrency market.

Conclusion

Community-driven cryptos like Big Eyes (BIG), Decentraland (MANA), and Curve DAO Token (CRV) work hand in hand with their community to ensure financial empowerment while sustaining the functionality of their various crypto platforms and a fair distribution of power within the communities.

That is the true meaning of decentralization.

Join the Big Eyes community today by clicking these links below:

Presale: https://buy.bigeyes.space/?section=buy

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

Crypto investments continue to show great returns for investors who make smart choices. Click here to discover two of the hottest tokens.

Cryptocurrency has dominated new columns within investment landscapes for several years and, despite losses for many digital tokens in 2022, the future of the sector looks brighter than ever. Not least thanks to altcoins like BudBlockz and Enjin Coin.

Bitcoin and Ethereum have transformed the FinTech arena, and other cryptos have the ability to change business landscapes forever. While many altcoins and emerging digital tokens could be defined as novelty, there are several to keep an eye on over the next 12 months. Here are two that investors will ignore at their financial peril.

BudBlockz – the digital token changing the cannabis industry

Having only launched in 2009, the cryptocurrency industry is still in its infancy. However, it is far from the only sector that is in the middle of exponential growth. The global cannabis industry currently shows a CAGR of 25%, reflecting the change in legislation and public mindsets. However, businesses continue to experience issues with the financial aspects. BudBlockz is set to solve that for dispensaries, farms, consumers, and investors alike.

BudBlockz is a growing community built with the cannabis industry in mind. It is a blockchain-based ecosystem that delivers asset-backed NFTs and fractional ownership to facilitate the purchases, sales and trades of marijuana products. This covers both physical and digital assets while helping relevant parties overcome financial, logistical, and data management hurdles.

The BudBlockz community promises to be a catalyst for ongoing success as the industry enters an exciting era. Transactions completed through the $BLUNT digital token sit at the heart of it all, making it one of the must-have digital assets for all investors. Not least because it is currently in a presale phase, which is open to members of the public, and offers the chance to purchase tokens at $0.021. With excitement growing and a maximum circulation of 420,000,000 tokens, this figure could be far higher by the end of Q4.

In fact, some experts believe that it could 100x like Shiba Inu did. Even if it doesn’t, the fact that it has already jumped over 40% in September offers a quick boost to any investor’s portfolio. With the future of the cannabis industry looking particularly exciting in several jurisdictions, it could be one of the hottest assets leading into 2023.

Enjin Coin – the crypto for gaming communities

BudBlockz isn’t the only crypto token that is attributed to a growing blockchain-based community in a field that has undergone huge growth in recent years. A CAGR of just under 9% means that the gaming industry is still riding a wave that started several years ago. It is now truly a central part of society and as important as any other form of entertainment. As such, Enjin Coin, the digital token of Enjin, could be the perfect addition for gamers who want to invest.

Enjin is a company that provides an ecosystem of interconnected, blockchain-based gaming products. Enjin’s flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores.

The gaming community focuses on the next-gen of NFTs, offering players the chance to earn and trade NFTs using the Enjin Coin. With the code ENJ, the Ethereum-based token is the gold standard for the related digital assets. Trading at around the $0.5 mark, it is significantly higher than where it was 24 months ago. However, the fact it has surpassed $4.50 at its peak shows that there is still room for growth – not least because the gaming community is thriving as a whole.

Both EJN and BLUNT are low-cost coins with great potential. And the fact that investors can hold many tokens with little outlay or risk opens the door to several long-term strategies.

Learn more about BudBlockz (BLUNT) 

Official Website: https://budblockz.io

Presale Registration: https://app.budblockz.io/sign-up

Telegram Group: https://t.me/BudBlockz

Discord Server: https://discord.gg/s7hBFgvTmN

All BudBlockz Links: https://linktr.ee/budblockz