₦airaland Forum

Putinofrussia:
Some key takeaways:

For Individuals:
Income Tax Exemption: Workers earning an annual income of ₦800,000 or less are fully exempt from personal income tax (PAYE).
VAT Relief on Essentials: Essential goods and services such as food, medical services, pharmaceuticals, school fees, and electricity generation/transmission are zero-rated for VAT, reducing the cost of living for low-income households.

Progressive Taxation: A more progressive personal income tax structure means high-income earners (above ₦50 million annually) are subject to a higher rate of 25%, ensuring a fairer contribution to the national revenue.
Rent Relief: A new 20% rent deduction (capped at ₦500,000) is available to ease housing costs for employees.


For Businesses:
Small Business Exemption: Small businesses with an annual turnover of ₦50 million or less are exempt from Companies Income Tax (CIT), VAT, and withholding tax, fostering entrepreneurship and formalization.

Corporate Tax Cut: For medium and large companies, the corporate tax rate will be reduced from 30% to 25% starting in 2026 to encourage investment and job creation.

Elimination of Nuisance Taxes: Over 50 nuisance taxes and levies have been eliminated, and tax collection is unified under the new Nigeria Revenue Service (NRS) to reduce the administrative burden and red tape on businesses.

Investment Incentives: Tax credits for VAT paid on capital expenditures and the introduction of Economic Development Tax Incentives (EDTI) for priority sectors (e.g., manufacturing, mining) are designed to attract investment and stimulate growth.

System-wide and Governance Improvements
Streamlined Administration: The creation of the Nigeria Revenue Service (NRS) replaces multiple agencies for a unified and efficient tax collection system.

Transparency and Fairness: The establishment of an Office of the Tax Ombudsman and a Tax Appeal Tribunal aims to resolve taxpayer disputes quickly and fairly (within 14 days in some cases).

Increased State Revenue: A revised VAT sharing formula gives states a larger share of the revenue (55% to states, 35% to local governments, 10% to Federal Government), encouraging fiscal autonomy and internal revenue generation.

Just to confirm my understanding: with the federal minimum wage now at ₦70,000 monthly (₦840,000 annually), doesn’t this effectively mean that almost every formally employed individual becomes taxable, since the PAYE exemption only applies to incomes of ₦800,000 or less?
I understand the tax may be minimal at that level due to progressive bands and reliefs, but in principle, minimum-wage earners would no longer fall under the full exemption. Happy to be corrected if I’m missing something.

He might be innocent at the time of his arrest. But six years in Nigerian prison have him looking like a criminal

A Nigerian internet scammer serving a 24-year jail sentence was allegedly able to mastermind a $1 million “mega scam” from inside a maximum-security prison, anti-corruption officials said.

Hope Olusegun Aroke was first convicted of fraud four years ago and sent to Kirikiri Maximum Security Prison, according to Nigeria’s economic and financial crimes commission.

A preliminary investigation showed that Aroke continued “to ply his ignoble trade” from inside the Lagos prison by using a “network of accomplices” to target victims in various nations, accumulating more than $1 million in the process.

Hope Olusegun Aroke, a convicted internet scammer, was allegedly able to mastermind a $1 million 'mega scam' from inside a maximum-security prison.
Hope Olusegun Aroke, a convicted internet scammer, was allegedly able to mastermind a $1 million 'mega scam' from inside a maximum-security prison. (Nigeria’s economic and financial crimes commission)


“Preliminary investigation revealed that the convict, against established standard practice, had access to Internet and mobile phone in the Correctional Centre where he is supposed to be serving his jail term,” the commission said in a statement Tuesday.

Even more “puzzling,” Aroke also was taken to the hospital for an undisclosed illness and, instead of returning to the prison, he ended up at hotels, where he would meet his wife and children, and attend social functions, authorities said.

Aroke used the fictitious name “Akinwwunmi Sorinmade” to open at least two bank accounts and purchase a luxury car – a 2018 Lexus RX 350 – and homes during his time in prison.

Aroke used the fictitious name “Akinwwunmi Sorinmade” to open at least two bank accounts and purchase a luxury car – a 2018 Lexus RX 350 – and homes during his time in prison.
Aroke used the fictitious name “Akinwwunmi Sorinmade” to open at least two bank accounts and purchase a luxury car – a 2018 Lexus RX 350 – and homes during his time in prison. (Nigeria’s economic and financial crimes commission)


“The convict was also in possession of his wife’s bank account token in prison, which he used to freely transfer funds,” the commission stated.

Aroke was arrested in 2012 for internet fraud after he returned from Malaysia. At the time, he told his victims he was a computer science student at the University of Kuala Lumpur.

However, he was actually the “arrowhead of an intricate web of Internet fraud schemes that traverse two continents,” authorities said.

Aroke was convicted and imprisoned three years later on two counts of obtaining money by false pretense, check cloning, wire transfer and forgery.


The Kirikiri Maximum Security Prison is managed by the Nigerian Correctional Service, which has not yet commented on the case.

https://www.foxnews.com/world/nigeria-scammer-mastermind-fraud-scheme-jail

In Rivers we were paid 21,500 for the presidential election. I wonder how much we will get for d governorship.

U are all pretending as if PDP did not also rig. D best rigger won

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LieutenantBOBO:
Worst part, the Malaysian government is not even complaining. They are busy boosting their economy. [b]Imagine in the whole of Nigeria, not a single DATA CENTER! [/b]In this 21st/22nd century where the IT industry is booming, Nigeria does not have 1 data center.

South Africa & Malaysia are raking in contracts from Facebook, Google & other IT companies. Nigeria is here raking in what?

I know of a data centre in Nigeria Rack Centre in lagos.

antzlaive:
The security man attached to a beat where I went for inspections killed this python and caught this strange looking cat...i cant tell what it is though. But a happy feast for him all in one day.

What is a 'beat' that you went to inspect?

Damage control

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I trust Buhari to deliver in most of his campaign promises, especially stamping out corruption. I pray he rid this country of boko haram menace.

Storm 2..... My 1st and last bb.i had terrible experience