₦airaland Forum

socialmediaman:
Where is the monthly economic report that substantiates this claim you just put up here?

We will all see it in the monthly economic report that should be published by the CBN monthly for transparency, this is not some hidden access only information

You too should advocate for transparency because absence of it creates suspicion, and many of us were right about the previous government

You made a claim of defending the Naira with reserve. You should provide proof of rapidly declining reserve from authoritative sources. At least, if the data cannot prove causation, it can at least prove association.

anu3:
Oh, thank you so much for the detailed info. sir.... When I go back in January I'll tell them I've spoken with experts and I only need the form/service account details to pay by myself.

Please, about deductions, I was only aware of expenses/cost of operations through the year (like data, equipment bought, etc) which you didn't mention. Or is it part of what you called consolidated relief or you forgot to mention expenses?

In fact, first time I've heard of consolidated relief, thanks—so now I understand it to mean I'll deduct 200k + 20% of the taxable sum.

Phew... The tax workers only focused on my source of income, the sum and bringing cash to them which I wasn't eager to do. Nothing about deductions...

The bolded shows that you are an entrepreneur or independent contractor or sole propietorship. Just like I said previously, you pay PIT through the DA option. That is why you need to fill the form A or attend interview with DA officer at State IRS. As an entrepreneur (freelancer in this case) , you must have deducted all expenses and even pay yourself reasonable salary. If your business is registered as a limited liability company, you pay PIT on that salary that you deducted, do profit or loss account to determine net receipt (revenue) after all expenses has been taken care of. On the net profit, you pay CIT (company income tax) this time to the First (Federal Inland Revenue service). It is on that your salary that you will apply the tax table provided by someone above after deducting the consolidated allowance. If your company is not a legal entity (e. g limited liability), Just treat everything as income after all expenses (data, rent etc) and follow the table after the allowance. Shalom! OgaFactCheck is trained as a community Tax Liason Officer and does not claim to be a certified tax professional.

FreedomfromtheT:
The Hausas are thought to be the largest ethnic group in Nigeria.
Considering the fact that all Hausa speaking northerners are wrongly classified as Hausas, this belief may be wrong.
Apart from Kanuris and Fulanis, there are lots of northern minority groups who are not Hausa but communicate in Hausa all the same.
The Igbos on the other hand, are not only the majority in the Southeast but also in the Southsouth.
The Igbos are also the second largest ethnic group in the Southwest and the North central regions.
Apart from that, the Igbos are also the second largest ethnic group in the Northeast and Northwest apart from the indigines.
The Yorubas however, are only majority in the Southwest.
Like MTN, it is Igbos everywhere you go.
If you think I am wrong, counter my assertion with facts and not Igbophobia propaganda.
God bless you.
God bless Nigeria.

You asked to be countered with facts but all that you have presented are assumptions. No evidence. Lead by example and produce empirical evidence or statistics from reputable institution(s).

anu3:
Oh, all right. Thanks. But shouldn't them just tell me how to pay online—and even hiding the process from me, but quite insisting I bring cash to them. I think that should be easy to do on common bank app...

Cos I'm not paying because the money is too much or I'm willing to waste... I'm doing it cos it's the right thing.

I am not sure all States have online payment option but I know few States in the Southwest with online payment option (Lagos and Ogun precisely). Not sure about others. You can make enquiry at your State's IRS. Best regards.

I guess you stay at least 183 days in Nigeria in a year, so, I need not bother you with the residency rule as stated by one person above.

anu3:
Hello, please could anyone with experience tell me how to full my duties to the government in terms of tax. I've never done it before.

And would I calculate it in dollars or naira; if dollars, will it be in official rate or parallel market rate.

If you know what's right, please let me know.

Thanks.

I was trained a community tax liason officer (NTAX) and used to be one under the last administration. You have a duty to pay personal income tax (PIT) since you work as a freelancer (an equivalent of sole proprietorship). PIT is mainly divided into two(2), Pay as you earn (PAYE) and Direct Assessment (DA). You will pay through DA. So, the staff insisting that you should disclose your income sources and amount is right, however, she would have given you a DA form to fill as a better option. There is a formulae to calculate your tax after consolidated allowance is deducted. However, one can only apply the formula when you fill the DA form in detail. When next you visit the State tax office, ask for the staff in charge of 'DA' to guide you.

The guy asking you to pay CIT (company income tax) if you register your business may be right depending on the type of registration done. Do you register 'Business Name" or company. If it's just business name, which is common with sole proprietorship (one-man business), you only need to pay the DA and perhaps, PAYE for your few workers. There is a condition to this, if you actually run your business like a company but used a business name to avoid paying CIT, FIRS may compel you to pay the CIT even without registering as a company. They have a way of knowing. Apart from that, just pay your DA, and in most cases, you are good to go. With 3 years consistent and full PIT (DA) payment, you can get your tax clearance certificate (TCC).

lastkingsman:
You are mad.

All agbadorians are crazy.

So you mean this is the usual APC lambas like "Dubai visa has been lifted"?


Tufiakwa

I am done with you. I don't even know that I am chatting with someone like you who dishes out insult at the slightest opportunity. Go and take care of your mental health. That will be more beneficial to you and the intellectual society than being on the social media. It is named 'social media' and not 'mentally-deranged media' for a purpose.

Gerrard59:
I really hoped OgaFactCheck responded to this, but till now, nothing don comot.

can grow to 1 trillion USD by 2026 does not mean it will. It is not even a promise. It is a statement of hope. Nothing is wrong in setting ambitious target. It is motivating to do that.

Personally, I don't even see anything wrong in what he says. He said can grow, and not will grow. There is a difference between the two. Besides, he was marketing Nigeria to the world when he uttered the word. You don't expect anything less from a sales pitch if you are into marketing. Would you rather have preferred him say Nigeria economy wl barely grow next year to a potential investors in a foreign land or say Nigerian youths are lazy? Huh!

BigIyanga:
What misinformation? Major economic proposal of BAT is to move Naija economy to $1tn in 8 yrs as enunciated by CBN governor and economic advisers. So for you to do that, you would have to grow the economy at annual rate of 15-18%. So they’re saying the same thing.
CBN is already telling banks to recapitalize in anticipation of $1tn economy.
If BAT said that economy would grow at 3.7%, how does he allow his CBN governor to be misleading the public with this unrealistic $1tn GDP projection ?

Which one will you prioritize, what BAT says himself or what a third party says? Tinubu says a minimum of 3.76%. Let's stick to that.

BigIyanga:
Not doable. Govt spending only accounts for about 7% of out aggregate gdp.. and subsidy is about 1/4 of 1% of total govt spending. Growing GDP doesn't start from subsidy removal, which by the way, has been factored into our current GDP.
For our gdp to grow @18%, we would need 10 new Dangotes, 10 new MTNs, 10 new Zenith banks..etc.
By the way, APC govt hasnt grown Naija economy beyond 4% in any given year. BAT is dreaming

Tinubu never said 18%. He actually said the economy is expected to grow by a minimum of 3.76%. This is exactly the way they said that Buhari promised N1 to 1$. It is a deliberate Misinformation.

Check the transcript of the full speech here

https://www.nairaland.com/7925976/tinubus-2024-budget-speech-full

Tinubu never said 18%. It was less than 4% GDP growth prediction (he actually said a minimum of 3.76%). The OP is deliberately spreading Misinformation knowing that many people will not read or watch the video. There is no where in the video posted where Tinubu said there will be 18% growth rate. I guess the goal is to mock whatever growth rate he eventually achieve using this post as a reference point. Do not always rely on headlines. Most of them are coined for malicious intents.

Check the fu transcript of the speech.

https://www.nairaland.com/7925976/tinubus-2024-budget-speech-full

Darren95:
Please what does “Oduduwa” means in Yoruba?

Odu to da iwa. 'Odu' relates to a verse in the Ifa (oracle) tradition just like the verses in the Holy Bible or AlQurian (e.g. Pslam 93 Or Suratul quraysh). 'iwa' literally means behaviour (or good behavior). 'to da' means to create or cause to exist. It is possible that 'Iwa' in this context, may be a name (Epitome of good behavior or well-behaved) just like 'Ola'- wealth or that signifies wealth. I am not an authority on this. 'Iwa' may also be a code of behaviour (code of conduct) expected from the people (collective) or that defines a certain people just like the constitution. I suspect that this last one is the case. The reason is that Iwa in the individual context (a person named Iwa) does not align with the Yoruba mythology which sees Oduduwa (name of Yoruba progenitor) as the first human creature and Ile-Ife as the Origin of all places (ibi Ojumo ti nmowa).

My take is that Oduduwa or [i]Odu to da Iwa [/i]means the verse or within which information about creation is domiciled. This appears plausible given that the Yorubas then believed that it is only ile Ife that existed. The custodian of that verse would likely be the first in that settlement or the one highly reverred by the first in the settlement. It is not unusual for people to be eventually be known by a certain things that stands out about them. Given that records were preserved by Oral tradition rather than in writing, it will be difficult to separate the verse from the custodian. For instance, a lawyer may be called 'the law'. People may even forget their original name.
As for those who think the name (Oduduwa) is not Yoruba or have no roots in Yoruba tradition, I think it is actually a Yoruba word.

Update: Someone said up there that 'Iwa' means to be or to exist. I think that is more accurate and depicts what the word means than my own submission. However, it doesn't fault the core of my argument.

Let me revise my argument. Odu(verse) du(to da) Iwa (existence). The verse that contains information about existence. Apart from the amendment, I consider all other arguments that I put forward as plausible. Being plausible does not imply being factual.

It appears that Lagos State Government has abandoned those areas. There are 3 major towns in that axis. That is Baiyeku, Oreta and Ofin. All the roads (each less than 20km) are very bad. The worst of the roads is the Oreta road despite the town's potential as a tourist destination. The three towns border the Lagos lagoon.

The Oreta has an annual Igunuko festival that is popular and can rival the Agbo festival in Agbowa-Ikosi and the Ojude-Oba festival in Ijebu-Ode, Ogun State. People come from far and near every year to watch the amazing Igunuko supposedly walking on water without the cloth getting soaked. The three towns are coastal with a lot of tourism potentials.

That Oreta road has been abandoned for more than 25 years with series of letters written to relevant authorities in Lagos State without any solution.

I am an indigene of the town (from my father side). So, I know what I am talking about

My father side has roots in Oreta and Imota while my mother side has roots in Ikorodu town and Odonguyan side (both in Lagos) yet, despite been qualified for a position (no other person presented that needed qualification at the time) , a higher education in the State deprived me of that opportunity, used me for accreditation purpose (yes, I was instrumental to getting the accreditation), but was discarded after the accreditation despite a strong recommendation for the accreditation committee sent from Abuja. Yet, the institution is filled with many people who are not indigenes and were not as qualified as I was in that field as at the time of the accreditation.

Lagos State Government needs to pay attention to the suburbs and particularly, Lagos indigenes who appear to have been relegated to the background in the State

Please note that this is not a fact because there is no evidence. It appears that one of the groups is created by the Government. My guess is that the ISWAP (Nigeria version) might have been created by the govt to fight dirty with Boko Haram. The regular army might have been constrained by international laws and treaties in using maximum force against the insurgents, hence the creation of non-state actors to match the 'madness' of Boko Haram with 'madness' not allowed for the conventional armed forces. That might also partly explain the missing funds spent but not appropriated by the national assembly that came out recently.

Please note that the above is just an hypothesis. No evidence to back it up. However, it is grounded in rationality

President Bola Ahmed Tinubu. It takes a brave heart to take unpopular but necessary decisions in the face of ferocious internal and external adversories.

If you care to read the communique,
military intervention is the last resort if all sanctions failed. ECOWAS will have to wait to see the effectiveness of the sanctions imposed first.

naijaboy756:
When the head of ECOWAS has controversial election issues

No credible source provided

Verdict: Probably a fake news

forgiveness:
Bloody liar. The same Ivory coast that sent her chief of Defense staff to ECOWAS meeting?

I think there should be charges for fake news.

.
This is fake news. Facebook source is not a reliable source. Don't post fake news on Nairaland.

Bigboytinz:
https://punchng.com/negotiation-fails-niger-junta-to-recall-ambassador-from-nigeria

This link is not working. Let me check if the link is real.