The Presidential Committee on Fiscal Policy and Tax Reform has proposed a new Personal Income Tax Bill. This bill is focused on simplifying the tax system, especially for high-income earners. 

Here is how much tax you might pay from your salary👉 Under the current tax system👇

✔️You could deduct 20% of your gross income + ₦200,000 as CRA. 

✔️Other statutory deductions, like pension contributions, are allowed.  

◾️For example, if you earned ₦6million annually, you could deduct 20% (1.2million) plus N200,000 as your CRA, your taxable income will reduce to ₦4.6million

In 2023, Nigeria’s President Bola Tinubu introduced significant economic reforms, including the removal of fuel subsidies and the liberalization of the forex market. While these moves aimed to strengthen Nigeria’s economy, their impact varied across sectors. The banking industry, benefiting from forex market liberalization, saw a surge in foreign exchange asset values, boosting profits. In contrast, sectors like agriculture and manufacturing faced rising inflation and borrowing costs.

6 Reliable Ways to Save Money from your Monthly Salary and other Income

1️⃣ Visualize Future Finances:

👉 Picture yourself broke in old age to motivate saving and avoid regrets later. Learn from others who neglected savings and find inspiration to start now. 2️⃣ Calculate Net Worth:

👉Record spending, review bank statements, and question expenses. Calculate net worth regularly to track financial progress. Writing down expenses enhances financial awareness.

Navigating 2024: 9 Strategies to Thrive Amidst the Rising Cost of Living in Nigeria

1. Buy Essentials in Bulk:
👉Purchase frequently used items in bulk to save costs and budget effectively. Consider sharing costs with someone if it seems financially strenuous. 2. Automate Your Savings:
👉Emphasize the importance of saving to avoid future financial strain. Automation ensures a systematic approach to planning for unforeseen events.

3. Spread Your Income Sources:
👉Diversify income streams to comfortably meet family needs and generate residual income for profitable ventures.

CBN ‘Ways and Means’ loan to the FG rise to N20 trillion as of June 2022

The Central Bank of Nigeria has extended a total sum of N19.9 trillion circa (N20 trillion) in loans to the Federal Government under its Ways and Means provision as included in the CBN Act.

Thread 1/9 The Ways and Means provision allows the government to borrow from the Apex Bank if it needs short-term or emergency finance to fund delayed government expected cash receipts of fiscal deficits.

Provisions in the act cap monetary financing of fiscal deficits at 5%...

2/9

Why Elon Musk’s Starlink is a big deal for Nigeria

Elon Musk announced via a tweet that the government of Nigeria has approved Starlink as an Internet Service Provider (ISP).

Thread

1/17 What is Starlink?

Starlink is a high-speed internet access delivered via low earth orbital satellites (LEO).

A Starlink device can be set up and receive fast internet in less than 30 mins.

2/17

A year ago, the Naira was trading at N503/$1. Today, it’s at a new high of N610/$1.

This time last year the exchange rate between the naira and dollar was about 503/$1.

A Thread

1/12 At the time Nigerians were astonished as no one ever believed the exchange rate will depreciate this bad.

The last time the exchange rate had crossed N500 was in early 2017 when it breached that ceiling only to come crashing down after the CBN launched the...

2/12

Mutual Funds - The Future of Investing

A decade of pension fund growth in Nigeria has prepared the ground for a boom in the country’s mutual fund sector.

Investments in carefully constructed higher performing risk-managed funds now outperform interest on bank deposits and... ...even land.

In 2020 alone, for example, assets under management in Nigeria’s Mutual Funds grew by 50% - topping N1.6 trillion.

Mutual funds are investment funds that pool money from many investors to purchase securities, like stocks, bonds, money market instruments,....

Watch this space for live updates of the @VFDGroup 6thAGM #VFDGROUPAGM6

#Thread Opening speech and introduction of members of board of directors by @VFDGroup Chairman Olatunde Busari (SAN) #VFDGROUPAGM6

On February 27, @MTNNG officially celebrated its groundbreaking brand refresh at the Eko Hotels & Suites Grand Ballroom, Lagos. The newly-transitioned technology company announced that it has repositioned its brand with the use of a contemplative slogan — “What Are We Doing Today?”.

𝗛𝗼𝘄 𝘁𝗼 𝘀𝘂𝗿𝘃𝗶𝘃𝗲 𝗡𝗶𝗴𝗲𝗿𝗶𝗮’𝘀 𝗴𝗮𝗹𝗹𝗼𝗽𝗶𝗻𝗴 𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 𝗿𝗮𝘁𝗲.
An undisputed certainty is that individuals that hold a large percentage of their assets in cash will experience a loss because of inflation.

Credit: @ubahjc Nigeria’s inflation rate continues to uptick rapidly. Over the trailing 20 months, the year-on-year inflation rate has increased from 11.02% in August 2019 to 18.17% in March 2021.

Notably, March 2021 inflation rate of 18.17% is at the highest since February 2017.

𝗛𝗼𝘄 𝘁𝗼 𝗶𝗻𝘃𝗲𝘀𝘁 𝗶𝗻 𝗡𝗶𝗴𝗲𝗿𝗶𝗮𝗻 𝗘𝘂𝗿𝗼𝗯𝗼𝗻𝗱𝘀.
Before #investing in Eurobonds, weigh the bond’s risk characteristics and set them against the interest rate to know if it is worth it.

Credit: @ChikeOlisah As of 2019, Nigeria’s Eurobonds were regarded as one of the top 5 best-performing Eurobonds in the world.
Although Nigeria’s Eurobonds remain one of the most profitable in the investment world, not many individuals know how to invest in them.

#Businesses and #startups in #Nigeria continue to capitalise on the deal-making successes recorded in 2020.

FY 2020 had a total of 106 #Deals valued at $4.3 billion (N1.6 trillion).

In Q1 2021, @Nairametrics captured 28 deals valued at $2.93 billion (N1.2 Trillion). Our @Nairamentrics Q1 #DealsBook summarises major corporate deals in the first quarter of 2021 as sourced from official press releases and media reports.

Here's a link to download the publication:
nairalytics.com/deal-book

Good evening. Welcome to @Nairametrics #CorporateNewsRoundup where we summarise the biggest Nigerian business stories that dominated the headlines during the week ended May 8, 2021. This thread is brought to you by @BluechipTechNG The thread starts here.
Don’t forget to kindly retweet the first tweet of this thread so that your friends may see it and follow.

Are you a Nigerian Exporter?
 
Are you confused on how to capitalize on the AfCFTA to expand your business to other countries?
 
The free trade agreement started Jan 1 & you'll have access to:
 
🏴54 African countries
👨‍👩‍👦‍👦1.3 billion people
💵A GDP of $3.4trillion
 
A #Thread👇 The FG recently outlined the steps you should take to export your goods to any of the 54 countries.
 
The steps are:

Good evening and welcome again to @Nairametrics #CorporateNewsRoundup for the week ended January 16th, 2020. This thread is brought to you by @BluechipTechNG.   

The thread starts here. 1/We begin with some financial services news recap. Last week, Standard Chartered Bank Nigeria Plc crashed the interest rate for its ‘personal overdraft’ from 1.25% to 1% per month.

This is our summary of some of the notable Corporate Deals that affected Nigerian companies in 2020.
 
The thread starts here... January 2020
 
@Paga announced investment in Ethiopian-based software development firm, Apposit for an undisclosed amount. The deal gave Paga full access to the expertise of Apposit’s engineers and technicians.

#threadseries

Nigerian Stock Market

The #equities market presents attractive opportunities for #investors in form of capital appreciation and dividend return given the low yield environment in the fixed income space. #Nigerian stocks are currently undervalued and present an opportunity for growth in the short to medium term.
The current #ROI in the #equities market is positive with a YTD return at over 47.5% compared to the #inflation rate at 14.9%.

Hello everyone and welcome to @Nairametrics Corporate News Roundup for the week ended August 23rd, 2020. This thread is brought to you by @BluechipTechNG.

The thread starts here.

As usual, kindly retweet the first tweet of this thread so others on your timeline may follow. We do this live every Sunday at 10pm, if you are just joining for the first time.

Follow previous episodes on Ugodre's favourites.

We begin...

Hello everyone and welcome to yet another episode of Nairametrics’ Corporate News Roundup. This is a roundup of all the major events that happened in Nigeria’s corporate environment for the week ended on August 8th, 2020, courtesy of @BluechipTechNG.

The thread starts here. As usual, kindly retweet the first tweet of this thread so others on your timeline may follow.

We do this live every Sunday at 10pm, if you are just joining for the first time.

Follow previous episodes on @ugodre's favourites.

We begin...

Hello everyone and welcome to @Nairametrics Corporate News Roundup for the week ended July 11, 2020. This thread is brought to you by @BluechipTechNG.

The thread starts here.

As usual, kindly retweet the first tweet of this thread so others on your timeline may follow. We do this live every Sunday at 10pm, if you are just joining for the first time.

Follow previous episodes on Ugodre's favourites.

We begin...