UK ๐ฌ๐ง VS NIGERIA ๐ณ๐ฌ: IS PETROL MORE AFFORDABLE IN THE UK THAN IN NIGERIA?
Petrol Prices (USD per litre)
๐ฌ๐ง UK โ $2.13 (โฆ2,890 per litre)
๐ณ๐ฌ Nigeria โ $0.96 (โฆ1,300 per litre)
Minimum Wage
๐ฌ๐ง UK โ ยฃ1,953.60/month ($2,656.90/month using ยฃ1 = $1.36)
๐ณ๐ฌ Nigeria โ โฆ70,000/month ($51.60/month using $1 = โฆ1,357)
Fuel Affordability Relative to Minimum Wage
๐ฌ๐ง UK โ 1,247 litres
๐ณ๐ฌ Nigeria โ 54 litres
Hours Worked to Buy 50 Litres
๐ฌ๐ง UK โ 6.2 hours
๐ณ๐ฌ Nigeria โ 192 hours
While petrol prices were higher in the UK than in Nigeria, UK workers could afford far more litres of fuel relative to their wages compared to Nigerian workers.
Note: Exchange rates usedโยฃ1 = $1.36 | $1 = โฆ1,357
#Statisense
(UK Government, GlobalPetrolPrices, NLC, CBN, XE)
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๐จ๐๏ธ Jose Mourinho on the GOAT debate:
โI keep saying that its harder to be Cristiano than to be Messi.
Messi grew up in the team he plays for, with the teammates he plays with.
Cristiano came from England to a team that was losing. He had to grow in the last 2 years with this team in construction.
Messi plays as a 9 in about 50 squared meteres, closer to the goal with less defensive work.
Cristiano on the other hand is a winger. How can a winger score the same amount of goals as a CF?
A winger that defends. A winger that ends a game at the 94th minute with a sprint chasing Pedro in a scoring situation. A winger that in set piece situations comes 20 times to his own box, because its very important to the defensive setup.
A player that isn't protected by nothing or nobody. They see him as a huge animal. He needs to be fouled a lot of times just for the first yellow to come out.
But with Messi, it's one foul then a yellow card, and if you touch him again, you are out.
Its much, much harder to be Cristiano, let's stop kidding.โ
๐ฃ๏ธ Patrice Evra: "Now we've got robots. Even in the academy, everyone wants to play like Guardiola. We have no creativity, we have no geniuses.
You will never see a player like Ronaldinho or Hazard anymore, because when he's young the coach will tell him "if you don't pass the ball I'll bench you".โ
This happened in 2024.
One night, my husband and I were returning from Oshodi with other passengers when we got stuck in traffic on the Long Bridge, just after Opic on the Kara side. Suddenly, the clutch failed, and my husband had to step out and start pushing the bus all by himself. It was already late, the bridge was very long, and everyone was scared because the area is dangerous at night, boys could easily come out from the bushes.
One after the other, the passengers got down, collected their transport fares, and left. In the end, my husband was left with only โฆ1,500. Only three of us remained with him: myself, a woman carrying heavy loads, and an elderly woman.
Somehow, he managed to push the bus down the bridge and called a nearby mechanic who fixed it enough for us to make it to Mowe. I felt like crying that night, but he simply said, โThere are days like that.โ
Since that experience, Iโve learned to appreciate everyone, no matter their hustle, because being a man and carrying such responsibilities is not easy.
A former member of the @FIFAcom council and @CAF_Online exco called me on Thursday morning, to comment about the performance of referee @DanielLaryea3 in the #AFCON2025 SF between #Maroc and #Nigeria.
โHis officiating was awful. It was so obvious. All the calls were going against Nigeria.โ
I am happy Iโm not the only one that observed his poor game management. Hmmmโฆ ๐ถ๐ฝโโก๏ธ๐ถ๐ฝโโก๏ธ๐ถ๐ฝโโก๏ธ
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๐๐๐ฌ๐ฉ๐จ๐ง๐ฌ๐ ๐ญ๐จ ๐๐๐๐: ๐๐๐ฌ๐๐ซ๐ฏ๐๐ญ๐ข๐จ๐ง๐ฌ ๐จ๐ง ๐๐ข๐ ๐๐ซ๐ข๐โ๐ฌ ๐๐๐ฐ ๐๐๐ฑ ๐๐๐ฐ๐ฌ
---๐๐บ ๐๐ณ๐ฆ๐ด๐ช๐ฅ๐ฆ๐ฏ๐ต๐ช๐ข๐ญ ๐๐ช๐ด๐ค๐ข๐ญ ๐๐ฐ๐ญ๐ช๐ค๐บ ๐ข๐ฏ๐ฅ ๐๐ข๐น ๐๐ฆ๐ง๐ฐ๐ณ๐ฎ๐ด ๐๐ฐ๐ฎ๐ฎ๐ช๐ต๐ต๐ฆ๐ฆ
We welcome all perspectives that contribute to a shared understanding and successful implementation of the new tax laws. We acknowledge that a few points raised by KPMG are useful, particularly where they relate to implementation risks and clerical or cross-referencing issues. However, the majority of the publication reflected a misunderstanding of the policy intent, a mischaracterisation of deliberate policy choices, and, in several instances, repetitions and presentation of opinion and preferences as facts.
๐๐๐ง๐๐ซ๐๐ฅ ๐จ๐๐ฌ๐๐ซ๐ฏ๐๐ญ๐ข๐จ๐ง๐ฌ
A significant proportion of the issues described as โerrors,โ โgaps,โ or โomissionsโ by KPMG are either:
- the firmโs own errors and invalid conclusions,
- issues not properly understood by the firm,
- missed context on broader reforms objectives,
- areas where KPMG prefer different outcomes than the choices deliberately made in the new tax laws, and
- obvious clerical and editorial matters already identified internally.
While it is legitimate to disagree with policy direction, disagreements should not be framed as errors or gaps. KPMG would have been more effective if the firm adopted a similar approach like other professional firms who engaged directly providing the opportunity for clarifications and mutual-learning.
It is equally important to distinguish between policy choices designed to achieve the reform objectives and proposals that merely represent a firm's preference.
๐๐จ๐ฅ๐ข๐๐ฒ ๐๐ก๐จ๐ข๐๐๐ฌ ๐๐ง๐ ๐๐ฅ๐๐ซ๐ข๐ญ๐ฒ ๐จ๐ง ๐๐๐๐จ๐ซ๐ฆ๐ฌ
1. Taxation of Shares and the Stock Market
Contrary to the presumption that the new tax provisions on chargeable gains would trigger a sell-off on the stock market, the fact is that the applicable tax rate on share gains is not a flat 30%. The tax framework is structured from 0% to a maximum of 30%, which is set to reduce to 25%. Furthermore, a significant majority of investors (99%) are entitled to unconditional exemption, with others qualifying subject to reinvestment.
The market's performance, which is at an all-time high with increased investment flow, demonstrates investors understanding that the tax changes will enhance the fundamentals of firms both in terms of profitability and cash flows. The sell-off narrative is unsubstantiated as any disposals in December 2025 would have benefited from the re-investment exemption or enhanced deductions under the new law.
2. Commencement Date and Transition
The suggestion to set the commencement date as the start of an accounting period (e.g., 1 January 2026) takes a narrow view of the complex transition issues. A wholesale reform affects myriad issues beyond the accounting period, spanning multiple periods, different bases of assessment (preceding year, actual year), as well as issues related to audit, deductions, credits, and penalties. Limiting the commencement to a single date for accounting periods would fail to address the intricacies of continuous transactions and other transition matters. KPMGโs proposal is therefore not a โgold standardโ to be applied to all new laws as suggested.
3. Indirect Transfer of Shares
The new provision to tax indirect transfer of shares is a policy choice aligned with global best practices and BEPS initiatives. Its objective is to block a long-exploited tax loophole by multinationals and other investors, not to affect competitiveness. This is a common provision in international tax, and the assertion that it may affect the country's economic stability is disingenuous.
4. VAT Exemption on Insurance Premium
KPMG's point regarding a specific VAT exemption on insurance premium is technically unnecessary, as an insurance premium is not a "taxable supply" defined under the Nigeria Tax Act. Insurance relates to risk transfer, not the supply of goods or services subject to VAT. As this has always been the administrative and legal position, a specific amendment for exemption is academic. If it is not broken, donโt fix it.
๐๐ฌ๐ฌ๐ฎ๐๐ฌ ๐๐๐๐ฅ๐๐๐ญ๐ข๐ง๐ ๐๐ข๐ฌ๐ฎ๐ง๐๐๐ซ๐ฌ๐ญ๐๐ง๐๐ข๐ง๐ ๐๐ฒ ๐๐๐๐
5. Inclusion of 'Community' in Definition
The concern about the inclusion of โcommunityโ in the definition of a โpersonโ but its omission from the charging section does not constitute a gap or ambiguity. In statutory interpretation, definitions provided in the law apply wherever the defined term appears, unless the context requires otherwise. Hence, โpersonโ and โtaxable personโ are used in the charging section, and both definitions include โcommunity.โ This approach is consistent with modern legislative drafting principles, which use comprehensive definitions to streamline operative provisions and avoid redundancy. This is similar to the inclusion of partnerships and executors in the definition but not under the charging section. The use of the word โincludesโ further signifies that the list of taxable persons is not exhaustive.
6. Joint Revenue Board (JRB) Composition
The composition and mandate of the Joint Revenue Board (JRB) are intentional. Its policy advisory role is specifically to provide a subnational tax and revenue perspective that complements the fiscal policy mandate of the Ministry of Finance. Its membership is appropriately limited to revenue-focused agencies, which is why it is called the Joint Revenue Board. This is a similar composition under which the former JTB operated effectively, and its functions remain consistent with the need for inter-agency coordination.
7. Distinction in Dividend Treatment
KPMG's analysis appears to mix the distinction between a foreign-controlled company and a foreign operation of a Nigerian company. Dividends distributed by a foreign company cannot be "franked" since no Nigerian Withholding Tax (WHT) would have been deducted. Section 162(1)(s) confers exemption on dividend, interest, rent, or royalty derived from outside Nigeria and brought into Nigeria through approved channels. The choice to treat dividends distributed by Nigerian companies differently from foreign companies is a deliberate policy choice, as they are fundamentally different for tax purposes.
8. Non-Resident Registration and Final Tax
The view that a payment subject to deduction as final tax should automatically exempt the non-resident recipient from tax registration misses a critical distinction. While the law conditionally exempts passive income from registration, the deduction of tax on non-passive income is not synonymous with an exemption from registration or filing of returns. The same way that residents are required to file returns on income such as interest (in the case of individuals) and dividend where WHT is final. Returns serve a broader purpose beyond solely generating tax revenue.
๐๐๐๐โ๐ฌ ๐๐ซ๐จ๐ฉ๐จ๐ฌ๐๐ฅ๐ฌ ๐๐ก๐๐ญ ๐๐จ๐ฎ๐ฅ๐ ๐๐ง๐๐๐ซ๐ฆ๐ข๐ง๐ ๐๐๐ฒ ๐๐๐๐จ๐ซ๐ฆ ๐๐๐ฃ๐๐๐ญ๐ข๐ฏ๐๐ฌ
9. Tax on Foreign Insurance Premiums
The proposal to exempt foreign insurance companies from tax on premiums from insurance written in Nigeria to deepen penetration, while local insurance companies continue to pay tax, would be detrimental to the domestic insurance sector. This would create an unfair and harmful competitive disadvantage for local firms in their own market. The current policy is designed to protect and promote local industry and ensure a level playing field.
10. Parallel Market Forex Deduction
The new law disallows tax deduction for the difference where a business buys foreign exchange in the parallel market at a premium over the official rate. This is a critical fiscal policy choice designed to complement monetary policy, strengthen, and stabilise the Naira. By removing the tax subsidy for patronage of the parallel market, the policy aims to reduce incentives for round-tripping and redirect legitimate FX demands to the official market. This is policy congruence, not an error.
11. VAT Compliance-Linked Deductibility
The non-tax deduction for taxable transactions on which VAT has not been charged is a necessary anti-avoidance measure. It removes the advantage that some taxpayers previously enjoyed by patronising suppliers who evade VAT. This is a matter of fairness and is squarely within the control of a business to manage, especially given the provision for the self-charge of VAT. It also ensures that responsible businesses play their part in promoting voluntary tax compliance across the ecosystem.
12. Progressive Personal Income Tax
While KPMG acknowledges the reform objective of fairness and progressivity, the firm disagrees with a top marginal tax rate of 25% for the highest earners. In reality, the effective tax rate can be as low as 22% for an individual earning billions a year simply by contributing 10% to pension. This rate is competitive when compared to many other countries, including Angola 25%, Egypt 27.5%, Ghana 35%, Kenya 35%, the U.S. (Federal) 37%, South Africa 45%, and the U.K. 45%. So, the rate is not โoppressiveโ or one that will negatively affect economic growth as claimed, rather it ensures progressivity without compromising competitiveness. From a broader policy objective perspective, the increase in top marginal rate for high income earners and the reduction in corporate tax rate is designed to address the existing higher tax burden associated with business formalisation.
๐ ๐๐ฅ๐ฌ๐ ๐๐ง๐๐ฅ๐ฎ๐ฌ๐ข๐จ๐ง ๐๐ง๐ ๐ ๐๐๐ญ๐ฎ๐๐ฅ ๐๐ซ๐ซ๐จ๐ซ ๐๐ฒ ๐๐๐๐
13. Police Trust Fund
The Police Trust Fund was signed into law on May 24, 2019, with a six-year lifespan under section 2(2) of the Act, which ended in June 2025. Therefore, KPMG's point that the new tax law should be amended to repeal the taxing section of the Police Trust Fund Act is needless, as the provision no longer exists.
14. Small Company Verification
The analysis concerning the tax exemptions for small companies affecting large companies' obligations is not a new issue or an inconsistency in the new law. The small business threshold was introduced via the Finance Act 2021. This issue pre-dates the current tax laws and should not be presented as an error or omission simply by virtue of a higher tax exemption threshold under the new law.
๐๐ก๐๐ญ ๐๐๐๐ ๐๐๐๐ญ ๐๐ฎ๐ญ
While acknowledging the objectives of the reform, KPMG could have highlighted the major structural improvements under the new laws, including:
- simplification and tax harmonisation,
- the scope for reduction in corporate tax rate from 30% to 25%,
- expanded input VAT credits for businesses,
- tax exemption for low-income earners and small businesses,
- elimination of minimum tax on turnover and capital, and
- improved investment incentives for priority sectors.
A balanced assessment would have recognised these transformative elements, among others.
๐๐จ๐ง๐๐ฅ๐ฎ๐ฌ๐ข๐จ๐ง ๐๐ง๐ ๐๐๐ฒ ๐ ๐จ๐ซ๐ฐ๐๐ซ๐
The tax reform is the result of an extensive consultation with various stakeholder groups in addition to the legislative process that included widely publicised public hearings, avenues intended for all stakeholders including international firms to provide technical expertise at the formative stage.
In any comprehensive overhaul of a nationโs tax framework, clerical inconsistencies or cross-referencing gaps may occur, and these are already being identified within the government. The tax reform represents a bold step toward a self-sustaining and competitive Nigeria.
An effective review needs to connect identified gaps to clear policy intents and the reality of modern-day tax systems within the context of economic development and global competitiveness.
At this stage, the effectiveness of the tax law depends on administrative guidance, clarifications from the tax authority, and regulations to complement precise statutory provisions where necessary pending future amendments.
We urge all stakeholders to pivot from a static critique to a dynamic engagement model, which allows for clarifications and a productive partnership in the implementation of the new tax laws.
So close to a historic comeback, but I donโt understand why we donโt play like that from the start. Why do we need to concede three goals before we start playing football? Why do we always lack confidence and keep relying on this park the bus approach with five at the back, and not even defending properly?
Anyway, You shouldnโt expect to win by waking up in the last 15 minutes. Congrats yo you Nigeria, you dominated the rest of the game and deserved the win. I hope this serves as a wake up call for Tunisia to start playing real football and move away from this anti football style.
Man Utd during Ferguson era really had alot of backings from the referees to the extent Drogba got a yellow card for getting seriously kicked in the chest.