Samod Sanusi

[Akor adams @AkorjeromeAdams]

By order of the Super Eagles

[k. @korie_tweets]

asake “remember” — hang it in the louvre. put it in the salle des états, right beside the mona lisa.

[Samod Sanusi @S_zzle]

Partey’s absence is obvious 😢

[Man of Letters. @Letter_to_Jack]

I deliberately took my time to get ratioed before I dropped these videos of this man, Hon. Abass Adigun, speaking on the floor of the House.

Though some of you pride yourselves as educated people, you are actually the poster boys and girls of aliteracy and ignorance.

Watch:

[𝐌𝐚𝐡𝐝𝐢 @Mahdii_365]

Always keep these five words on your tongue.

[Abū Zakariyyā @abuzakariyya__]

Do You Want Money? Do You Want Provision? This Is the Greatest Way to Rizq and Wealth!

Shaykh Sa‘ad Ash-Shithri حفظه الله

[Abū Zakariyyā @abuzakariyya__]

Seize Every Day of Ramadan as If It Were Your Last: Strive Before It’s Too Late

Shaykh Sulayman Ar-Ruhayli حفظه الله

[القرآن @Quranconnect_]

I don’t mind watching this clip a million times🥹❤️

[munii🧃 @m1nuyln]

omg he’s toooo cute. he’s literally all of us after the draw😭😭😭😭

[Idris @7signxx]

Whoever makes seeking repentance something that they do regularly, three things happen to them...

[Ainà Dipo 🇳🇬 @dipoaina1]

This man is very sound!

His views about Trump is true, although I fear the people around Trump.

Like I always say, the world can’t survive a chaotic and unstable Nigeria 🇳🇬 where 50 million migrants to flood other continents.

[Salahu @salahudeen33]

Allahu Akbar!

[(Dr.) Ameer Lukman Haruna @AmeerLookman]

Yes, this is Nigeria! 🇳🇬

The breathtaking sand dunes and serene oasis of Tulo Tulo, Yusufari Local Government, Yobe State. 📸

Nigeria has all it takes to build our own Dubai—everything except the right leadership.

[Taiwo Oyedele @taiwoyedele]

HOW THE PERSONAL INCOME TAX CHANGES WILL AFFECT YOU

Q1 - What is the thinking behind the proposed changes to the current tax table of personal income brackets and rates?

A1 - The current tax table was introduced in 2011. Due to high inflation and lack of review, the structure has resulted in “fiscal drag" where many low income earners have been pushed to the top tax bracket over time. This means that an individual earning just N400k a month is paying the same top marginal income tax rate as a wealthy individual earning say N20m per month. Therefore, the tax table has become regressive rather than progressive as it was originally designed. Also, the current personal income tax regime does not encourage formalisation given that the effective top tax rate on companies is nearly double that of enterprises which also encourages arbitrage in some cases between the two income tax regimes.

Hence, the proposed changes seek to address these issues and simplify the system by incorporating current reliefs and allowances into the bands and rates to achieve an overall lower effective tax rate for the majority of workers.

Q2 - There is a general perception that workers will pay more tax under the bills. Is this true?

A2 - This perception is not correct. Individuals earning about N1.7m or less per month will pay lower PAYE tax under the bills while those earning the new minimum wage and slightly more will be fully exempted. These thresholds will result in over 90% of workers in the public and private sectors paying lower taxes while high income earners will pay slightly more in a progressive manner up to 25% for the ultra high networth individuals.

Q3 - But the proposed table only exempts N800k per annum which is just about N67k per month meaning that minimum wage earners of N70k per month will still pay tax.

A3 - No. Besides the N800k p.a. which is exempt from tax, there is a rent relief of up to N200k p.a. which together will exempt individuals earning up to N1m per annum (about N83k per month). This is particularly beneficial to low income earners. Also, the new tax bands and rates have been designed to avoid a situation where individuals earning slightly more than the exemption threshold are taxed to an extent that makes them worse off than a person whose income is within the exemption threshold. For example, a person earning N30k per month is exempt from tax while a person earning N30,001 per month will pay about N500 leaving the latter with a net of N29,500 which is N500 worse than the person earning N30,000. Under the tax bills, this problem has been addressed as everyone will be eligible to the first tax-free bracket.  

Q4 - The tax rate for the second band seems quite steep, moving from 0% to 15%. Why not consider a lower rate for the second band?

A4 - By comparison, the second band under the bills which is to be taxed at 15% is currently being taxed at a marginal rate of 21% even after all reliefs and allowances. So, while the 15% may appear steep from 0% for the first band, it is lower compared to the current tax table. The real impact for a person earning about N3m p.a. equivalent to the aggregate of the first and second brackets is a lower effective tax rate of 10% compared to about 12% under the current tax table.

Q5 - Why was the Consolidated Relief Allowance (CRA) and Personal Relief removed? Does it not amount to giving a relief with one hand and taking it back with the other?

A5 - No. One of the objectives of the tax reforms is simplification. The impact of the CRA and personal relief have been incorporated into the tax table such that the overall goal of exempting low income earners and reducing taxes for middle income earners is achieved. By integrating the reliefs into the tax brackets and rates, many taxpayers with basic education would be able to calculate their taxes with little or no assistance thereby achieving the dual objectives of lower tax burden and tax simplification.

Q6 - How about statutory deductions such as Pension and National Housing Fund contributions?

A6 - Statutory deductions, now referred to as eligible deductions, are still applicable under the new tax bills. These are contributions under the National Housing Fund, National Health Insurance Scheme, Pension Reform Act, interest on loans for developing an owner-occupied residential house, annuity or premium paid for life insurance, and rent relief up to N200,000 per annum.

Q7 - Where can we get more information about the tax reform bills?

A7 - Please visit our website https://t.co/WYwlFEAtIE and social media accounts for more information including copies of the tax bills.

[• @AliyuOnX]

The full interview is worth sharing here.

Best time for the tax bills is now - Taiwo Oyedele

[Abisola Olusanya | The Lagos Food Architect @Abi_Olusanya]

....today, the Governor visited the logistics hub - the heart of the State's 5 year agricultural and food systems' roadmap. We broke ground for this project 2 years ago, and it's amazing to see the progress made so far. A long way ahead, but not an impossible task in building a food-secure Lagos.
@followlasg
@lagosagric1
@Origintechng

[@𝗼𝗻𝗲𝗷𝗼𝗯𝗹𝗲𝘀𝘀𝗯𝗼𝘆 @OneJoblessBoy]

"Ubanka, you're afraid ba?"

Alibaba shares a scary but funny experience with General Sani Abacha and Major Hamza Al-Mustapha.

[Tunde Onakoya @Tunde_OD]

Day 2. Borno state, Maidugiri.

Teaching the girls the basic arrangement of the chess pieces with a simple song.

[IGBO History & Facts @IgboHistoFacts]

Innoson Vehicles Produce Their First Electric Car.

This is the first made in Nigeria electric vehicle and it was produced by “Innoson Vehicles” in their manufacturing plant in Nnewi, Anambra State.