Category: Economics

This contains information on information on the subject, Economics

Taxation in the United States of America Explained


The United States has a progressive tax system, which means that tax rates will definitely increase as income increases. If you’re planning a longer trip to the US, you should be familiar with the fundamental US taxes. We’ll guide you through the types of US taxes, tax returns, and other related queries. You might even […]

Types of Markets in Nigeria: Full List

major markets in Nigeria

Several characteristics can be used to describe the Nigerian market. Markets are referred to as souks, bazaars, shops, arcades, fairs, and flea markets. It is, by definition, an event when people get together to exchange goods in public. It is a location where supply and demand collide. The market isn’t just one place in Nigeria; […]

Types of State Government Taxes in Nigeria


This page gives you pertinent information regarding the various state tax systems in Nigeria. However, every country’s progress and citizens’ satisfaction are largely dependent on how much money the government can raise. This will impact variables like the availability of infrastructure facilities and fundamental amenities. The main means of producing revenue for the government’s smooth […]

Full List of Income Exempted From Tax in Nigeria


Tax exemption refers to a legal amount that can be deducted from income or profit that would otherwise be taxed. There are good number of things that are explicitly excluded from tax in Nigeria. People, things, and transactions that would otherwise be taxed are routinely exempted from taxation under the law. Churches, colleges, universities, health […]

Full List of Taxes in Nigeria


In this article, we will look at the comprehensive list of taxes that apply in Nigeria. Taxes are mandatory monetary levies imposed by a government organization on an individual or a legally established corporation adjudicated to be chargeable in order to pay public infrastructure expenditures and create money for the government. The Federal Government and […]

Top 10 Major Economic Problems Facing Nigeria (2023)


From underdevelopment to lack of proper infrastructures, these and many others are the significant economic problems facing Nigeria as a country. With the country having the largest economy in the African continent, the image of these problems is very suboptimal. Presently, the country’s economical growth is on an average of 2% while the population grows […]

Bank Account: Meaning and Types


A bank account is the arrangement made with a bank which enables one to deposit and withdraw money and in some cases, be paid some interest. There are basically three types of bank accounts and we shall look at them in the following paragraphs below. Types of Bank Account 1. Savings Account This is the […]

Wages: Definition, Types, Wage Determination


Wages are rewards paid for the services of labour. That is to say, the amount paid to labour for the services it rendered during production. Types of Wages 1. Nominal Wages Nominal wages, also known as money wages are the total quantity of rewards paid to labour which are measured in monetary terms. That is […]

The Nigerian Tax Law: All You Need Know


Collecting taxes are one of the ways government generates revenue for carrying out it assignments. People in the developed world know the importance of taxes and take it upon themselves to pay. For those thinking of evading taxes, they do so with fear. When caught, you will pay direly for it. In countries like the […]

Indirect Taxes: Types, Advantages and Disadvantages


Indirect Taxes are taxes levied on locally made, imported and exported goods and services. These taxes imposed on goods and services are layer on transferred to consumers in form of high prices, and this is why they are called indirect. The payers of these taxes do not bear their final brunt. Types of Indirect Tax […]