Lagos Land Use Charge What It Does:Combines three separate property taxes into one consolidated payment making compliance easier for residents. Progressivity Structure Importance or Benefits Why it Works: Due to clarity and its alignment with urban development strategies. Global Example:…
Progressive taxation is a system where the tax rate increases as the taxpayer’s income increases. In other words, those who earn more pay a higher percentage of their income in taxes than those who earn less. For instance, if ₦1…
Definitions of Key Terminologies Before delving into the main write-up, below are some definitions of key terminologies as they relate to this journal: Age Classifications in this write-up: Definition of Ownership Wealth Demographic Mapping Ownership Wealth Demographic Mapping is the…
Wages refer to the financial compensation paid to an employee by an employer in exchange for work done or services rendered. This compensation is often provided on an hourly, daily, weekly, fortnightly, or monthly basis, depending on the terms of…
Cost of governance refers to any expense, price, or cost associated with running a government. It is the cost incurred by the government in the course of providing goods and services to its citizens. It can also be said to…
An interest rate is the percentage charged on a loan or earned on an investment over a specific period of time. It represents the cost of borrowing money or the return on funds invested. Loan Interest If one takes a…
When we talk about tax or taxes, we mean a mandatory payment or charge collected by governments—local, state, or national—from individuals or businesses according to their income, value of their property, etc., to pay for the things that governments do.…
Dollarization and the Nigerian Economy Dollarization is a kind of currency substitution that uses the US dollar as the substitute currency. In general terms, the use of another country’s currency by a country in place of or alongside its own…
In 2020, Nigeria’s per capita CO₂ emissions were recorded at 0.5 metric tons. With climate change and the continuous warming of the globe, Nigeria needs to transition away from its current carbon-intensive energy and industrial sectors and move towards cleaner…
E-governance refers to the use of information technology (IT) by government agencies, including Wide Area Networks, the Internet, and mobile computing. This approach can enhance relationships with individuals, businesses, and other government entities, ultimately improving services. Nigeria has been implementing…