The individual income tax ranges from 7% to 24%. Income tax is calculated based on income tax bands.
Gross Annual Income (NGN) | Tax Rate (%) |
---|---|
Up to 300,000 | 7% |
Up to 600,000 | 11% |
Up to 1,110,000 | 15% |
Up to 1,600,000 | 19% |
Up to 3,200,000 | 21% |
Over 3,200,000 | 24% |
The employer cost is generally estimated at 12.0% of the employee salary.
Overtime payment is not mandatory. Hours outside of standard work hours are considered overtime. There are no maximum working hours. There is no rate of pay for overtime specified by law, rather it is based on the employer’s discretion.
Standard working hours are 8 hours per day, 40 hours per week. The standard workweek is from Monday to Friday.