Summary
If you make ₦12,240,000 a year living in Nigeria, you will be taxed ₦3,706,352. That means that your net pay will be ₦8,533,648 per year, or ₦711,137 per month. Your average tax rate is 30.3% and your marginal tax rate is 32.0%. This marginal tax rate means that your immediate additional income will be taxed at this rate. For instance, an increase of ₦100 in your salary will be taxed ₦31.98, hence, your net pay will only increase by ₦68.02.
Bonus Example
A ₦1,000 bonus will generate an extra ₦680 of net incomes. A ₦5,000 bonus will generate an extra ₦3,401 of net incomes.