If you make ₦720,000 a year living in Nigeria, you will be taxed ₦148,373. That means that your net pay will be ₦571,627 per year, or ₦47,636 per month. Your average tax rate is 20.6% and your marginal tax rate is 24.7%. 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 ₦24.74, hence, your net pay will only increase by ₦75.26.
A ₦1,000 bonus will generate an extra ₦753 of net incomes. A ₦5,000 bonus will generate an extra ₦3,763 of net incomes.
NOTE* Withholding is calculated based on the tables of Nigeria, income tax. For simplification purposes some variables (such as marital status and others) have been assumed. This document does not represent legal authority and shall be used for approximation purposes only.