| Annual Income (NGN) | Tax Rate |
| 0 to 300,000 | 7% |
| 300,001 to 600,000 | 11% |
| 600,001 to 1,100,000 | 15% |
| 1,100,001 to 1,600,000 | 19% |
| 1,600,001 to 3,200,000 | 21% |
| Over 3,200,000 | 24% |
- 10% is the Capital Gain Tax Rate in Nigeria
| Type of Payment | Individuals | Companies |
| Rent, Interest and Dividend | 10% | 10% |
| Directors Fees | 10% | NA |
| Hiring of Equipments | 10% | 10% |
| Royalties | 5% | 10% |
| Commission, Consultancy, Technical Services Fees | 5% | 10% |
| Management Fees | 5% | 10% |
| Construction / building (excluding survey, design and deliveries) | 5% | 10% |
| Contracts other than sales in the ordinary course of business | 5% | 10% |
| Taxable Income and Description | Tax Rate |
| Standard income tax rate on corporations | 30% |
| Manufacturing or agricultural production companies and wholly exports with turnover less than MGN 1 Million | 20% |