AUDEO

Did you know? Nigeria was ranked 158 of 185 countries in the 2019 Human Development Index. A 2022 World Bank report also says about 40% of Nigerians live below the national poverty line of U$1.90 per day and about 95.2 million are in poverty. Over 19.4 million Nigerians are likely to face food insecurity in 2023.

By every measure of socioeconomic progress, Nigeria is failing to develop its endowment of young people. Millions of young people have a poor quality of life, including a lack of education, low living standards and poor health outcomes.

The size and youthfulness of the population offer great potential to expand Nigeria’s capacity as the regional economic hub of Africa and globally. Leaders across every sector must invest (through health, education and industry) and adopt strong policies to create an environment where our human resource is used optimally.

How is your organisation supporting youth employment?

Hi Sherrie, as a business owner in Lagos state, you will be remitting taxes to both Lagos State and the Federal Government.

- To the FG/FIRS, you will remit VAT collected from your customers. Where you are able to, deduct the VAT you pay to your vendors from what you collect from your customers and remit the net to FIRS.
- To Lagos state, you will remit, (1) PAYE deducted from your employees, (2) WHT deducted from your vendors who are also sole proprietors like yourself and, (3) your own personal taxes.

Send us a DM with any more questions you have.

Sweet success, baked to perfection!
Our recent case study highlights the importance of bookkeeping for small businesses, just like The Cupcake Bakery️.

Thanks to accurate financial records, we were able to identify areas for improvement, make informed decisions, and ultimately achieve financial success.

Don't just take our word for it, check out their success story in this post and see how outsourcing helped The Cupcake Bakery reach new heights.