Category: Economics

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Types of Markets in Nigeria: Full List

Several characteristics can be used to describe the Nigerian market. Markets are referred to as souks, bazaars, shops, arcades, fairs, and flea markets. It is, by definition, an event when people get together to...

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Types of State Government Taxes in Nigeria

This page gives you pertinent information regarding the various state tax systems in Nigeria. However, every country’s progress and citizens’ satisfaction are largely dependent on how much money the government can raise. This will...

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Full List of Taxes in Nigeria

In this article, we will look at the comprehensive list of taxes that apply in Nigeria. Taxes are mandatory monetary levies imposed by a government organization on an individual or a legally established corporation...

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Top 10 Major Economic Problems Facing Nigeria (2023)

From underdevelopment to lack of proper infrastructures, these and many others are the significant economic problems facing Nigeria as a country. With the country having the largest economy in the African continent, the image...

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Bank Account: Meaning and Types

A bank account is the arrangement made with a bank which enables one to deposit and withdraw money and in some cases, be paid some interest. There are basically three types of bank accounts...

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Wages: Definition, Types, Wage Determination

Wages are rewards paid for the services of labour. That is to say, the amount paid to labour for the services it rendered during production. Types of Wages 1. Nominal Wages Nominal wages, also...

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The Nigerian Tax Law: All You Need Know

Collecting taxes are one of the ways government generates revenue for carrying out it assignments. People in the developed world know the importance of taxes and take it upon themselves to pay. For those...

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Forms of Tax: Advantages and Disadvantages

There are two major forms of tax. Direct and Indirect taxes. Direct tax is collected directly from individuals and profits of companies. The profit of direct tax is borne by the payers. Types of...

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Taxation: Features, Principles of Good Tax System

Tax may be defined as a compulsory contribution contribution imposed by a government authority on goods, individuals, corporate bodies, etc, irrespective of the exact amount of services rendered to the tax payer in return,...

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Basic Economic Problems of Society Explained

Every society irrespective of the type of economic system adopted; whether capitalism or socialism, is faced with the following basic fundamental economic problems: What To Produce Every society is faced with the first problem...

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Budget: Types, Revenue and Expenditure

A budget may be defined as a financial statement of the total estimated revenue and the proposed expenditure of a government in a given period, usually a year.  Types of Budget  1. Balanced Budget ...