On Cowrywise, Equity Funds and Equity Portfolios are related but not the same thing. Here's a clear breakdown: Equity Funds vs Equity Portfolio (Cowrywise) 1. Equity Funds (on Cowrywise) Equity funds are individual mutual funds that invest mainly in stocks (shares) of companies. Your money is pooledRead more
On Cowrywise, Equity Funds and Equity Portfolios are related but not the same thing. Here’s a clear breakdown:
Equity Funds vs Equity Portfolio (Cowrywise)
1. Equity Funds (on Cowrywise)
Equity funds are individual mutual funds that invest mainly in stocks (shares) of companies.
Your money is pooled with other investors
Fund managers invest in stocks like banks, telecom, cement companies, etc.
Returns depend on stock market performance
High growth potential but also high risk
Cowrywise explains that aggressive funds are usually equities, meaning your money is invested in shares and the value can rise or fall daily.
Also, equity funds usually invest in large Nigerian companies and are best for long-term growth, but prices fluctuate, meaning gains and losses are possible.
Example (Equity Funds on Cowrywise)
Meristem Equity Fund
ARM Equity Fund
Stanbic IBTC Equity Fund
United Capital Equity Fund
(These are individual funds)
2. Equity Portfolio (on Cowrywise)
Equity Portfolio (also called Managed Portfolio) is a collection of multiple funds combined together.
Cowrywise explains that managed portfolios compile top-performing mutual funds into categories like:
Conservative portfolio
Balanced portfolio
Growth / Aggressive portfolio (more equities)
So instead of choosing one equity fund, Cowrywise selects and combines multiple funds for you.
Example
Equity Portfolio might contain:
30% Equity Fund A
25% Equity Fund B
20% Balanced Fund
25% Growth Fund
This gives diversification (lower risk than single equity fund).
Key Difference (Simple Table)
Feature
Equity Fund
Equity Portfolio
Structure
One fund
Multiple funds combined
Risk
Higher
Slightly lower (diversified)
Return Potential
Very high
High but more stable
Management
Fund manager
Cowrywise + fund managers
Diversification
Low
High
Which Is More Profitable?
Equity Fund → Potentially more profitable but more volatile
Equity Portfolio → More stable profits but slightly lower peak returns
Generally:
Want maximum profit (and can tolerate risk) → Equity Fund
Want balanced growth with lower risk → Equity Portfolio
Which Is More Risky?
Most risky: Equity Fund
Less risky: Equity Portfolio (because it’s diversified)
In Nigeria, Personal Income Tax (PIT) is NOT collected by the Federal Inland Revenue Service. It is primarily collected by the State Internal Revenue Service. Here is the correct breakdown according to Nigerian tax laws: Who Collects Personal Income Tax in Nigeria? 1. State Internal Revenue ServiceRead more
In Nigeria, Personal Income Tax (PIT) is NOT collected by the Federal Inland Revenue Service.
It is primarily collected by the State Internal Revenue Service.
Here is the correct breakdown according to Nigerian tax laws:
Who Collects Personal Income Tax in Nigeria?
1. State Internal Revenue Service (SIRS) — Main Authority
Under the Personal Income Tax Act (PITA):
State Internal Revenue Service is responsible for collecting Personal Income Tax from:
Employees (PAYE)
Self-employed individuals
Business owners
Professionals
Traders
For example:
Plateau State → Plateau State Internal Revenue Service
Lagos State → Lagos State Internal Revenue Service
Rivers State → Rivers State Internal Revenue Service
This means you pay your personal income tax to the state where you reside/work.
2. Federal Inland Revenue Service (FIRS) — Special Cases Only
The Federal Inland Revenue Service (FIRS) collects Personal Income Tax only for specific categories, such as:
Members of Armed Forces
Police Officers
Foreign Affairs Officers
Residents of Abuja (FCT)
This is clearly stated under Section 2 of PITA.
Summary (Simple Table)
Tax Type
Who Collects
Personal Income Tax (Workers & Businesses)
State Internal Revenue Service
Armed Forces / Police / Foreign Affairs
FIRS
Residents in Abuja (FCT)
FIRS
Important Note
Many people confuse Nigeria Tax Administration Act with Personal Income Tax Act (PITA) —
But PITA is the main law governing Personal Income Tax in Nigeria.
If you're getting "You can't fund wallet with wallet" on the InvestNaija, it usually means you're trying to fund the MMF the wrong way. Here’s what’s happening and how to fix it 👇 Why You're Seeing "You Can't Fund Wallet With Wallet" On InvestNaija, there are usually two different balances: Wallet bRead more
If you’re getting “You can’t fund wallet with wallet” on the InvestNaija, it usually means you’re trying to fund the MMF the wrong way.
Here’s what’s happening and how to fix it 👇
Why You’re Seeing “You Can’t Fund Wallet With Wallet”
On InvestNaija, there are usually two different balances:
Wallet balance (cash you funded)
Investment account (MMF / funds)
When you try to fund wallet again using wallet, the system blocks it — because you already have money in the wallet. Instead, you should invest directly, not fund again.
To file Personal Income Tax in Plateau State, you must register with the Plateau State Internal Revenue Service (PSIRS), obtain your Tax Identification Number (TIN), then submit your Annual Tax Return. The deadline is usually March 31 every year. Below is the simple step-by-step guide: Step-by-Step:Read more
To file Personal Income Tax in Plateau State, you must register with the Plateau State Internal Revenue Service (PSIRS), obtain your Tax Identification Number (TIN), then submit your Annual Tax Return. The deadline is usually March 31 every year.
Below is the simple step-by-step guide:
Step-by-Step: Plateau State Tax Registration & Annual Filing
Step 1: Register for Tax (Get Your TIN)
You can register in 2 ways:
Option A — Online Registration (Recommended)
Go to PSIRS portal
Visit: PSIRS Tax Portal
Click Self-Assessment / Registration
Enter your details:
Full name
Phone number
Address
Occupation
Income details
Submit and your Tax Identification Number (TIN) will be generated.
Option B — Register at Tax Office
You can also register physically at:
Revenue House, PLIRS
Plateau State Board of Internal Revenue HQ
Bring:
NIN or valid ID
Phone number
Address
Income information
The PSIRS office will register you and issue your TIN.
Step 2: File Your Annual Tax Return
After getting your TIN:
Go to PSIRS portal again
Login with:
TIN
Phone number
Click Self-Assessment / Annual Return
Enter:
Your yearly income
Business or salary details
Allowances (if any)
Submit your tax return online.
psirs.gov.ng
Step 3: Pay Your Tax (If Applicable)
If you earn low income, your tax may be very small or zero
After filing, system shows amount (if any)
If You Want Help (Optional)
You can also get help from nearby tax professionals:
You can file your Abia State Personal Income Tax even if you can’t find the website. I’ll guide you step-by-step and help you avoid penalty. ✅ Official Abia State Tax Website You can file or get help here: Official Portal: Abia State Tax Portal Contact page: Contact Abia State IRS The Abia State IntRead more
You can file your Abia State Personal Income Tax even if you can’t find the website. I’ll guide you step-by-step and help you avoid penalty.
✅ Official Abia State Tax Website
You can file or get help here:
Official Portal: Abia State Tax Portal
Contact page: Contact Abia State IRS
The Abia State Internal Revenue Service is responsible for tax filing in Abia State.
🧾 How To File Abia State Tax (Step-by-Step)
Step 1 — Register / Get Tax ID
Go to the portal and:
Register your account
Get your TIN (Tax Identification Number)
You will need:
Name
Phone number
Address
Occupation
Step 2 — Fill Annual Return
Provide:
Your income
Your occupation
Your estimated earnings
Deadline is usually March 31 every year to avoid penalty.
This error usually happens when you're trying to fund the wallet again instead of funding the MMF directly. The message "You can't fund your wallet with wallet" means: You already have money in your wallet But you're clicking "Fund Wallet" instead of "Invest in MMF" / "Top-up MMF" So the system thinRead more
This error usually happens when you’re trying to fund the wallet again instead of funding the MMF directly.
The message “You can’t fund your wallet with wallet” means:
You already have money in your wallet
But you’re clicking “Fund Wallet” instead of “Invest in MMF” / “Top-up MMF”
So the system thinks you’re trying to move money from wallet → wallet, which is not allowed.
✅ How to Fix It (Step-by-Step)
Try this:
Step 1
Go to MMF (Money Market Fund)
Step 2
Click:
Top up
Invest
Add funds (Depends on the app wording)
Step 3
Choose Wallet as payment method
Step 4
Enter amount → Confirm
Why It Worked Before
The first time:
You probably funded MMF directly
Not the wallet
Now:
You funded wallet first
Then mistakenly clicked fund wallet again
Another Possible Cause
Sometimes this also happens if:
App is lagging
Session expired
App needs update
Try:
Close app
Reopen
Try again
Quick question so I guide you correctly: Which app are you using?
If you're a driver using a hire-purchase vehicle, your Personal Income Tax (PIT) is based only on your own income, not the vehicle owner's money. Here’s how it works clearly: 🚗 Hire-Purchase Driver — Do You Pay Tax on Owner’s Money? No. You only pay tax on your profit, not the total money you generaRead more
If you’re a driver using a hire-purchase vehicle, your Personal Income Tax (PIT) is based only on your own income, not the vehicle owner’s money.
Here’s how it works clearly:
🚗 Hire-Purchase Driver — Do You Pay Tax on Owner’s Money?
No.
You only pay tax on your profit, not the total money you generate.
Example
Let’s say in a month:
You make from driving = ₦400,000
You pay vehicle owner (hire purchase) = ₦250,000
Fuel + maintenance = ₦80,000
Your taxable income = ₦400,000 − ₦250,000 − ₦80,000 = ₦70,000
You pay tax on ₦70,000 only, not ₦400,000.
This is allowed under the Personal Income Tax Act Nigeria — you are taxed on net income, not gross income.
📋 How To File Your Tax as a Driver (Step-by-Step)
Since you’re self-employed, follow this:
Step 1: Get Your Tax ID (TIN)
Register with your State Internal Revenue Service
Example:
Rivers State → Rivers State Internal Revenue Service
To correctly file your Personal Income Tax in Osun State online, follow this simple step-by-step guide below. First, your tax is handled by the Osun Internal Revenue Service (OIRS), which allows online filing, submission, and tax payment without visiting their office. Step-by-Step: How To File PersoRead more
To correctly file your Personal Income Tax in Osun State online, follow this simple step-by-step guide below.
First, your tax is handled by the Osun Internal Revenue Service (OIRS), which allows online filing, submission, and tax payment without visiting their office.
Step-by-Step: How To File Personal Income Tax in Osun State (Online)
Step 1: Get Your Tax ID (TIN)
Before filing, make sure you have:
Tax Identification Number (TIN)
Personal details
Income details
You can apply for TIN online through the Osun tax portal.
Yes — when you see "No Market" on Bamboo for Nigerian stocks, it usually means the Nigerian stock market is closed, not that the companies are unavailable. Why You're Seeing "No Market" Nigerian Exchange Group has specific trading hours: Nigerian Stock Market Trading Hours Monday – Friday 10:00 AM –Read more
Yes — when you see “No Market” on Bamboo for Nigerian stocks, it usually means the Nigerian stock market is closed, not that the companies are unavailable.
Why You’re Seeing “No Market”
Nigerian Exchange Group has specific trading hours:
Nigerian Stock Market Trading Hours
Monday – Friday
10:00 AM – 2:30 PM (Nigerian time)
Closed on:
Weekends
Public holidays
After trading hours
If you open Bamboo:
Before 10:00 AM → No Market
After 2:30 PM → No Market
Weekend → No Market
How to Know If a Company Is Open for Investment
Check these indicators inside Bamboo:
Market Open
You’ll see Buy / Sell button active
Prices updating live
Market status: Open
Market Closed
“No Market”
“Market Closed”
Buy/Sell greyed out
Pro Tip (Important)
You can still place orders when market is closed:
Your order will be queued
It executes automatically when market opens (10:00 AM)
Also, from your earlier message, you mentioned you’re in Ghana before and couldn’t see Nigerian stocks.
Another possible reason for “No Market” is:
Nigerian stocks may still be disabled on your account
Or Bamboo hasn’t activated NGX access for your region
Try this:
Update the app
Check “Market” tab
Switch between US / Nigeria markets
Contact Bamboo support if still showing “No Market”
Yes — you should still file your tax return for 2025, even if you only worked 4 months and earned less than ₦300,000. Here’s why: 1. Filing Tax Is Different From Paying Tax Under Nigeria’s Personal Income Tax Act (Nigeria), every taxable adult is expected to file an annual tax return, even if: YourRead more
Yes — you should still file your tax return for 2025, even if you only worked 4 months and earned less than ₦300,000.
Here’s why:
1. Filing Tax Is Different From Paying Tax
Under Nigeria’s Personal Income Tax Act (Nigeria), every taxable adult is expected to file an annual tax return, even if:
Your income is very small
You worked for only part of the year
You ended up owing zero tax
So in your case:
Income ≈ ₦300,000
After reliefs, your tax payable will likely be ₦0
But you still need to file (called Nil Return or Zero Tax Filing)
What Is the Difference Between Equity Funds and Equity Portfolios on Cowrywise in Nigeria?
On Cowrywise, Equity Funds and Equity Portfolios are related but not the same thing. Here's a clear breakdown: Equity Funds vs Equity Portfolio (Cowrywise) 1. Equity Funds (on Cowrywise) Equity funds are individual mutual funds that invest mainly in stocks (shares) of companies. Your money is pooledRead more
On Cowrywise, Equity Funds and Equity Portfolios are related but not the same thing. Here’s a clear breakdown:
Equity Funds vs Equity Portfolio (Cowrywise)
1. Equity Funds (on Cowrywise)
Equity funds are individual mutual funds that invest mainly in stocks (shares) of companies.
Your money is pooled with other investors
Fund managers invest in stocks like banks, telecom, cement companies, etc.
Returns depend on stock market performance
High growth potential but also high risk
Cowrywise explains that aggressive funds are usually equities, meaning your money is invested in shares and the value can rise or fall daily.
Also, equity funds usually invest in large Nigerian companies and are best for long-term growth, but prices fluctuate, meaning gains and losses are possible.
Example (Equity Funds on Cowrywise)
Meristem Equity Fund
ARM Equity Fund
Stanbic IBTC Equity Fund
United Capital Equity Fund
(These are individual funds)
2. Equity Portfolio (on Cowrywise)
Equity Portfolio (also called Managed Portfolio) is a collection of multiple funds combined together.
Cowrywise explains that managed portfolios compile top-performing mutual funds into categories like:
Conservative portfolio
Balanced portfolio
Growth / Aggressive portfolio (more equities)
So instead of choosing one equity fund, Cowrywise selects and combines multiple funds for you.
Example
Equity Portfolio might contain:
30% Equity Fund A
25% Equity Fund B
20% Balanced Fund
25% Growth Fund
This gives diversification (lower risk than single equity fund).
Key Difference (Simple Table)
Feature
Equity Fund
Equity Portfolio
Structure
One fund
Multiple funds combined
Risk
Higher
Slightly lower (diversified)
Return Potential
Very high
High but more stable
Management
Fund manager
Cowrywise + fund managers
Diversification
Low
High
Which Is More Profitable?
Equity Fund → Potentially more profitable but more volatile
Equity Portfolio → More stable profits but slightly lower peak returns
Generally:
Want maximum profit (and can tolerate risk) → Equity Fund
Want balanced growth with lower risk → Equity Portfolio
Which Is More Risky?
Most risky: Equity Fund
Less risky: Equity Portfolio (because it’s diversified)
My Recommendation (Based on Most Investors)
Since you’re asking about profitability and risk:
Beginner → Equity Portfolio
Intermediate → Mix of both
Aggressive investor → Equity Fund
If you’d like, I can also:
Show best equity funds on Cowrywise currently
Compare Cowrywise vs Piggyvest equity options
Tell you expected yearly returns
See lessUnder the Nigeria Tax Administration Act, Who Collects Personal Income Tax: FIRS or State Internal Revenue Service?
In Nigeria, Personal Income Tax (PIT) is NOT collected by the Federal Inland Revenue Service. It is primarily collected by the State Internal Revenue Service. Here is the correct breakdown according to Nigerian tax laws: Who Collects Personal Income Tax in Nigeria? 1. State Internal Revenue ServiceRead more
In Nigeria, Personal Income Tax (PIT) is NOT collected by the Federal Inland Revenue Service.
It is primarily collected by the State Internal Revenue Service.
Here is the correct breakdown according to Nigerian tax laws:
Who Collects Personal Income Tax in Nigeria?
1. State Internal Revenue Service (SIRS) — Main Authority
Under the Personal Income Tax Act (PITA):
State Internal Revenue Service is responsible for collecting Personal Income Tax from:
Employees (PAYE)
Self-employed individuals
Business owners
Professionals
Traders
For example:
Plateau State → Plateau State Internal Revenue Service
Lagos State → Lagos State Internal Revenue Service
Rivers State → Rivers State Internal Revenue Service
This means you pay your personal income tax to the state where you reside/work.
2. Federal Inland Revenue Service (FIRS) — Special Cases Only
The Federal Inland Revenue Service (FIRS) collects Personal Income Tax only for specific categories, such as:
Members of Armed Forces
Police Officers
Foreign Affairs Officers
Residents of Abuja (FCT)
This is clearly stated under Section 2 of PITA.
Summary (Simple Table)
Tax Type
Who Collects
Personal Income Tax (Workers & Businesses)
State Internal Revenue Service
Armed Forces / Police / Foreign Affairs
FIRS
Residents in Abuja (FCT)
FIRS
Important Note
Many people confuse Nigeria Tax Administration Act with Personal Income Tax Act (PITA) —
But PITA is the main law governing Personal Income Tax in Nigeria.
See lessHow Can I Buy Money Market Funds on the InvestNaija App in Nigeria?
If you're getting "You can't fund wallet with wallet" on the InvestNaija, it usually means you're trying to fund the MMF the wrong way. Here’s what’s happening and how to fix it 👇 Why You're Seeing "You Can't Fund Wallet With Wallet" On InvestNaija, there are usually two different balances: Wallet bRead more
If you’re getting “You can’t fund wallet with wallet” on the InvestNaija, it usually means you’re trying to fund the MMF the wrong way.
Here’s what’s happening and how to fix it 👇
Why You’re Seeing “You Can’t Fund Wallet With Wallet”
On InvestNaija, there are usually two different balances:
Wallet balance (cash you funded)
Investment account (MMF / funds)
When you try to fund wallet again using wallet, the system blocks it — because you already have money in the wallet. Instead, you should invest directly, not fund again.
Correct Way to Buy MMF on InvestNaija
Follow these steps:
Step-by-Step
Open InvestNaija App
Go to Invest / InvestIN
Select Money Market Fund (MMF)
Click Invest / Buy
Choose Wallet balance as payment method
Enter amount
Confirm investment
That’s it.
If It Still Doesn’t Work (Common Reasons)
You may see that error if:
Minimum investment amount not reached
Wallet funds still pending/processing
You’re clicking “Fund” instead of “Invest”
Account not fully verified (KYC incomplete)
App bug (common with some users)
Quick Fix (Try These Now)
Log out and log in again
Update the app
Wait 10–30 minutes after funding
Try clicking Invest instead of Fund Wallet
If It Still Fails
Contact support:
In-app chat
Email: support@investnaija.com
InvestNaija is powered by Chapel Hill Denham, and offers regulated investment funds including money market funds.
See lessHow Do I Register for Personal Income Tax in Plateau State Nigeria With the State Internal Revenue Service?
To file Personal Income Tax in Plateau State, you must register with the Plateau State Internal Revenue Service (PSIRS), obtain your Tax Identification Number (TIN), then submit your Annual Tax Return. The deadline is usually March 31 every year. Below is the simple step-by-step guide: Step-by-Step:Read more
To file Personal Income Tax in Plateau State, you must register with the Plateau State Internal Revenue Service (PSIRS), obtain your Tax Identification Number (TIN), then submit your Annual Tax Return. The deadline is usually March 31 every year.
Below is the simple step-by-step guide:
Step-by-Step: Plateau State Tax Registration & Annual Filing
Step 1: Register for Tax (Get Your TIN)
You can register in 2 ways:
Option A — Online Registration (Recommended)
Go to PSIRS portal
Visit: PSIRS Tax Portal
Click Self-Assessment / Registration
Enter your details:
Full name
Phone number
Address
Occupation
Income details
Submit and your Tax Identification Number (TIN) will be generated.
Option B — Register at Tax Office
You can also register physically at:
Revenue House, PLIRS
Plateau State Board of Internal Revenue HQ
Bring:
NIN or valid ID
Phone number
Address
Income information
The PSIRS office will register you and issue your TIN.
Step 2: File Your Annual Tax Return
After getting your TIN:
Go to PSIRS portal again
Login with:
TIN
Phone number
Click Self-Assessment / Annual Return
Enter:
Your yearly income
Business or salary details
Allowances (if any)
Submit your tax return online.
psirs.gov.ng
Step 3: Pay Your Tax (If Applicable)
If you earn low income, your tax may be very small or zero
After filing, system shows amount (if any)
If You Want Help (Optional)
You can also get help from nearby tax professionals:
Brook Fountain Consults
Sani Bookkeeping Services LLC
Nchew Consulting
They can help you file quickly (usually cheap).
Important Notes
Filing deadline: March 31 every year
Even if you earn small income → You still file
No income → file Nil Return (very important)
See lessHow do I file personal income tax in Abia State, Nigeria as an individual taxpayer?
You can file your Abia State Personal Income Tax even if you can’t find the website. I’ll guide you step-by-step and help you avoid penalty. ✅ Official Abia State Tax Website You can file or get help here: Official Portal: Abia State Tax Portal Contact page: Contact Abia State IRS The Abia State IntRead more
You can file your Abia State Personal Income Tax even if you can’t find the website. I’ll guide you step-by-step and help you avoid penalty.
✅ Official Abia State Tax Website
You can file or get help here:
Official Portal: Abia State Tax Portal
Contact page: Contact Abia State IRS
The Abia State Internal Revenue Service is responsible for tax filing in Abia State.
🧾 How To File Abia State Tax (Step-by-Step)
Step 1 — Register / Get Tax ID
Go to the portal and:
Register your account
Get your TIN (Tax Identification Number)
You will need:
Name
Phone number
Address
Occupation
Step 2 — Fill Annual Return
Provide:
Your income
Your occupation
Your estimated earnings
Deadline is usually March 31 every year to avoid penalty.
Step 3 — Submit & Pay (If Any)
Some low-income earners pay very small tax
Some pay ₦0 depending on income
📍 If Website Is Not Working (Use Office Instead)
You can also visit any Abia tax office:
Main Office
Abia State Internal Revenue Service (Umuahia)
Aba Office
Abia State Internal Revenue Service (Aba)
Alternative Tax Office
Abia State Board of Internal Revenue
These offices can:
Register you
File your tax
Remove penalty if you’re new
⚠️ Important (You May Not Pay Penalty)
If:
This is your first time filing
Your income is small
They usually waive penalty if you explain.
See lessWhy Am I Getting “You Can’t Fund Your Wallet With Wallet” Error When Investing in MMF in Nigeria?
This error usually happens when you're trying to fund the wallet again instead of funding the MMF directly. The message "You can't fund your wallet with wallet" means: You already have money in your wallet But you're clicking "Fund Wallet" instead of "Invest in MMF" / "Top-up MMF" So the system thinRead more
This error usually happens when you’re trying to fund the wallet again instead of funding the MMF directly.
The message “You can’t fund your wallet with wallet” means:
You already have money in your wallet
But you’re clicking “Fund Wallet” instead of “Invest in MMF” / “Top-up MMF”
So the system thinks you’re trying to move money from wallet → wallet, which is not allowed.
✅ How to Fix It (Step-by-Step)
Try this:
Step 1
Go to MMF (Money Market Fund)
Step 2
Click:
Top up
Invest
Add funds (Depends on the app wording)
Step 3
Choose Wallet as payment method
Step 4
Enter amount → Confirm
Why It Worked Before
The first time:
You probably funded MMF directly
Not the wallet
Now:
You funded wallet first
Then mistakenly clicked fund wallet again
Another Possible Cause
Sometimes this also happens if:
App is lagging
Session expired
App needs update
Try:
Close app
Reopen
Try again
Quick question so I guide you correctly: Which app are you using?
Cowrywise
PiggyVest
InvestNaija
Or another one?
Tell me and I’ll give exact steps for your app.
See lessHow Can a Commercial Driver in Nigeria File Personal Income Tax on a Hire Purchase Vehicle?
If you're a driver using a hire-purchase vehicle, your Personal Income Tax (PIT) is based only on your own income, not the vehicle owner's money. Here’s how it works clearly: 🚗 Hire-Purchase Driver — Do You Pay Tax on Owner’s Money? No. You only pay tax on your profit, not the total money you generaRead more
If you’re a driver using a hire-purchase vehicle, your Personal Income Tax (PIT) is based only on your own income, not the vehicle owner’s money.
Here’s how it works clearly:
🚗 Hire-Purchase Driver — Do You Pay Tax on Owner’s Money?
No.
You only pay tax on your profit, not the total money you generate.
Example
Let’s say in a month:
You make from driving = ₦400,000
You pay vehicle owner (hire purchase) = ₦250,000
Fuel + maintenance = ₦80,000
Your taxable income = ₦400,000 − ₦250,000 − ₦80,000 = ₦70,000
You pay tax on ₦70,000 only, not ₦400,000.
This is allowed under the Personal Income Tax Act Nigeria — you are taxed on net income, not gross income.
📋 How To File Your Tax as a Driver (Step-by-Step)
Since you’re self-employed, follow this:
Step 1: Get Your Tax ID (TIN)
Register with your State Internal Revenue Service
Example:
Rivers State → Rivers State Internal Revenue Service
Or national portal → Joint Tax Board Nigeria
You will need:
Name
Phone number
Address
Occupation (Driver)
Step 2: Estimate Your Annual Income
Calculate:
Total earnings (year)
Minus hire purchase payments
Minus expenses (fuel, repairs, union dues)
This gives your taxable income
Step 3: Fill Personal Income Tax Return
You’ll submit:
Income estimate
Occupation (Commercial driver)
Expenses
Net income
Step 4: Pay Small Tax (If Income Is Low)
Nigeria gives relief called: Consolidated Relief Allowance (CRA)
So if your income is small, your tax may be:
Very small
Or sometimes ₦0
👍 Good News for Drivers
Government usually:
Uses presumptive tax for drivers
Charges small fixed yearly tax (sometimes ₦5k–₦20k depending on state)
This makes it easier for drivers.
⚠️ Important Tip
Keep simple records:
Daily income
Fuel
Owner payment
Repairs
Even writing in a small notebook is enough.
Since you’re working as a security personnel (from your profile) and also doing driving as side hustle, you may need to:
File salary tax (PAYE) from security job
File self-employed tax for driving
But don’t worry — this is normal.
See lessHow Do I correctly file my personal income tax in Osun state?
To correctly file your Personal Income Tax in Osun State online, follow this simple step-by-step guide below. First, your tax is handled by the Osun Internal Revenue Service (OIRS), which allows online filing, submission, and tax payment without visiting their office. Step-by-Step: How To File PersoRead more
To correctly file your Personal Income Tax in Osun State online, follow this simple step-by-step guide below.
First, your tax is handled by the Osun Internal Revenue Service (OIRS), which allows online filing, submission, and tax payment without visiting their office.
Step-by-Step: How To File Personal Income Tax in Osun State (Online)
Step 1: Get Your Tax ID (TIN)
Before filing, make sure you have:
Tax Identification Number (TIN)
Personal details
Income details
You can apply for TIN online through the Osun tax portal.
Step 2: Visit Osun State Tax Filing Portal
Go to the official annual return page:
This is where you:
Download tax return form
Upload completed form
Submit online
Step 3: Download Annual Tax Return Form
On the page:
Download Annual Return Template (Excel)
Fill your details:
Name
Address
Employer (if employed)
Income for 2025
Tax deducted (if any
Step 4: Fill Your Income Details
You will fill:
Salary income
Business income (if any)
Other income (side hustle, freelance, etc.)
Then calculate:
Gross Income
Relief Allowance
Taxable Income
Step 5: Upload Your Completed Form
After filling:
Upload the Excel file on the same page
OR
Send via email to:
irsosun@gmail.co
Step 6: Pay Tax (If Applicable)
If tax is payable:
You will receive payment details
Pay online or via bank
Get Automated Revenue Receipt
Deadline (Important)
Personal Income Tax Deadline: March 31
You must file even if you earned little or no income
Documents You Should Prepare
Before filing, keep ready:
TIN (Tax ID)
Valid ID (NIN, Voter’s card, etc.)
Salary info or payslip
Bank details
Employer details (if employed)
If You Need Help (Optional)
You can also contact:
Osun Internal Revenue Service
Osun Internal Revenue Service Ife East Tax Office
Osun State Internal Revenue Services
They can assist remotely via phone/email.
See lessWhy Does Bamboo Show “No Market” for Nigerian Stocks on the NGX?
Yes — when you see "No Market" on Bamboo for Nigerian stocks, it usually means the Nigerian stock market is closed, not that the companies are unavailable. Why You're Seeing "No Market" Nigerian Exchange Group has specific trading hours: Nigerian Stock Market Trading Hours Monday – Friday 10:00 AM –Read more
Yes — when you see “No Market” on Bamboo for Nigerian stocks, it usually means the Nigerian stock market is closed, not that the companies are unavailable.
Why You’re Seeing “No Market”
Nigerian Exchange Group has specific trading hours:
Nigerian Stock Market Trading Hours
Monday – Friday
10:00 AM – 2:30 PM (Nigerian time)
Closed on:
Weekends
Public holidays
After trading hours
If you open Bamboo:
Before 10:00 AM → No Market
After 2:30 PM → No Market
Weekend → No Market
How to Know If a Company Is Open for Investment
Check these indicators inside Bamboo:
Market Open
You’ll see Buy / Sell button active
Prices updating live
Market status: Open
Market Closed
“No Market”
“Market Closed”
Buy/Sell greyed out
Pro Tip (Important)
You can still place orders when market is closed:
Your order will be queued
It executes automatically when market opens (10:00 AM)
Also, from your earlier message, you mentioned you’re in Ghana before and couldn’t see Nigerian stocks.
Another possible reason for “No Market” is:
Nigerian stocks may still be disabled on your account
Or Bamboo hasn’t activated NGX access for your region
Try this:
Update the app
Check “Market” tab
Switch between US / Nigeria markets
Contact Bamboo support if still showing “No Market”
See lessDo I Need to File Personal Income Tax in Nigeria If I Earned Less Than ₦300,000 in a Year?
Yes — you should still file your tax return for 2025, even if you only worked 4 months and earned less than ₦300,000. Here’s why: 1. Filing Tax Is Different From Paying Tax Under Nigeria’s Personal Income Tax Act (Nigeria), every taxable adult is expected to file an annual tax return, even if: YourRead more
Yes — you should still file your tax return for 2025, even if you only worked 4 months and earned less than ₦300,000.
Here’s why:
1. Filing Tax Is Different From Paying Tax
Under Nigeria’s Personal Income Tax Act (Nigeria), every taxable adult is expected to file an annual tax return, even if:
Your income is very small
You worked for only part of the year
You ended up owing zero tax
So in your case:
Income ≈ ₦300,000
After reliefs, your tax payable will likely be ₦0
But you still need to file (called Nil Return or Zero Tax Filing)
2. Why You Should Still File
Filing protects you from:
Penalties for non-filing
Problems when applying for loans
Issues when switching jobs
Problems with tax clearance certificate (TCC)
This is important especially if you plan to:
Work in government
Do business contracts
Apply for visas
Get financial services
3. Why You Likely Won’t Pay Any Tax
Nigeria gives a Consolidated Relief Allowance:
₦200,000 OR 1% of income (whichever is higher)
PLUS 20% of your gross income
For ₦300,000 income:
Relief will wipe out your taxable income
Meaning Tax = ₦0
4. Deadline (Important)
Annual tax filing deadline in Nigeria is usually:
March 31, 2026 (for 2025 income)
So it’s good you’re asking now.
Simple Summary
Worked 4 months? → Still file
Earned less than ₦300,000? → Still file
Will you pay tax? → Probably No
Should you ignore it? → No
See less