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No Taxes and Earning In Foreign Currency, The Double Advantage Of The Hidden Nigerian Worker

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  Tax is the most common and important government intervention to redistribute income among the population. It is an attempt to share the burden of economic growth through a progressive taxation system. The tax burden on the upper income groups is higher, and the burden is lower for lower income groups. There are many benefits of paying taxes. They help in the development and maintenance of infrastructure, like roads, and they can even help to create or maintain the institutions needed for the rule of law and the functioning of the democratic process. Taxes are the government's revenue for financing public spending, including building roads, school buildings, and hospitals, and for funding local government services, including police and fire departments, parks and playgrounds, and public libraries. [1]  So it can be a big issue when taxes for one reason or the other are not being paid as they should be. This is the case for the Hidden Nigerian Worker earning his wages in forei...
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Has The Naira Devaluation Returned?

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For the last few months the the Nigerian currency (i.e Naira) has been gradually gaining value against one of the strongest currencies in the world and the universal medium of international transaction, which is the USA dollar but it was not always so.  The year 2004 began with one ($1) dollar equal to about one thousand four hundred (#1400) Naira. Although there was no substantial justification for this and it was evident that it was a manipulative move by the bank owners and their bureau de change partners to exploit loop holes in the financial policy of the country to line their pockets, the devaluation of the Naira steadily continued until one ($1) dollar was equivalent to  one thousand eight hindered (#1800) Naira. This was when the Nigerian government finally took a stand, publicly pronounced this as a gross injustice to the Nigerian citizens feeling the brunt of the intense devaluation and took economic steps to restore the Naira to the actual value. The move by the Nig...
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Nigeria’s Reckless Devaluation of the Naira

  Devaluation is an official lowering of a country’s currency within a fixed exchange rate system. In which a monitory authority formally sets a lower exchange rate of the national currency in relation to a foreign reference currency or currency basket [1] In 1972 $1 (one dollar) was equal to ₦0.66 (zero point six, six naira)   [2] . This was one of the times when the Nigerian currency was strongest against the dollar. Things have drastically changed since then to a situation where in 2023 the current exchange rate is $1 (one dollar) to ₦768 (seven hundred and sixty eight naira). Fifty one years might seem like a sufficient amount of time for the change in the currency exchange rate, however between august 2013 to august 2023, a space of 10 years the naira has dropped by 376% (three hundred and seventy six percent) and this change in the currency exchange rate can be attributed majorly to the naira devaluation. There are certain advantages to devaluation such as, to reduce...
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