For companies that are non-resident in Nigeria, the CIT must be paid on all incomes from Nigerian sources. The corporate income tax is 30% of all profits accrued by a company during the year under assessment. There can be decreases in the rates for low-income companies and other categories. These will be discussed in the next section. 2). Income tax in Nigeria is levied at a progressive rates capped at 24%. Here are the applicable rates for personal income tax in Nigeria : Annual income (NGN): First 300,000: personal income tax rate of 7%. Next 300,000: personal income tax rate of 11%. Next 500,000: personal income tax rate of 15%. Personal income tax rate in Nigeria. In Nigeria, the rate of the PIT depends on the amount of money a person makes in one year. For the first N300,000, the levy rate is 7%. If a person makes another N300,000, then the rate increases to 11%.