Connect with us

Business

5 budgeting tips that can help you afford World travel in your 20s

Published

on

Traveling is one thing that should be experienced by everyone.


However, when people hear about traveling the world, especially at a young age, the very first thought that comes to mind is…’awwn rich kids’. Traveling the world however isn’t only meant for ‘rich kids’ as everyone can do so with the right budgeting tips.

If you are looking to travel the world in your 20s, here are five budgeting tips that can help you achieve this.

1) Work hard and save money before a trip

If you have decided to travel and visit many countries, the very first step is saving up for it. You could dedicate a year and devote yourself to every kind of job that can get you money legally.

During this period, your saving culture should be top-notch. Only spend on things that are absolutely necessary. Take up extra shifts if you can and remind yourself all this hard work will pay off when you eventually save enough to travel.

2) Research for everything cheap
If you are going to afford world travel on a budget, you need to put in the work to research for everything cheap. Take time to search for the cheapest flights. In the city, you want to visit, look out for the cheapest accommodation you can find.

Staying in hostels works so well in some countries and this is indeed a cheap form of accommodation. For feeding, it is better to avoid restaurants made for tourists, instead, find out what the locals are eating.

You can also try street foods in whatever city you are visiting.

3) Fly during the off-season

This is definitely a no-brainer. The best time to travel on a budget is to go during the off-season. If you are thinking of traveling the world in your 20s, especially to popular cities, then you should think of doing so outside valentine’s, Christmas, and every other season people love to travel.

This comes with multiple benefits such as cheaper flights, cheaper accommodation and you even get to experience the city in its natural state. Another tip is to schedule your flights on weekdays rather than weekends.

4) Apply for jobs in countries you want to visit
You can also make traveling the world in your 20s work if you apply for jobs in the countries you want to visit.

Do a search for companies recruiting in your career area, especially the ones willing to give you a work visa. You end up making money and visiting the country or city you want to visit.

5) Think remote jobs
Remote jobs can also help you afford world travel in your 20s. At least, this takes away the need to report to the office physically and gives you time to travel without having to use your annual leave.

Business

FG directs banks to deduct 0.375% stamp duty charges on all loans

Published

on

By

The Federal Government has directed commercial banks in the country to henceforth deduct and remit 0.375% on all loans disbursed by them.

The deduction is to be made on the principal loan amount, according to a message sent to customers by banks.

This comes as the government expands the net on transactions covered by the stamp duty charges from regular bank transfers to foreign transactions and now loans.

Recall that banks were also in January this year directed to deduct stamp duty on old foreign transactions between January 2021 to December 2023 by January 31, 2024. Before that, the electronic money transfer levy was only applicable to accounts receiving electronic deposits of N10,000 and above or its equivalent.

In a message sent to their customers on Wednesday notifying them of the deduction, one of the banks wrote:

“Dear Valued Customer,

“We write to inform you that the Federal Government of Nigeria has directed that all banks remit stamp duty on all loans.

“In line with this directive, 0.375% on every principal loan amount disbursed will be debited and remitted to the Federal Government of Nigeria.

“However, all existing approved loans remain unchanged and are to be fully repaid in line with the terms and conditions. We are committed to offering you exceptional service every step of the way.”

According to the Federal Inland Revenue Service (FIRS), Stamp Duty is an indirect tax in Nigeria governed by the Stamp Duties Act (SDA), CAP S8 LFN 2004 (as amended).

It is a tax charged for a stamp or seal applied on a written or electronic document which if executed, makes it a legal document and will be admissible in any court of law.

Last year, a former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, disclosed that the total revenue collected as stamp duty on behalf of the Federal Government in 6 years, between 2016 and 2022, stood at N370.686 billion.

The disclosure came amid allegations by a member of the House of Representatives, Muhammed Kazaure, who claimed that a humongous sum of N89 trillion collected as stamp duty had been allegedly stolen.

Continue Reading

Business

With N50 difference, parallel/official exchange rates near convergence

Published

on

By

The naira, on Wednesday, appreciated at the parallel section of the foreign exchange (FX) market, gaining 6.25 percent to trade at N1,350 per dollar.

Currency traders in Lagos, also known as bureau de change operators (BDCs), quoted the buying rate of the greenback at N1,300 and the selling price at N1,350 — leaving a profit margin of N50.

At the official section of the FX market, the local currency appreciated by 5.97 percent to N1,300.43/$ on Wednesday — from N1,382.95 on March 26.

At the FMDQ Exchange, a platform that oversees official FX trading in Nigeria, the naira recorded a high of N1,460 and a low of N1,200.

With a N50 difference, the official and parallel market exchange rates are nearing convergence — a situation that (at a sustained full convergence) could dry up street market patronage in favour of the official side.

On March 26, the Monetary Policy Committee of the Central Bank of Nigeria (CBN) raised the monetary policy rate (MPR) from 22.75 percent to 24.75 percent.

Speaking on the rationale behind the raise, Olayemi Cardoso, CBN governor, said the major objective of the apex bank is to manage inflation, but said the bank is not “unmindful of the impact that the interest rate increases are having”.

He said with the interest rate increases, the FX market “becomes a lot more lively” — a situation the CBN governor said is reducing the exchange rate and cost.

Continue Reading

Business

‘It’s false’ — NNPC debunks adjusting pump prices of petrol, diesel

Published

on

By

The Nigerian National Petroleum Company (NNPC) Limited says it has not adjusted the pump price of premium motor spirit (PMS), known as petrol, across its retail outlets.

There have been speculations that NNPC had reduced the price of petrol to N560 per litre — from N568.

The national oil company was also quoted as increasing the price of diesel to N920 per litre.

In a statement on Wednesday, signed by Femi Soneye, NNPC’s spokesperson, the firm denied the claims.

“NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide,” the statement reads.

“The company asserts that these reports are false and urges Nigerians to disregard them entirely.

“NNPC Ltd reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country.

On February 9, the NNPC had said there would not be any increase in the cost of petrol.

Continue Reading

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

Most Read...