If Tochi\'s gross income is 8,000,000 calculate his consolidated relief allowance Question 7Answer a. 3,780,000 b. 200,000 c. 3,600,000

The Consolidated Relief Allowance (CRA) in Nigeria is calculated using the formula: N200,000 or 1% of Gross Income (whichever is higher) + 20% of Gross Income.

Given that Tochi's gross income is N8,000,000, we can calculate his CRA as follows:

Step 1: Calculate 1% of Gross Income: 1/100 * 8,000,000 = N80,000. Since N200,000 is higher than N80,000, we take N200,000.

Step 2: Calculate 20% of Gross Income: 20/100 * 8,000,000 = N1,600,000.

Step 3: Add the results from step 1 and step 2: N200,000 + N1,600,000 = N1,800,000.

So, Tochi's Consolidated Relief Allowance is N1,800,000. None of the options (a, b, c) provided in the question match this result.