Muslim elites in Nigeria neglect Zakat obligation despite financial planning

Only 20-40% of eligible Muslims globally pay Zakat, making it Islam's least observed pillar despite 56% of Nigeria's population being Muslim. Five leading Nigerian Zakat agencies disbursed just ₦736 million to 4,200 beneficiaries in 2024—a modest figure given the country's Muslim population.

Zakat requires payment of 2.5% on net wealth exceeding nisab threshold of ₦19.1 million (87.5g gold) held for one lunar year. Many Muslim elites who carefully plan finances, investments, and expenses fail to realize they're eligible due to wealth fragmentation across different accounts.

Proper calculation includes: adding cash, business assets, investments, and receivables, then deducting immediate liabilities like rent, bills, and dues. For example: ₦8M savings + ₦5M investments + ₦4M business assets + ₦3M receivables = ₦20M total, exceeding nisab. The challenge isn't capacity but discipline to calculate accumulated wealth properly.

SOURCE: https://www.premiumtimesng.com/opinion/861144-when-generosity-is-not-enough-by-isiaq-ajibola.html