President Muhammadu Buhari has said that the 2020 Finance Bill exempts earners of minimum wage from paying taxes.
Buhari disclosed this on Monday in a speech delivered virtually by Vice President Yemi Osinbajo at the opening session of the 26th Nigerian Economic Summit Group Conference themed: “Building Partnerships for Resilience.”
Muhammadu Buhari has said his administration is proposing to exempt minimum wage earner from personal income tax.
The new move by the Buhari’s government when passed into law, minimum wage earners will be exempted from tax.
“We are proposing in the new Finance Act that those who earn minimum wage should be exempted from paying income tax.” Buhari said.
The president said these provisions which complemented the tax breaks given to small businesses last year, would not only further stimulate the economy, but were also a fulfillment of promises made to take steps to help reduce cost of transportation and the impact of inflation on ordinary Nigerians.
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He said his government was working with the Central Bank of Nigeria, the Nigerian Sovereign Investment Authority and state governments under the auspice of the National Economic Council to design and put in place N15 trillion Infraco Fund which would be independently managed.
In his words: “These provisions which complement the tax breaks given to small Biz last year will not only further stimulate the economy, but are also a fulfillment of promises made to take steps to help reduce cost of transportation & the impact of inflation on ordinary Nigerians.
”We are working actively with Central Bank, Nigerian Sovereign Investment Authority and State Governments under the auspices of the National Economic Council to design & put in place a N15 trillion Infraco Fund which will be independently managed.
“The Infraco Fund will help to close the national infrastructural gap and provide a firm basis for increasing national economic productivity and growth