We are proposing to exempt wage earner from tax – Buhari

November 23, 2020
61 Views

<!– Buhari –>

Buhari

By Kazeem Ugbodaga

President 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 is inculcated in the 2020 Finance Bill. 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.

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.”

You may be interested

Ebonyi brings 15-count charge against PDP spokesman
News
7 views
News
7 views

Ebonyi brings 15-count charge against PDP spokesman

Webby - January 27, 2022

Ebonyi State Government has brought a 15-count charge against the Publicity Secretary of the Peoples Democratic Party (PDP), Nwoba Chika…

AFCON 2021: Equatorial Guinea Stun Mali On Penalties, Zoom Into Quarter-Finals
Sports
3 views
Sports
3 views

AFCON 2021: Equatorial Guinea Stun Mali On Penalties, Zoom Into Quarter-Finals

Webby - January 26, 2022

Equatorial Guinea’s fairytale run at the Africa Cup of Nations continued as they sealed a dramatic 6-5 penalty shootout victory…

See complete results of Ekiti PDP governorship primary election
News
5 views
News
5 views

See complete results of Ekiti PDP governorship primary election

Webby - January 26, 2022

Spread the loveBisi Kolawole (Bisikay) has won the PDP Governorship primary election, beating Segun Oni to the second place. Kolawole,…

Leave a Comment

Your email address will not be published.