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Income Tax: FG Exempts Minimum Wage Earners

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President Buhari has disclosed that part of the proposal of the year 2020 finance bill is to exempt the minimum wage earners from paying Personal Income Tax to reduce the impact of inflation on their purchasing power. Buhari stated this in Abuja yesterday through his Vice President, Prof. Yemi Osinbajo during the 26th Nigerian Economic Summit Group Conference which was titled: ‘Building Partnership for Resilience’.

He disclosed the initiative together with other bills contained in the Finance Bill was targeted to cushion the effect of inflation and ensure the resilience of the Nigerian economy from recuperating from the shock of the COVID-19 pandemic that left the economy shattered.

Osinbajo applauded the collaboration between the CBN, the Nigerian Sovereign Wealth Authority and other stakeholders over their idea of coming up with a construction company (Infraco) targeted to fix some of the country’s critical infrastructure.

According to him, the partnership was necessary to attract resources that would help in fixing our infrastructure, promising that they are keeping close tab with the Central Bank of Nigeria and the Nigerian Sovereign wealth Investment Authority and the state governments under the banner of National Economic Council to design and would set aside N15 trillion Infraco fund that would be independently managed.