Nigeria: 2020 Finance Bill - Minimum Wage Earners Exempted From Tax

File photo of members of the Nigeria Labour Congress protesting over non-implementation of the new minimum wage in Calabar.
24 November 2020

President Muhammadu Buhari says the 2020 Finance Bill is proposing the exemption of minimum wage earners from the Personal Income Tax in order to reduce the impact of inflation on Nigerians

He spoke in Abuja yesterday through Vice President Yemi Osinbajo at the opening session of the 26th Nigerian Economic Summit Group Conference themed: 'Building Partnerships for Resilience'.

He said these incentives coupled with other items in the bill and various economic policies of the Federal Government would ensure the resilience of the Nigerian economy to exogenous shocks.

He also spoke on the collaboration between the CBN, the Nigerian Sovereign Wealth Investment Authority and other stakeholders in the creation of an Infrastructure Company (Infraco) Fund to address some of the nation's critical infrastructure needs.

"It goes without saying that partnerships remain essential to attract the resources for building a solid national infrastructural base. I'm pleased to inform you in this regard that we're working actively with the Central Bank, Nigerian Sovereign Investment Authority and State Governments under the auspices of the National Economic Council to design and put in place a N15trn Infraco Fund which will be independently managed.

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