President Muhammadu Buhari has announced his administration’s plan to exempt those earning the country’s minimum wage, N30,000, from paying income tax.
The president disclosed this via a thread of tweets posted on the official page of the Nigerian presidency on Monday, November 23.
The tweets read:
“We are proposing in the new Finance Act that those who earn minimum wage should be exempted from paying income tax.”
“These provisions which complement the tax breaks given to small Biz last year will not only further stimulate the economy, but are also a fulfilment of promises made to take steps to help reduce cost of transportation & the impact of inflation on ordinary Nigerians.”—@MBuhari
— Presidency Nigeria (@NGRPresident) November 23, 2020
The president explained that the proposed tax exemption will complement the tax breaks given to small businesses in the country in 2019.
According to him, the tax exemption and tax breaks are in line with his administration’s promises to reduce the cost of transportation and the impact of inflation on ordinary Nigerians.
President Buhari said the economic measures will also help to further stimulate the economy.