- President Buhari has announced a new economic measure to ease the financial burden of Nigerians not earning above the minimum wage
- The president said a new bill is being proposed to ensure those in this category do not pay income tax
- The goal, according to the president, is to ensure ordinary Nigerians are protected from the impact of inflation
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.”
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.
Nigerians react to President Buhari's plan
Blesxzoh, @Simon_Obasi, commended the president for his plan to exempt the low salary earners from paying tax.
"This is a good start. Just an extended thought:
"- After adjusting for pension & NHF, someone on minimum wage pays N300 as tax. Someone earning like N15k pays N150.
"- What if we pull the base to qualify for this exemption to N50k?"
Usman Abdullahi, @usmanuabdullahi, said:
"In this situation exemption is not a good idea. Delegate your officials to Vietnam to procure like 1000 tons of rice assume at the cost 1billion naira.
"Your Government will be able to sell it at 3billion naira and still Nigerian will be happy with that and appreciate it."
La' WURAOLA, @Lagoseye, said:
"In recent time we know ‘Nigeria Government’ is coming up with different ideas to make people believe they are working for us not against us, that is how it Work’s
"Let feel the impact of government visible not big-big grammar on tv or setting up committee every time."
Meanwhile, Zainab Ahmed, the minister of finance, budget and national planning, has stated that Nigeria is outperforming the economies of many countries around the world despite being in recession.
The minister made its disclosure on Monday, November 23, while speaking at the opening of the 26th edition of the Nigerian Economy Summit (#NES26).
She explained that Nigeria is doing well in areas such as beverage manufacturing, construction services, public administration, courier services, production, telecommunications, financial institutions and food.
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