The 2020 Finance Act recently signed into law by President Muhammadu Buhari exempts workers under the minimum wage bracket of N30,000 from personal income tax.
Making a virtual presentation of the 2021 Budget in Abuja Tuesday, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, stated that the Act, among others, exempts workers within the N30,000 minimum wage bracket from personal income tax deductions. On the 2020 Revised Budget performance, the minister said the federal government expended a total of N1.8 trillion on the execution of capital projects.
The minister explained that out of the amount spent, the sum of N118.37 billion was released for COVID-19 related capital expenditure.
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