N-Power beneficiaries are currently in limbo as to the next phase of their engagement with the Federal Government. Pending when a decision would be made, the next set of N-Power beneficiaries can benefit from the Finance Bill 2020 thanks to a new provision that will be included in the Bill.
BizWatchNigeria recalls that President Muhammadu Buhari recently announced some changes to the Finance Bill 2019, which will be reviewed and implemented as Finance Bill 2020.
The Finance Bill is a tax regulation document which the government uses to generate revenue from companies and individuals in the employment market.
While the government is yet to disclose when the next batch of N-Power beneficiaries will be selected, it has already received thousands of applications.
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With a budget of NGN400 billion on N-Power and other National Social Investment Programme, the selected N-Power applicants will earn a minimum wage of N30,000 every month.
The good news is that President Buhari is poised to ensure that the current recession and rising inflation in the country does not affect workers like N-Power beneficiaries earning NGN30,000 minimum wage.
This is in order to reduce the financial burden on minimum wage earners amidst rising food cost. Therefore, such workers will be exempted from selected tax payment.
Workers in Nigeria are expected to pay Personal Income Tax from their monthly income to the government, but President Buhari has said workers receiving income at the minimum wage level – same as the N-Power – will be exempted from the Personal Income Tax.
This is to allow the workers, like N-Power beneficiaries, to have more financial capabilities to cater for themselves from next year when the Finance Bill 2020 will become effective.
