• Business - Economy
  • Updated: November 24, 2020

Next N-Power Batch To Benefit From Finance Bill 2020

Next N-Power Batch To Benefit From Finance Bill 2020

The next N-Power batch will benefit from the new provision that will be included in Finance Bill 2020. President Muhammadu Buhari recently announced some changes to the Finance Bill 2019, which will be reviewed and implemented as Finance Bill 2020.

While the government haven't disclosed when the next batch will be selected, N-Power applications have already been received, with the government planning to spend NGN400 billion on N-Power and other National Social Investment Programme. The selected applicants will earn NGN30,000 as wages.

This is a minimum wage level in Nigeria, and President Buhari plans to ensure the recession and rising inflation doesn't affect workers like N-Power beneficiaries earning NGN30,000 minimum wage. In order to reduce the financial burden on minimum wage earners amidst rising food cost, these workers will be exempted from selected tax payment.

READ ALSO: Bank Loans Female N-Power Beneficiaries Can Apply For

Workers in Nigeria are expected to pay Personal Income Tax from their monthly income to the government, but President Buhari said workers receiving income at the minimum wage level - same as the N-Power - will be exempted from the Personal Income Tax bracket.

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. The Finance Bill is a tax regulation document which the government uses to generate revenue from companies and individuals in the employment market.

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