The national assembly is considering a bill that will introduce a 50 percent tax relief for companies that increase salaries or offer transportation allowances to low-income workers.

The proposal is contained in an executive bill, titled ‘Nigeria Tax Bill 2024,’ dated October 4.

According to the bill, companies will be allowed an additional 50 percent deduction in their relevant years of assessment for costs incurred during the 2023 and 2024 calendar years.

The bill added that the qualifying expenses range from wage increases, transportation subsidies, or transport allowances granted to workers, whose gross monthly earnings are brought up to N100,000 or less.

However, the provision stipulates that any additional salary increase granted to employees earning above N100,000 monthly will not be eligible for the tax deduction.

“A company shall be entitled to an additional deduction of 50 per cent in the relevant years of assessment in respect of costs incurred in 2023 and 2024 calendar years on the following,” the document reads.

“(a) wage awards, salary increases, transportation allowance or transport subsidy granted to a low-income worker, which bring the gross monthly remuneration of the worker up to an amount not exceeding N100,000.00; provided that any additional award or salary increase to an employee earning above N100,000.00 as monthly salary shall not qualify for the additional deduction under this subsection;

“(b) salaries of any new employee constituting a net increase in the average number of new employees hired in 2023 and 2024 calendar years over and above the average net employment in the 3 preceding years, provided that such new employees are not involuntarily disengaged within a period of 3 years post-employment.”

On October 14, Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, said the personal income tax of Nigerians earning above N1.5 million will be increased under the new economic stabilisation bill.

Oyedele said people earning less than N1.5 million below would be exempted from the personal income tax (PIT).

On September 23, the federal executive council (FEC) approved the economic stabilisation bills seeking amendment of tax policies.

One of the bills offers tax relief to companies that generate incremental employment while another offers personal income relief to “people in private and public employment from N200,000 to N400,000”.

Oceangate Oil and Gas Engineering, under the leadership of Group CEO Dr. Aisha Sulaiman Achimugu, has secured a historic multi billion dollar deal with Global Petroleum Group to launch one of the Caribbean’s largest oil and gas ventures.

This transformative partnership aims to develop Grenada’s significant hydrocarbon reserves, paving the way for the island nation to emerge as a major energy hub in the Caribbean and beyond.

With a vision to fuel long-term economic growth and sustainable development, this ambitious project promises not only to elevate Grenada’s energy production capabilities but also to foster job creation, infrastructure development, and technology transfer within the local economy.

Set against the backdrop of the Caribbean’s evolving energy landscape, the venture is expected to provide unprecedented economic opportunities, delivering benefits across sectors and positioning Grenada as a key energy supplier in the region.

“We are thrilled to enter this partnership with Global Petroleum Group, which will bring substantial economic benefits and energy resources to Grenada,” said Dr. Achimugu.

“This venture underscores Oceangate’s commitment to investing in sustainable energy solutions that drive economic prosperity while respecting environmental standards.

We believe this project will lay the foundation for future economic collaborations between Africa and the Caribbean.

Umar Bago, governor of Niger, has approved N80,000 as the new minimum wage for civil servants in the state.

The governor approved the minimum wage for workers on Friday during a meeting with representatives of organised labour in Minna, the capital of Niger state.

In a statement released on his X, Bago announced that the state government had adopted N80,000 as the new minimum wage.

“In our own magnanimity as a state government, we have decided to adopt the minimum wage of N80,000 (Eighty Thousand Naira),” he said.

“In our own magnanimity as a state government, we have decided to adopt the minimum wage of N80,000 (Eighty Thousand Naira),” he said.