Abuja, Nigeria — The Trade Union Congress of Nigeria (TUC) has called on the federal government to increase the tax exemption threshold from the current ₦800,000 per annum, as proposed in the Tax Reforms bill, to ₦2,500,000 per annum.
In a statement released by the President of TUC, Comrade Festus Osifo, the Union emphasized that the proposed adjustment would offer significant relief to low-income Nigerians, helping to alleviate their financial burdens and enhance their disposable income amidst the nation’s challenging economic climate.
Osifo further expressed concerns about the bill’s provision to assign royalty collection in the oil and gas sector to the Nigeria Revenue Service (NRS). He warned that this move could result in revenue losses for the government, advocating instead for the Nigerian Upstream Petroleum Regulatory Commission, which possesses the required expertise, to oversee royalty collection.
The TUC President also praised the federal government for including a derivation component in the distribution of Value Added Tax (VAT) revenues across the three tiers of government.
The Trade Union Congress reaffirmed its commitment to supporting policies aimed at improving workers’ welfare and enhancing the standard of living for all Nigerians.
By Enoch Odesola| January 22, 2025