The Trade Union Congress of Nigeria (TUC) has called on the federal government to increase the annual tax exemption threshold from ₦800,000 to ₦2,500,000, as proposed in the Tax Reforms Bill.
In a statement, TUC President Comrade Festus Osifo emphasized the benefits of this adjustment. “It would alleviate economic hardships for Nigerians within this income bracket. Their disposable income would be boosted.
Osifo raised concerns about the proposed assignment of royalty collection to the Nigeria Revenue Service (NRS). He warned that it can lead to revenue losses.
He advocated for the Nigerian Upstream Petroleum Regulatory Commission to oversee royalty collection.
The Commission has specialized skill in the oil and gas sector.
Osifo commended the federal government. He praised them for including a derivation components in the Value Added Tax distribution. This applies across the three tiers of government.
He reaffirmed TUC’s commitment to advancing policies that improve workers’ welfare. “The goal is to enhance living conditions for all Nigerians”.
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