Nigeria’s Buhari signs Finance Bill into law

0
442

President Muhammadu Buhari on Monday signed the 2020 Finance Bill into law.

Mr Femi Adesina, the Special Adviser to the President on Media and Publicity, confirmed this development in a statement in Abuja

According to the presidential aide, this is sequel to its passage by the National Assembly and subsequent forwarding by the legislature to the President for assent.

It would be recalled that President Buhari, while presenting the 2020 Appropriation Bill to the National Assembly, had also presented the Finance Bill and said: “This Finance Bill has five strategic objectives, in terms of achieving incremental, but necessary, changes to our fiscal laws.

Read Also; Buhari raises inter-ministerial steering committee on Mambila project
“These objectives are; promoting fiscal equity by mitigating instances of regressive taxation; Reforming domestic tax laws to align with global best practices;

Others are; Introducing tax incentives for investments in infrastructure and capital markets; Supporting Micro, Small and Medium-sized businesses in line with our Ease of Doing Business Reforms; and Raising Revenues for Government.

“The draft Finance Bill proposes an increase of the VAT rate from five per cent to 7.5 per cent , as such, the 2020 Appropriation Bill is based on this new VAT rate,” he said.

With the assent, according to Adesina, there would be more revenue to finance key government projects especially in the areas of health, education and critical infrastructure.

SHARE
Previous articleCBN’s SLF to commercial lenders hits 19.64 trillion
Next articleNew financial bill: Why 7.5 VAT Implementation will start from February 1st
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

This site uses Akismet to reduce spam. Learn how your comment data is processed.