Buhari signs finance bill into law
According to Buhari, this is the first time a federal budget is being accompanied by the passage of a Finance Bill since the inception of democracy in Nigeria.
In a series of tweets, the president also thanked the leadership of the 9th National Assembly for their cooperation.
Buhari stated in the tweets, "I am pleased to announce that this morning, I signed into Law the Finance Bill, 2019.
"We introduced the Bill alongside the 2020 Budget, to:
- Reform Nigeria’s tax laws to align with global best practices;
- Support MSMEs in line with our Ease of Doing Business Reforms;
- Incentivize investments in infrastructure and capital markets;
- Raise Government revenue.
“This is the first time, since the return of democracy in 1999, that a Federal Budget is being accompanied by the passage of a Finance Bill specially designed to support its implementation and to create a truly enabling environment for business and investment by the private sector.
“I thank the leadership and members of the 9th National Assembly for the hard work and support that have gone into the passage of the landmark Deep Offshore and Inland Basin PSC Amendment Bill, and the Finance Bill; both vital to the successful implementation of the 2020 Budget.”
What you should know
The president had on October 14, 2019, submitted the Finance Bill to the joint session of the National Assembly. The bill, in less than two weeks, passed its 2nd Reading at the Senate.
The bill, amongst other things, seeks to increase government revenue; with a proposal to raise the country's Value Added Tax (VAT) from 5% to 7.5%.
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