The House of Representatives has passed the Finance Bill 2020 for second reading.
The bill passed on Thursday was titled, ‘A Bill for an Act to Amend the Capital Gains Tax Act, Companies Income Tax Act, Personal Income Tax Act, Tertiary Education Trust Fund (Establishment) Act, Customs and Excise Tariff, Etc. (Consolidated) Act, Value Added Tax Act, Federal Inland Revenue Services (Establishment) Act, Nigerian Export Processing Zone Act, Oil and Gas Export Free Zone Act, Fiscal Responsibility Act, Companies and Allied Matters Act 2020, and the Public Procurement Act.’
The President, Major General Muhammadu Buhari (retd.), had passed the Finance Bill 2020 to the National Assembly for consideration along with the 2021 Appropriation Bill before the parliament.
The Majority Leader, Alhassan Ado-Doguwa, who led the debate on the executive bill, said in part, “Like you have all seen, this is a bill that intends to actually bring us up to date. Nigeria’s economy is under the challenging situation. We need to revisit and review some of our legal frameworks especially with respect to our financial management. Doing what we are doing today will definitely provide economic windows for the country and economic development.”
Lynda Ikpeazu, seconding the motion for the bill second reading, also said, “There are no new taxes, it is all to encourage ease of doing business in Nigeria and we all know how the economy is right now. So, we all need all the assistance that we can give so that we can have more investments, so we can have more people do business and create employment.”
The Speaker of the House of Representatives, Femi Gbajabiamila, also on Thursday, inaugurated a conference committee to balance versions of the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper passed the Senate and the House.