BY GRACE ANYANWU, ABUJA – President Muhammadu Buhari has signed the Finance Bill into law to support the implementation of the 2020 budget.

The President disclosed this on Monday via his Twitter handle saying; “I am pleased to announce that this morning I signed into Law the Finance Bill, 2019.

He stated that; “This is the first time, since the return of democracy in 1999, that a Federal Budget is being accompanied by 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 Ninth 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,” the president tweeted.

Confirming this in a statement in Abuja, Special Adviser to the President on Media and Publicity, Femi Adesina said the development is sequel to the National Assembly passage and subsequent forwarding of the Bill to the President for assent.

According to him, President Buhari, while presenting the 2020 Appropriation Bill to the National Assembly, had also laid the Finance Bill before the lawmakers, saying; “This Finance Bill has five strategic objectives, in terms of achieving incremental, but necessary, changes to our fiscal laws.

“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,” the President 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.

See the President’s tweets below:

Muhammadu Buhari

@MBuhari
I am pleased to announce that this morning I signed into Law the Finance Bill, 2019.

3,680
12:19 PM – Jan 13, 2020
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1,671 people are talking about this

Muhammadu Buhari

@MBuhari
· 3h
I am pleased to announce that this morning I signed into Law the Finance Bill, 2019.

Muhammadu Buhari

@MBuhari
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 revenues.

570
12:23 PM – Jan 13, 2020
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258 people are talking about this

Muhammadu Buhari

@MBuhari
· 3h
Replying to @MBuhari
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 revenues.

Muhammadu Buhari

@MBuhari
This is the first time, since the return of democracy in 1999, that a Federal Budget is being accompanied by 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.

642
12:34 PM – Jan 13, 2020
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216 people are talking about this

Muhammadu Buhari

@MBuhari
· 2h
Replying to @MBuhari
This is the first time, since the return of democracy in 1999, that a Federal Budget is being accompanied by 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.

Muhammadu Buhari

@MBuhari
I thank the leadership and members of the Ninth 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. – With agency reports

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