By Kassim Omomia
The House of Representatives has received the Finance Bill 2020, for consideration and passage into law from President Muhhamadu Buhari
In a correspondence read on the floor of the House by Speaker Femi Gbajabiamila, conveying details of the Bill, President Buhari explained that the Bill is to support the 2021 budget still under consideration in the National Assembly.
He said that his action was pursuant to Sections 58 and 59 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and therefore requested that the Finance Bill, be considered by the House of Representatives, for passage into law.
According to him, the Bill seeks to support the implementation of the 2021 Budget by proposing key reforms to specific taxation, customs, excise, fiscal and other laws.
He added that the Bill specifically seeks to adopt appropriate counter-cyclical fiscal policies to respond to the economic and revenue challenges precipitated by the decline in international oil prices, as well as the impact of the COVID-19 Pandemic on the Nigerian economy,
The Bill is also to reform extant Fiscal Policies to prioritise job creation, economic growth socio-economic development, domestic revenue mobilisation, as well as to foster closer coordination with Monetary and Trade Policies;
Other provisions , include: to Provide fiscal relief for taxpayers by reducing the applicable minimum tax rate for two (2) consecutive years of assessment, as well as reforming the commencement and cessation rules for small businesses:
“Propose measures to fund the Federal Government’s COVID-19 Pandemic response and introduce provisions to enhance the recovery of corporate donations towards responses to the COVID 19 Pandemic, as well as any similar crises in the future:
The Bill further aims at amending certain aspects of the Fiscal Responsibility Act, to align this Act with the 1999 Constitution (as amended), as well as to enhance fiscal efficiencies by controlling the cost-to-revenue ratios of key State and Government-Owned Enterprises, and
Similarly it is to: Amend the Public Procurement Act to implement key procurement reforms previously proposed by the National Assembly, in 2019. to extend the scope of the Act to the Federal Judiciary and Legislature accelerate procurement processes, increase mobilisation fee thresholds and provide for essential e e- procurement reforms.
He pleaded with members of the National Assembly to accelerate the consideration of the Bill and pass it onto law ,so as to support the implementation of the 2021 Federal Budget.
