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Nigerian House of Reps passes 2020 Finance Bill for second reading

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The Nigerian House of Representatives, on Thursday, passed for second reading, the Finance Bill 2020.

It is 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.’

Newsmen reports that President Muhammadu Buhari had transmitted Finance Bill 2020 to the National Assembly for consideration and passage along with the 2021 Appropriation Bill presently before the parliament.

Both President of the Senate, Ahmad Lawan; and Speaker of the House of Representatives, Femi Gbajabiamila, had read Buhari’s letter on December 1.

The Speaker, also on Thursday, set up a conference committee to harmonise versions of the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper passed the Senate and the House.

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