President of federal republic of Nigeria Muhammadu Buhari on Monday signed the 2019 finance bill into law.
According to an online News published by Channel Television News, “the law alongside the 2020 Budget is aimed at reforming Nigeria’s tax system to align with global best practices, support MSMEs through the Ease of Doing Business initiative.”
Sources further said the bill hopes to raise government revenues, as well as incentivize investments in infrastructure and capital markets.
Meanwhile, President Buhari has made a stunning statement after he had assented the bill.
“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 revenues.
The President also disclosed that the bill is coming on board for the first time since the commencement of democracy in the fourth republic in Nigeria.
“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, ” he noted.
Image Source: Muhammadu Buhari’s photo