Connect with us

Inside Nigeria

Buhari Signs Finance Bill Into Law

Published

on

Muhammadu Buhari
President Muhammadu Buhari on Monday signed the 2019 finance bill into law.
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.
It also hopes to raise government revenues, as well as incentivize investments in infrastructure and capital markets.
President Buhari after signing the bill into law, said: “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.”
He thanked 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.”
Both chambers of the National Assembly passed the finance bill in November while the 2020 budget in December 2019.
The finance law seeks to amend six tax provisions and make them more responsive to tax reform policies.
Meanwhile, there is an increase in Value Added Tax on specific goods and services from 5 percent to 7.5 percent; the law also affects changes in the tax provision of the Customs and Excise Tariff Act to encourage local manufacturers.
Other Acts captured include; Petroleum Profit Tax Act, Company Income Tax Act, Personal Income Tax Act, Stamp Duties Tax Act, and Capital Gains Act.
After passing the finance bill, President of the Senate, Ahmed Lawan, asked agencies of the Federal Government saddled with the responsibility of generating revenues including the Federal Inland Revenue Service, the Nigerian National Petroleum Corporation (NNPC), and the Nigeria Customs Services among others, to be more efficient in discharging their duties.
Addressing his colleagues during plenary after they shared their various perspectives on the effects of the bill on the nation and its people, the Senate President explained that the bill aims to help Nigeria generate more revenues.

Inside Nigeria

Nigeria Records 499 New COVID-19 Cases, Total Now 30,748

Published

on

Nigeria has recorded 499 new cases of coronavirus, bringing the total number of infections in the country to 30,748.

The Nigeria Centre for Disease Control (NCDC) made this known via its Twitter handle on Thursday.

“499 new cases of #COVID19; Lagos-157 Edo-59 Ondo-56 Oyo-31 Akwa Ibom-22 Borno-21 Plateau-19 Kaduna-18 Katsina-18 Bayelsa-17 FCT-17 Delta-14 Kano-11 Rivers-10 Enugu-8 Ogun-6 Kwara-4 Imo-3 Nasarawa-2 Osun-2 Abia-1 Ekiti-1 Niger-1 Yobe-1.”

499 new cases of #COVID19;

Lagos-157

Edo-59

Ondo-56

Oyo-31

Akwa Ibom-22

Borno-21

Plateau-19

Kaduna-18

Katsina-18

Bayelsa-17

FCT-17

Delta-14

Kano-11

Rivers-10

Enugu-8

Ogun-6

Kwara-4

Imo-3

Nasarawa-2

Osun-2

Abia-1

Ekiti-1

Niger-1

Yobe-1

30748 confirmed

12546 discharged

689 deaths

Continue Reading

Inside Nigeria

WAEC Can’t Determine When Schools Will Reopen — FG

Published

on

Minister of Education, Adamu Adamu, has said that Nigerian schools will not reopen any time soon until it is safe to do so because of the COVID-19 pandemic.

He has therefore said that final year students preparing for the Senior Secondary Certificate Examination (SSCE) will not be allowed to return to school contrary to what had earlier been believed.

Addressing State House correspondents after the virtual meeting of the Federal Executive Council (FEC) in Abuja on Wednesday, Adamu stated that the West African Examinations Council (WAEC) cannot determine the resumption date of schools for Nigeria.

He said he would prefer that Nigerian students lose an academic year than to expose them to dangers.

He appealed to States that have announced the resumption of school in their states to reconsider their position so as not to jeopardize the lives of the students, adding, “It is not safe to reopen schools now.”

Continue Reading

Inside Nigeria

BREAKING: Nigerian Students Won’t Write 2020 WAEC — FG Declares

Published

on

Final year secondary school students in Nigeria won’t participate in the forthcoming West African Examination Council(WAEC) examinations, the Federal Government has declared.

The Minister of Education, Mallam Adamu Adamu, who disclosed this to State House Correspondents on Wednesday after the week’s virtual Federal Executive Council (FEC) meeting, also said there is no date for school resumption yet.

He said he would prefer Nigerian students lose an academic year to expose them to dangers.

Continue Reading
Advertisement

HOTTEST TOPICS