Nigeria’s Federal Executive Council has approved the 2020 Finance Bill as part of a legal framework to support the 2021 Budget.
Minister of Finance, Budget and National Planning, Zainab Ahmed told State House Correspondents that the bill is designed to bring about incremental changes in the nation’s tax laws.
Ahmed said the passage of the bill into law will not lead to an increase in taxes in the country. According to the minister, the bill will ease tax burdens on some categories of enterprises, particularly the small and medium enterprises. She said the current situation in the country does not warrant an increase in taxes.
The bill has also considered the need to create an instrument for crisis intervention fund so that the country could avert the sort of unbudgeted spending that the novel Coronavirus (COVID-19) inflicted on the economy.