By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Nigerian Senate passes Finance Bill 2020
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

Nigerian Senate passes Finance Bill 2020

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: December 16, 2020
Share
4 Min Read
Nigerian Senate
Nigerian Senate
SHARE

The Senate on Tuesday passed the Finance Bill 2020, transmitted by President Muhammadu Buhari on November 25 for consideration.

The bill, which has 77 clauses was passed following adoption of the report of Senate Joint Committee on Finance, Customs, Excise and Tariff, Trade and Investment and Public Procurement at the Committee of the Whole.

Chairman of the Joint Committee, Sen. Solomon Adeola (APC – Lagos) while presenting the report, said the finance bill 2020 sought to amend 17 key finance Acts.

He listed the some of the Acts to include; Capital Gains Act, Companies Income Tax Act, Industrial Development (Income Tax Relief) Act and Personal Income Tax Act.

- Advertisement -

Others were Tertiary Trust Fund Act, Customs and Excise Duties Tariff Act, Value Added Tax Act, Stamp Duties Act, and Electronic Transaction Levy Act

President Muhammadu Buhari had in a letter dated November 25 transmitted the bill to the Senate, saying its passage would support the implementation of the 2021 budget.

This, Buhari said would be achieved through strategic reforms on specific taxation, customs, excise, fiscal and other laws.

He said the reform was to adopt appropriate counter-cyclical fiscal policies to respond to the economic and revenue challenges caused by decline in international oil prices and impact of the COVID-19 pandemic.

- Advertisement -

“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.

“Provide fiscal relief for taxpayers by reducing the applicable minimum tax rate for two consecutive years of assessment, as well as reforming the commencement and cessation rules for small businesses.

“Propose measures time fund for the Federal Government’s COVID-19 pandemic response and introduce provisions to enhance the recovery of corporate donations toward responses to the COVID-19 pandemic, as well as any similar crisis in the future.

“Amend 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-cost revenue ratios of key state and Government-owned Enterprises.

“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-procurement reforms,” Buhari said.

Senate also at plenary, approved N299 billion as 2021 Federal Capital Territory budget.

It also passed for second reading, a bill for an act to establish the Nigerian Peace Corps (NPC) to empower and provide employment for youths and facilitate peace and community services.

The bill was sponsored by Sen. Alli Ndume (APC- Borno).

It also passed for second reading, a bill for an act to establish the Nigerian Hunters Council of Nigeria to provide for community policing and maintenance of law and order .

The bill was sponsored by Sen. Biodun Olujimi (PDP -Ekiti).

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:Finance Bill 2020Senate
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByMuhammad A. Aliyu
Follow:
Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
Previous Article Nigeria records 758 new COVID-19 cases
Next Article USSD Code: How to check if NIN is linked to your phone number

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Rate

Okay.ng Logo
Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Updated: 2 days ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Olubunmi Tunji-Ojo
FG Hails Success of E-Visa System, Processes Over 14,000 Applications in Six Weeks
News
Google Releases June 2025 Core Update
Tech
NELFUND
NELFund Warns Students Against Fake Loan Portal, Urges Caution Over Fraudulent Links
Education
Tinubu and Saint Lucia’s Prime Minister Agree to Establish Formal Diplomatic Relations
International
Ali Bukar Dalori
Ali Bukar Dalori Assumes Role as APC Acting National Chairman After Ganduje’s Resignation
Politics
- Advertisement -
Ad imageAd image

You May Also Like

MI Abaga
Celebrities

MI Abaga Expresses Regret Over Past Support for APC

Damilola A.
Damilola A.
June 30, 2025
Senator Natasha Akpoti-Uduaghan
NewsTop stories

JUST IN: Court Grants Senator Natasha Akpoti-Uduaghan Bail on Self-Recognition

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 30, 2025
News

Anambra State Orders Investigation After Viral Video Shows Possible Anti-Touting Squad Excesses

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 30, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?