Breaking: Buhari signs into law Finance Bill

President Muhammadu Buhari has announced that he has signed into Law the Finance Bill, 2019.

According to Buhari the bill was introduced 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.

Hanan Buhari has challenged status quo – MURIC

The President 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.’

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.

— Muhammadu Buhari (@MBuhari) January 13, 2020

Buhari thanked 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.

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.