Ø As FEC approves Finance Bill 2020
The Minister of Finance, Zainab Ahmed, has assured Nigerians that the incremental changes to Nigeria’s tax laws do not mean that there will be an increase in taxes.
Addressing State House correspondents yesterday, after the Council approved the Finance Bill 2020, the minister explained that the Bill will ensure improvements in tax laws while reducing some taxes for small and medium enterprises.
She further explained that the 2019 Finance bill actually reduced taxes from 30% to 20% for businesses with a turnover of between N25m and N100m.
Meanwhile, the 2020 Finance Bill will now be sent to parliament for assent.
Other memos approved at the FEC include a 216-page report from the Ministry of Works and Housing, detailing progress made in the government’s mass housing initiatives, reports from the ministers’ visits to their states to assess the damage done to their states after the #EndSARS protests.
There was also a clarification from the Minister of Health that the strange illnesses recorded in many parts of the country is still being investigated by the Nigeria Centre for Disease Control (NCDC).
