The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said the Finance Bill will become effective on 2 January 2020. Ahmed, while speaking during a panel session at the PwC Executive Session on Finance Bill and Tax Strategy, confirmed it’s to the audience in Lagos.
She said the bill would be reviewed annually as the Federal Government planned to grow the ratio of revenue to Gross Domestic Product from six per cent to 15 per cent by 2023, with a greater percentage of revenue coming from non-oil sources.
She said the government would also engage stakeholders annually to include the outcome of the deliberations in the finance bill. Ahmed stated that though the components of the bill might not suit businesses in the short run, there were long-term benefits as the Federal Government was working on tax regime that would stabilise the economy.
She said, “The Nigerian economy is characterised by structural challenges that limit the country’s ability to sustain economic growth, create more jobs and achieve significant poverty reduction. “One of the biggest challenges of all is our high dependence on oil for our economic activities, fiscal revenues and foreign exchange earnings.