Senate Passes Finance Bill, 2020

Akinola Ajibola  
Updated December 15, 2020
A file photo of lawmakers during plenary in the Senate Chamber of the National Assembly in Abuja.


The Finance Bill, 2020 has been passed by members of the Senate Chamber of the National Assembly in Abuja.

This followed the consideration of the report of the Joint Committee on Finance, Customs, Excise and Tariff, Trade and Investment, as well as Public Procurement by the lawmakers during plenary on Tuesday.

Senator Solomon Adeola, who represents Lagos West district, had moved that the Senate should receive and consider the report.

Thereafter, he laid and presented the report before the lawmakers, after which the Senate resolved into Committee of the Whole to consider the report.

After the Senate reported back to plenary, the Finance Bill, 2020 was read the third time and passed.

The bill proposes various amendments to existing tax laws and financial regulations in response to the negative impact of the COVID-19 pandemic on the Nigerian economy.

One of the objectives of the bill is to provide financial 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.

During Tuesday’s plenary, the Senate also adopted the recommendations of the Committee on Communications on the 2021 Nigerian Communications Commission (NCC) budget proposal.

This followed the presentation of the report by Senator Oluremi Tinubu who represents Lagos Central senatorial.

Senator Tinubu also presented the report of the Senate Committee on Communications on the 2021 Universal Service Provision Fund (USPF) budget proposal.

The recommendations of the committee were thereafter adopted by the lawmakers.