Ebun Francis|The Senate on Thursday passed the Finance Bill.
The bill was passed at plenary after it scaled through the third reading on the floor of the Senate.
The bill which seeks to amend six tax provisions and make them more responsive to tax reform policies also seeks to amend the Customs and Excise Tariff Act to encourage local manufacturers.
The passage of the bill followed the presentation of the report of the Senate Committee on Finance by Senator Adeola Solomon.
Lawmakers present, thereafter, shared their various perspectives on the effects of the bill on the nation and its people.
Enyinnaya Abaribe, the senate minority leader from Abia state, criticised the increase of VAT to 7.5 percent from 5 percent.
According to him, the current VAT rate should be maintained.
He said, “Nigerians have suffered enough.”
Responding, Ahmad Lawan, the senate president while noting Abaribe’s point, did not, however, agree that the bill should be amended.
He argued that the passage of the bill will provide additional funds for the federal government to bridge the infrastructural gap in the country.
Lawal said, “Let me thank you for passing these seven amendments, largely to ensure that they streamline the tax system in Nigeria to ensure that we get revenue for government to provide services and infrastructure to the citizens of this country.”
“This is not only to ensure that we have credible sources of funding but ensure we have funding for other things of government. What we will do is engage revenue agency on a quarterly basis.”
The legislations under the bill include Companies Income Tax, Value Added Tax, Customs and Excise Tariff, Capital Gains Tax Act, Petroleum Profit Tax, Personal Income Tax, and Stamp Duties Act.
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