FEC approves Finance Bill as FG says no plan to raise taxes

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The Federal Executive Council on Wednesday approved the 2020 Finance Bill for transmission to the National Assembly.

FEC took the decision at a meeting presided over by President Muhammadu Buhari.

Minister of Finance, Budget and National Planning, Zainab Ahmed, briefed State House correspondents on the resolutions of the meeting.

According to her, the 2020 Finance Bill was meant to support the 2021 fiscal year budget.

She assured Nigerians that the bill would not lead to a raise in taxes because the situation in the country did not necessitate an increase in taxes.

She however said through the bill, the Federal Government was seeking “to make incremental changes to tax laws relating to Customs and Excise as well as other fiscal laws to support the implementation of the annual budget.”

She said that when Buhari presented the 2021 Appropriation Bill to the National Assembly, he directed that the 2020 Finance Bill should also follow to support the budget proposals.

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