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Summary of tax laws in nigeria- taxation in Nigeria
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Shareholders kick against unclaimed dividend trust fund
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Vanguard News
Shareholders seek removal of Finance Act 2021 part v
On
By Peter Egwuatu
Against the backdrop of transferring unclaimed dividend into the Federal Government federation account as proposed in the Finance Act 2021, the shareholders under the aegis of Independent Shareholder Association of Nigeria, ISAN have pleaded to the government that Part V of the Act be expunged as the idea of converting private wealth to government revenue negates the country’s constitutional provisions.
The shareholders after attending the public hearing of the Senate Committee on Finance, Trade & Investment and Public Procurement on the Finance Bill held last week, stated that the proposed bill will not serve their interest now and in the foreseeable future and fact could cause unwarranted hardship and misappropriation of their investments.
Share
The House of Representatives on Thursday approved the 2020 budget of N453.2 billion for the Niger Delta Development Commission (NDDC) for the period ending March 31, 2021.
The approval was sequel to the consideration and adoption of the report of the House Committee on NDDC by the Committee of Supply at plenary, which was presented by NDDC Chairman, Hon. Olubunmi Tunji-Ojo.
Out of the N453.200 billion, N27.389 billion is for Personnel Expenditure, N13.937 billion is for Overhead Expenditure, N2.793 billion is for Internal Capital and N409.080 billion is for Development Projects.
A further breakdown of the budget showed that the sum of N27.389 billion is for Personnel Expenditure; the sum of N13,937,244,107 is for Overhead Expenditure; while the sum of N2,793,755,893 is for Internal Capital, N409.080 billion is for Development Projects for the period ending on 31 March 2021.
Nigerian Senate Passes Finance Bill 2020
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