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To print this article, all you need is to be registered or login on Mondaq.com. In this article, our focus will be on the significant changes being proposed to other extant tax and fiscal legislations. On Thursday 8 October 2020, His Excellency, President Muhammadu Buhari presented the 2021 Budget Proposal to the Joint session of the National Assembly. While delivering the budget presentation speech, the President also announced that the Finance Bill 2021 would be presented to the National Assembly for consideration and passage into law. On Wednesday 18 November 2020, ...

Introduction In a bid to ensure that economic and financial challenges faced by the country are promptly managed and addressed through revised and definite economic policies, President Muhammadu Buhari signed the Finance Bill 2020 into law which is now known as the Finance Act 2020 ("The Act") on December 31, 2020 alongside the 2021 Appropriation Bill. This aligns with best practices in different jurisdictions across the world where existing tax legislations and framework are annually reviewed in order to support each year's budget and a major aspect of the initiatives suggested by the Presid...

To print this article, all you need is to be registered or login on Mondaq.com. Summary On 31st December, 2020, President Muhammadu Buhari signed the Finance Bill, 2020 (now Finance Act) into law. The Finance Act, 2020 (the Act), which has a commencement date of 1st January 2021, was signed into law alongside the 2021 Appropriation Bill (now Appropriation Act). The Act introduces significant changes to a number of tax and regulatory laws in Nigeria including the introduction of COVID-19 incentives alongside other changes. Details In December 2020, President Muhammadu B...

ON THE GO ABCON: 26 BDC operators arrested over ‘money laundering, terrorism financing’ The Association of Bureau De Change Operators of Nigeria (ABCON) says 26 members have been arrested by security operatives, over alleged unlawful foreign exchange (FX) transactions.Advertisement Aminu Gwadabe, president of... Makinde: For blocking governance loopholes, I’ve received threats over 2023 ambition Seyi Makinde, governor of Oyo, says he has received threats over the forthcoming 2023 governorship election in the state, because he has blocked loopholes in the system.Adverti...

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 furth...