- President Muhammadu Buhari may sign the finance bill on Friday, December 20
- The disclosure was made by the minister of finance, budget and national planning Zainab Ahmed
- Ahmed said the provision of the 2020 finance bill will take effect from January next year
The minister of finance, budget and national planning has said that President Muhammadu Buhari may sign the finance bill before the week runs out.
Zainab Ahmed during a public presentation and breakdown of the 2020 budget in Abuja on Thursday, December 19, the provisions of the bill will take effect from January.
Ahmed also said that before the implementation of the budget, there must an engagement between the Federal Inland Revenue Service and commercial banks on the Tax Identification Number (TIN) among others.
“On the Finance Bill, we’re expecting that before the week runs out, the Finance Bill will be sent to the president for assent and our target is that the bill takes effect from January 2020,’’ she said.
The minister also said that the Federal Government has released N1.21trn for 2019 and will not be making further releases for the year, except those that are at various stages of completion.
Noting that the capital spending for 2020 is capped at 26.4%, Ahmed said FG is making efforts for a major revenue change.
“Until we reach a level where population growth rate is higher than the growth rate for citizens’ benefits, it will still remain a source of concern for government and our aspiration is to grow a gross domestic product of 7 per cent,’’ Ahmed said.
Meanwhile, Legit.ng previously reported that lawmakers of the House of Representatives increased the 2020 Appropriation Bill from N10.33 trillion to N10.59 trillion.
The proposal for the increment was done by the chairman of the committee on appropriations, Muktar Betara.
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