- The House of Reps has rejected a motion seeking to suspend implementation of the 7.5% Value Added Tax (VAT) Act
- The motion had been moved to provide relief for Nigerians as they battle with the impacts of the COVID-19 pandemic
- Lawmakers, however, rejected the motion, explaining that the 2.5 % increase in VAT was already an Act of the National Assembly and cannot be suspended by a motion
The House of Representatives has rejected a motion seeking to suspend implementation of the 7.5% Value Added Tax (VAT) Act.
A motion had been moved to suspend the VAT Act to provide relief for Nigerians as they battle with the impacts of the COVID-19 pandemic, The Nation reports.
Legit.ng, however, gathers that the lawmakers rejected the motion, explaining that the 2.5 % increase in VAT was already an Act of the National Assembly since it has been signed into law, and cannot be suspended by just a motion.
The chairman of the House Committee on Finance, James Faleke, had objected to the motion being moved and drew the attention of the House to the fact that since the issue contained in the motion affects an existing law, it will be out of place to suspend it with just a motion.
The speaker of the House, Hon Femi Gbajabiamila, also agreed with Faleke. He added that the issue contained in the motion has a commencement date, which can only be altered through a formal amendment bill.
In another report, the Nigerian Senate has received the revised 2020 budget of N10.52 trillion after it was slashed by President Muhammadu Buhari.
Legit.ng gathered that the president of the Senate Ahmad Lawan read a letter on the floor of the upper chamber on Thursday, May 28, from President Buhari informing the lawmakers of the revised budget.
The appropriation bill had scaled the floor of the Red Chamber for second reading.
Back in December 2019, the Nigerian leader had assented to the budget for 2020 before the outbreak and the spread of the COVID-19 pandemic had a negative effect on the world's economy.
Street gist: Coronavirus no suppose affect people wey dey suffer | Legit TV