- The proposed Finance Bill 2022 was the focus of the National Economic Council at its latest meeting which was virtual
- Members of the council were briefed on the main features of the bill by the minister of finance, budget and national planning, Zainab Ahmed
- The council which is chaired by VP Yemi Osinbajo, comprises the 36 governors and the Central Bank governor and also attended by some ministers
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Zoom - The National Economic Council (NEC) on Thursday, December 1 at an extraordinary virtual meeting received briefings on the proposed Finance Bill 2022 and resolved to update the draft with additional inputs from governors as the bill goes ahead to the Federal Executive Council.
At the meeting which was presided over by Vice President Yemi Osinbajo, SAN, members of the council were briefed on the main features of the bill by the minister of finance, budget and national planning, Hajia Zainab Shamsuna Ahmed.
According to the minister, the proposed Finance Bill 2022 is anchored on five fundamental policy drivers which are:
- Tax equity;
- Climate change;
- Job creation/economic growth;
- Tax incentives’ reform and
- Revenue generation/tax administration
She added that the bill seeks to amend relevant taxes, excises and duty statutes in line with the macroeconomic policy reforms of the federal government and to amend and make further provisions in specific laws in connection with the public financial management of the federation.
The minister further noted that extensive consultations have been done on aspects of the bill such as tax avoidance and tax evasion by introducing a general anti-avoidance route.
Several governors commented on the presentation of the bill, including the governors of Sokoto, Borno, Kaduna, Kebbi, Ogun among others.
It was then resolved that state governors should make additional inputs just as the proposed bill is being sent forward for consideration to the Federal Executive Council before the president sends it to the National Assembly.
At the meeting, the newly sworn-in Osun state governor, Senator Ademola Adeleke, was also formally welcomed to the council by the vice president and other members.
VP Osinbajo launches special agro-industrial zone programme
In a related development, VP Osinbajo on Monday, October 24 launched the Special Agro-industrial Processing Zones in Nigeria.
The programme is expected to help the country in improving export earnings from agriculture.
It will also help in creating millions of lucrative agro-industrial jobs and opportunities for Nigerians.
Osinbajo speaks on how to manage Nigeria's foreign exchange rate
Meanwhile, as the Buhari administration takes stock of its achievements over the years, VP Osinbajo has listed interventions made by the government in various sectors.
The vice president made a presentation at the opening of the 3rd ministerial performance review retreat in Abuja.
He also spoke on the need to ensure synergy between fiscal and monetary policy in order to better manage the economy and exchange rate concerns.