The National Economic Council (NEC) on Tuesday endorsed the Finance Bill 2022.
It is expected to be passed along with the 2022 Appropriation Bill.
The NEC meeting, which was presided over by the Vice President, Professor Yemi Osinbajo (SAN), is composed of the governors, the Federal Capital Territory (FCT) minister, the Central Bank of Nigeria (CBN) governor and other officials.
A statement by Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Mr Laolu Akande, said highlights of the bill were presented to the Council by the Minister of Finance, Budget, and National Planning, Mrs. Zainab Shamsuna Ahmed.
The minister said some of the proposed legislative changes cover domestic revenue mobilisation, closing tax loopholes, public financial management, tax administration reforms as well as international taxation issues.
She added that some of the principles of the proposed Finance Bill 2022 are to ensure fiscal equity, avoid double taxation, and support businesses especially MSMEs.
Also yesterday, Osinbajo said Nigeria was in a better position to advance its capital markets locally and globally.
He gave the keynote speech at the first Capital Market Conference of the Nigerian Exchange (NGX) Group in Abuja.
Osinbajo said: “Every smart investor must be looking now at how to be a part of the miracle of the Nigerian Unicorns, the about five or six indigenous Nigerian companies (driven by young Nigerians) that became billion-dollar enterprises since 2015 in the midst of two recessions.”
The Vice President, who emphasised the digital transformation of the markets, highlighted the many opportunities this move would provide for the capital markets, including bringing in more young investors.
He called for the adoption of technology “to bring in a new crop of young investors, many of who use their smartphones primarily for engaging with commerce and banking activities today”.
“The huge retail outlets already created by the telcos with well over a hundred million subscribers, the wide reach of banks, especially with the numerous financial inclusion initiatives, make this probably the most auspicious moment for digitising the capital market to bring in the millions of new young retail investors,” the Vice President said.
