The Federal Executive Council, FEC has approved the 2020 Finance Bill submitted by the Ministry of Finance, Budget and National planning.
The assent, as disclosed on the official twitter account of the Ministry of Finance, was during the FEC meeting presided over by President Muhammadu Buhari.
The bill, critical to the implementation of the 2021 Budget will soon be transmitted to the National Assembly for consideration and passage into law.
The Ministry of Finance, in the tweet, also stated that the bill is designed to bring about incremental changes in the nation’s tax laws.
The Minister of Finance, Zainab Shamsuna Ahmed, assured that the passage of the bill into law would not lead to increase in taxes in the country.
“This is not the time to increase taxes” the tweet quoted her saying.