Finance Bill coming, says National Tax Policy Committee

By Elizabeth Christopher, Abuja.

Mrs. Zainab Shamsuna Ahmed, Nigeria's Minister of Finance, Budget Planning.

The Technical Committee of the National Tax Policy Implementation Committee will present a Finance Bill and Policy Note to Nigeria’s Minister of Finance and Budget Planning as the committee ends its work soon.

At the second sitting of the committee in Abuja, the Deputy Chairman of the technical committee, Dr. Bode Oyetunde said that the sub-committee would finish its work in the next 10 to 15 days.

“This is the second committee meeting we are having and we hope to bring this meeting to a close in the next 10 to 15 days.

“The general committee is headed by the Executive Chairman of FIRS, Tunde Fowler and the Comptroller-General of Custom, Hamid Ali is the Deputy Chairman.

“Ambassador Adeolu Dipeolu, who is also the Special Adviser to President Muhammadu Buhari on Economic Matters in Vice President’s Office is the Chairman of the Technical-Sub-Committee.

“We are working to put up a finance bill and policy note to the Minister of Finance, that would raise revenue and reduce the cost of doing business in Nigeria, deal with some areas of tax inequity, deal with some areas in international taxation like profit shifting and base erosion”,  Oyetunde said.

At their inauguration, Fowler charged the technical committee to work harmoniously to achieve a desired result:

“I charge the Chairman and members of the Technical Committee with the responsibility of accelerating the drafting and submission of a draft Finance Bill and if deemed necessary, any draft Executive Order(s), to harmonize the various tax and excise law reform efforts.

“It is our expectation that the Technical Committee will work assiduously over the next few weeks to produce a singular set of fiscal measures that will be considered and approved by the reconstituted NTPIC.

“Once agreed, these fiscal measures are to be submitted to the Economic Management Team and the Federal Executive Council for approval and ultimate transmission to the National Assembly, for passage into law as part of the efforts to support the 2020 Executive Budget Proposal.”

Other members of the NTPIC include: Comptroller-General, Nigeria Customs Service (Deputy Chairman); the Permanent Secretary (Finance) from Federal Ministry of Finance; Permanent Secretary (Special Duties); Permanent Secretary and Solicitor-General of the Federation, Federal Ministry of Justice; the Director-General of the Budget Office of the Federation; the Director-General of the Debt Management Office; the Director-General of the Securities and Exchange Commission; the Statistician-General of the National Bureau of Statistics; the Executive Secretary of Nigeria Investment Promotion Council; the Executive Secretary of the JTB; the Deputy Comptroller-General of Customs and the Director (Legal) Federal Ministry of Finance.

Others are: Ambassador Adeyemi Dipeolu, Dr. Jumoke Oduwole, Farouk Gumel, Dr. Oyebode Oyetunde, Mark Abani, Rukiyal El-Rufai, Nabila Aguele, Abiona Sanni, Taiwo Oyedele, Ajibola Olomola and Oluseye Arowolo.


Amaka E. Nliam