President Muhammadu Buhari on Monday assented to the bill raising the value added tax from 5 to 7.5 per cent.
Shortly after signing the bill into law in Abuja, the president took to his twitter handle and wrote: “I am pleased to announce that this morning I signed into law the Finance Bill, 2019.
“We introduced the Bill alongside the 2020 Budget, to reform Nigeria’s tax laws to align with global best practices; support MSMEs in line with our ease of doing business reforms; -incentivize investments in infrastructure and capital markets; -raise government revenues.
“This is the first time, since the return of democracy in 1999, that a federal budget is being accompanied by the passage of a Finance Bill specially designed to support its implementation and to create a truly enabling environment for business and investment by the private sector.
“I thank the leadership and members of the Ninth National Assembly for the hard work and support that have gone into the passage of the landmark Deep Offshore and Inland Basin PSC Amendment Bill, and the Finance Bill; both vital to the successful implementation of the 2020 Budget,”
— Muhammadu Buhari (@MBuhari) January 13, 2020.