Naija News
Reps pass 2020 Finance Bill for second reading
![HOUSE OF REPRESENTATIVES](https://news.ncbn.ng/wp-content/uploads/2020/12/2.jpeg)
The House of Representatives, on Thursday, passed for second reading, the Finance Bill 2020.
It is titled, ‘A Bill for an Act to Amend the Capital Gains Tax Act, Companies Income Tax Act, Personal Income Tax Act, Tertiary Education Trust Fund (Establishment) Act, Customs and Excise Tariff, Etc. (Consolidated) Act, Value Added Tax Act, Federal Inland Revenue Services (Establishment) Act, Nigerian Export Processing Zone Act, Oil and Gas Export Free Zone Act, Fiscal Responsibility Act, Companies and Allied Matters Act 2020, and the Public Procurement Act.’
The President, Major General Muhammadu Buhari (retd.), had transmitted Finance Bill 2020 to the National Assembly for consideration and passage along with the 2021 Appropriation Bill presently before the parliament.
Both President of the Senate, Ahmad Lawan; and Speaker of the House of Representatives, Femi Gbajabiamila, had read Buhari’s letter on December 1.
The Majority Leader, Alhassan Ado-Doguwa, who led the debate on the executive bill, said in part, “Like you have all seen, this is a bill that intends to actually bring us up to date. Nigeria’s economy is under the challenging situation. We need to revisit and review some of our legal frameworks especially with respect to our financial management. Doing what we are doing today will definitely provide economic windows for the country and economic development.’’
Seconding motion for second reading of the bill, Lynda Ikpeazu also said, “There are no new taxes, it is all to encourage ease of doing business in Nigeria and we all know how the economy is right now. So, we all need all the assistance that we can give so that we can have more investments, so we can have more people do business and create employment.”
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The Speaker, also on Thursday, set up a conference committee to harmonise versions of the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper passed the Senate and the House.
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Labour Force
Kogi Governor Approves Implementation of N30,000 Minimum Wage for workers
![Kogi Governor Approves Implementation of N30,000 Minimum Wage for workers](https://news.ncbn.ng/wp-content/uploads/2022/02/Kogi-State-Governor-Yahaya-Bello.jpg)
Kogi state governor, Yahaya Bello, has approved the implementation of N30,000 as minimum wage for the workers in the state.
The secretary to the state government, Folashade Ayoade disclosed this on Tuesday after an extensive meeting with the organized labour in Lokoja
She blamed the delay in the implementation on the inability for the committee to meet regularly due to the covid-19 pandemic which has been overcome.
The SSG equally commended the organised labour for their understanding and patience, which she said has resulted into the signing of the implementation of the new minimum wage.
Read Also: FCTA Set to Implement Minimum Wage for FCT Workers
Finance
CBN to End Forex Sales to Commercial Banks in 2022
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Author: Eunice Johnson, Abuja
The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.
Emefiele said the time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas. The CBN, Emefiele said, will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.
He also disclosed that the apex bank’s policies and measures have led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022. He added that the CBN would be reviewing these intervention programmes going forward to ensure that they continue to achieve the desired results.
He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.
Read Also: CBN Encourages Nigerians to Accept E-Naira
Customs Corner
Customs CG Deploys 37 Comptrollers as Comptroller Attah Heads Kebbi Command
![Customs CG Deploys 37 Comptrollers as Comptroller Attah Heads Kebbi Command](https://news.ncbn.ng/wp-content/uploads/2022/02/Hameed-Ali-customs.jpg)
Author: Gift Wada, Abuja
The Comptroller General of Customs Col. Hameed Ibrahim Ali (Rtd.) has approved the deployment of 37 Comptrollers to various Units, Departments and Commands across the country.
This was disclosed in a release signed on Tuesday by the Customs Deputy National, DC Timi Bomodi for the Comptroller General of Customs.
Among those deployed are the present National PRO of Customs Comptroller Joseph Attah who will assume the office of Area Controller of Kebbi Command, Comptroller AAS Oloyede who shall be moving from ICT/MOD to Tin Can Island Port Command, while Comptroller SI Bomoi to FCT Command. Other postings are Comptroller BA Jaiyeoba to Oyo/Osun Command, Comptroller A Dappa-Williams to Eastern Marine Command, Compt. MA Umar Kano/Jigawa, Compt. KC Egwuh ICT/MOD, Compt. LM Mark Enugu/Anambra/Ebonyi, Compt. T Tachio CTC Kano, Compt. AA Umar Western Marine, Compt. M Dansakwa North Eastern Marine, Compt. AC Ayalogu T & T and Compt. KD Ilesanmi will assume duty as Comptroller Board among others.
Ali in postings released on 7th of February, charged the newly posted Comptrollers to justify the confidence reposed in them by NCS Management by bringing to bear their years of experience and training in trade facilitation and anti-smuggling activities on their new assignment.
Given the enormous expectations of government regarding revenue generation in the current year, the Comptroller General reiterated the need for all Area Controllers and Unit heads to take full charge of the affairs of their Commands by ensuring absolute compliance with extant fiscal policies while leveraging on the efficient management of data to optimize trade facilitation and revenue collection.
Furthermore, the CGC directed all officers to be extremely vigilant in protecting the lives and wellbeing of Nigerians by ensuring the full fortification of our borders against the incursion of smugglers and other cross border criminals.
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