The National Economic Council on Tuesday endorsed the Finance Bill 2022, subject to a few observations to be made.
It was endorsed at a virtual NEC meeting presided over by Vice President Yemi Osinbajo.
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Highlights of the bill were presented to the council by the Minister of Finance, Budget, and National Planning, Zainab Ahmed.
A presidential spokesman, Laolu Akande, said the minister explained that the proposed bill was intended to be passed alongside next year’s budget.
He quoted the minister as saying that some of the proposed legislative changes covered domestic revenue mobilization, closing tax loopholes, public financial management and tax administration reforms as well as international taxation issues.
Akande said 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.
NEC is statutorily composed of all state governors, the FCT minister, the Central Bank of Nigeria governor and federal government officials.