The Presidency said the Finance Act which the President, Major General Muhammadu Buhari , signed into law on Monday had already taken effect and the implementation of its provisions was expected to be immediate.
The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, in an interview with our correspondent, said the law had automatically become effective immediately the President signed it. When asked specifically if the law had taken immediate effect, Shehu replied, “It is. It has taken effect.”
She described the 2020 Finance Act as a people’s bill considering the expansion of VAT exemption list which includes basic food items.She said, “The strategic objectives in the finance bill recognise the crucial relationship between fiscal policy, the regulatory environment and the strong capital market we all seek to effect in Nigeria.”
The source said the Finance Act had about 80 modifications, noting that many of the amendments were meant to improve the business environment especially the small and medium scale businesses.
They should resolve this naw.
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