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Law and the Financial Act 2020
On
By Obadiah Mailafia
Law’s empire covers all those rules, institutions and norms that define the legal order of a society. Economics, on the other hand, is the science of reconciling scarcity and wants to enhance the wealth of nations.
Richard Posner at Chicago Law School was a pioneer in the study of law as a social tool to promote economic efficiency. Economist and Nobel laureate Joseph Stiglitz has argued that the structural challenges facing the American economy, for example, have to do with the inefficient rule-making that underpins American capitalism. Daron Acemoglu and James Robinson, in their book,
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By Nume Ekeghe
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed has said the passage of the Petroleum Industry Bill (PIB) currently being considered by the National Assembly will lead to changes to taxation in the industry and generate more funds to the federal government.
She said this yesterday in her welcome address at the virtual public consultation for the Finance Act, 2020.
She also disclosed that economic activities in the country had started recovering gradually, saying the federal government has adopted appropriate counter-cyclical fiscal policies to accelerate economic recovery.
Ahmed explained: âIt is important to note that the tradition of enacting annual Finance Bill does not preclude the need for more fundamental legislative reforms to our key taxing statutes.
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It is
worth reiterating that gas flaring reduction potential was part of
the underlying opportunity for the (otherwise laudable)
project. PI&D obtained arbitral award against Nigeria,
sought to enforce same inclusive of the substantial interests and
Nigeria after some initial lethargy and missteps is now actively
challenging same, arguing that the entire project was a fraud. See
Fikayo Akeredolu, Nigeria and P&ID: The Story
Behind the $9.6 Billion Judgement, Nigeria Wins Another Victory Against
P&ID ,
Energy Voice, 30.09.2020:
https://www.
energyvoice.com/oilandgas/africa/268744/nigeria-pid-court-guarantee/;
Kush Amin, Did an Alleged Corrupt Natural Gas
Contract Rob Nigeria of US$9.6 Billion? ,
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