Vanguard News
FINANCE ACT 2020: Key changes and implications
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President Muhammed Buhari, on 31 December 2020, signed the Finance Act 2020 (FA20) alongside the 2021 Appropriation Act into law. This reaffirms the Federal Government of Nigeria’s (FGN) commitment to enact fiscal policy annually, alongside the passage of the annual budget into law and aligns with global best practice.
The Act, which took effect on January 01, 2021, amended the provisions of 14 tax and fiscal related legislation, namely:
Capital Gains Tax Act (CGTA) Companies Income Tax Act (CITA) Industrial Development (Income Tax Relief) Act (IDITRA) Personal Income Tax Act (PITA) Tertiary Education Trust Fund (Establishment etc.) Act Customs and Excise Tariff, etc. [Consolidation] Act (CETA) Value Added Tax Act (VATA) Stamp Duties Act (SDA) Federal Inland Revenue Service (Establishment) Act (FIRSEA) Nigeria Export Processing Zones Act (NEPZA) Oil and Gas Export Free Zone Act (OGEFZA)
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In this article, our focus will be on the significant changes
being proposed to other extant tax and fiscal legislations.
On Thursday 8 October 2020, His Excellency, President Muhammadu
Buhari presented the 2021 Budget Proposal to the Joint session of
the National Assembly. While delivering the budget presentation
speech, the President also announced that the Finance Bill 2021
would be presented to the National Assembly for consideration and
passage into law. On Wednesday 18 November 2020, the Federal
Executive Council (FEC), presided over by the President approved
the Finance Bill 2021.
Private institutions not money-making ventures
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By Aare Afe Babalola, SAN, OFR, CON
Issues bordering on the administration of the Tertiary Education Trust Fund, TETFund, have been the subject of debate in education circles for some time.
There have been arguments about the calls for the inclusion of private institutions in the scheme.
Recently, it was reported that the Executive Secretary of the Fund itself, Professor Suleiman Bogoro, had waded into the matter at a public forum when he was reported in the media that he condemned those making such calls. Reporting on the matter, a national daily stated as follows:
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The House of Representatives on Thursday approved the 2020 budget of N453.2 billion for the Niger Delta Development Commission (NDDC) for the period ending March 31, 2021.
The approval was sequel to the consideration and adoption of the report of the House Committee on NDDC by the Committee of Supply at plenary, which was presented by NDDC Chairman, Hon. Olubunmi Tunji-Ojo.
Out of the N453.200 billion, N27.389 billion is for Personnel Expenditure, N13.937 billion is for Overhead Expenditure, N2.793 billion is for Internal Capital and N409.080 billion is for Development Projects.
A further breakdown of the budget showed that the sum of N27.389 billion is for Personnel Expenditure; the sum of N13,937,244,107 is for Overhead Expenditure; while the sum of N2,793,755,893 is for Internal Capital, N409.080 billion is for Development Projects for the period ending on 31 March 2021.
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