The Minister of Finance, Budget and Planning Zainab Ahmed has said the federal government will reveal the take-off date for newly-signed Finance Law, Concise News reports.
Ahmed said this in a statement on Wednesday, noting that the huge money gotten from the increase in Value Added Tax (VAT) would go to the States and the Local Governments Areas.
According to her, the 2020 Finance Act is for the people, considering the expansion of VAT exemption list which includes basic food items.
“The strategic objectives in the finance bill recognises the crucial relationship between fiscal policy, the regulatory environment and the strong capital market we all seek to effect in Nigeria,” she said.
“We planned that going forward, the annual budget will always be accompanied by finance bills to enable the realisation of revenue projections.
“Future finance bills will therefore also provide us with additional opportunities to incrementally improve the fiscal policy and regulatory/legal environment in order to further strengthen our domestic capital market, and ultimately ensure sustained and inclusive growth and development.”