Senate provide various tax & Business incentives and released N6.5Billion for NCDC Fight against Corona Virus

economy

 

The President of the Nigeria Senate Alhaji Ahmad Ibrahim Lawanand the speaker of the House of Represntative brainstorm over Economy and health issue facing the world right and provide panacea to curb the current siyuation the world find itself and he wrote below

Today, I led the leadership of the National Assembly to a meeting with some Ministers and Heads of agencies from the Executive arm of Government to brainstorm on the impact of Coronavirus pandemic and the falling oil prices on the Nigerian economy.

 

It is no longer news that the outbreak of coronavirus and the drop in international oil prices has impacted on the global economy and that of Nigeria. This means that all our projections are no longer feasible and needs to be reviewed in line with the current realities.

 

The meeting which was summoned at the instance of the National Assembly leadership is to fashion out ways of bring succor and relief to the people in the wake of the crisis, because anything that we do that can not provide succor and relief to our people will lead to catastrophe.

 

The meeting particularly discussed the proposed review of the 2020 budget, the Medium Term Expenditure Framework and other plans being put in place by government to mitigate the effects being experienced.

 

From the briefings, we are already looking at a review of the 2020 budget using a US$30 per barrel price benchmark, import duty waivers for essential input for pharmaceutical firms; tax waivers on new equipment; and deferment of tax to increase production.

 

 

Others are fiscal relief for Taxpayers and key economic sectors; incentives for employers to retain and recruit staff during the economic downturn; review non-essential tax waivers to optimize revenues;

 

There is also release of the total sum of N6.5 billion in two tranches to the National Centre for Disease Control (NCDC) as intervention to assist in the fight against the spread of the COVID-19 disease in Nigeria. and many more to numerous to mention.

 

 

We in the National Assembly are going to do all we can especially in working with the executive arm of government to ensure that the plans already proposed gets the legislative approval where necessary.

 

 

For over four hours, we received briefings from the Minister of Finance, the Minister of State for Petroleum, the Central Bank Governor and the GMD of NNPC, and it gave us a better understanding of the plans being put in place to cushion the effect of the current situations.

 

We in the National Assembly are going to do all we can especially in working with the executive arm of government to ensure that the plans already proposed gets the legislative approval where necessary.

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