The federal government has stated it will announce the implementation date for the just-signed Finance Bill soon.
This is contained in a statement issued on Wednesday by the Minister of Finance, Budget and Planning, Zainab Ahmed.
She revealed that the expected upsurge in revenue from the value-added tax (VAT) hike will be shared by the three tiers of government. She pointed to the expanded exemption list as a sign of the people-centric nature of the Finance Act.
She said: “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.
“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”.