Just In: President Buhari Signs Finance Bill

President Muhammadu Buhari has signed the finance bill that was passed by the Senate and House of reps. in 2019.

Naija News Understands that President Buhari gave the announcement of the signing via his tweeter handle. see tweet below:

see tweet below:

I am pleased to announce that this morning I signed into Law the Finance Bill, 2019.

— Muhammadu Buhari (@MBuhari) January 13, 2020

This is the first time, since the return of democracy in 1999, that a Federal Budget is being accompanied by passage of a Finance Bill specially designed to support its implementation, and to create a truly enabling environment for business and investment by the private sector.

— Muhammadu Buhari (@MBuhari) January 13, 2020

Naija News Understands that the New law compels individuals to produce their Tax Identification Numbers (TIN) before they can operate new or existing bank accounts in Nigeria. The implication of this provision is that effective from 2020, every bank account in Nigeria will be taxed.

the new law also has a provision that approved the increase in Value Added Tax (VAT) rate from 5 per cent to 7.2 percent.