The Federal Government on Wednesday, November 18, 2020, approved the 2020 Finance Bill to support the 2021 Budget as it says that it has no plans to increase the tax burden on Nigerians.
The decision was taken at a meeting of the Federal Executive Council (FEC) which was presided over by President Muhammadu Buhari.
According to a report from Punch, the disclosure was made by the Minister of Finance, Budget and National Planning, Zainab Ahmed, on Wednesday, November 18, 2020, while briefing State House correspondents on the outcome of the FEC meeting.
While explaining the contents of the bill, the minister gave an assurance that the bill will not lead to an increase in tax because the situation in the country does not warrant an increase in taxes.
She said the intent is to ease the tax burden on some categories of businesses, especially the small and medium businesses
She said, “This is not the time to increase taxes.”