2021 Finance Bill Will Fix Disincentives To Investments – FG Assures
Photo caption: From left, Mrs. Zainab Ahmed, Minister of Finance, Budget and National Planning in a chat with Temi Popoola, Chief Executive Officer, Nigerian Exchange Limited (NGX), during a courtesy visit recently to introduce the NGX’s new management to the Minister and to appreciate the ministry’s continued support to the Nigerian capital market, in Abuja.
The Federal Government, at the weekend, assured that work is ongoing on the 2021 Finance Bill, which will, among others, address issues hindering investments inflow to the country, particularly the Company Income Tax (CIT), among others.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who spoke during a courtesy visit by the management of the Nigerian Exchange Limited (NGX), led by its Chief Executive Officer, Temi Popoola, acknowledged the commitment of of her visitors leading to its recent demutualization.
While commending the bourse for its efforts at ensuring that the Nigerian capital market (NCM) is deepened, she said as part of efforts to attract more retail investors into the market, the Federal Government recently directed the Securities and Exchange Commission (SEC) to organise a saving policy and programme.
This, the Minister continued, is part of engendering more active citizen participate in the capital market as a means of unlocking its potential, urging the NGX management to leverage technology and innovations for easing the trading processes, while ensuring that ordinary citizens participate more actively in the capital market.
Speaking further, the Permanent Secretary of the Ministry, Aliyu Ahmed, urged Popoola and his team to scale up the operations of the NGX for the benefits of investors and the market.
Speaking earlier, Popoola said the visit was to introduce the NGX’s new management to the Minister and also to appreciate the ministry’s support for the Nigerian capital market.
He assured the Minister that the exchange will continue to throw its support in making Nigeria a destination for foreign investment and to support the Ministry’s fiscal policy, while expressing willingness to serve on the committee of the Finance Bill 2021.
Popoola, also used the opportunity to call for a reduction in CIT, from 25% to 20%, among others, a move, he believes, would ultimately attract more taxes to the Federal Government.