The 2020 Finance Bill transmitted by President Muhammadu Buhari to the National Assembly has passed the first and second reading on the floor of the Senate.
The bill seeks to reduce import levy on buses, tractors, and other motor vehicles, and also help the Federal Government address a shortfall in revenues brought by the COVID-19 pandemic.
The Senate Majority Leader, Yahaya Abdullahi, urged lawmakers to give special consideration to the bill because of its importance to the nation’s economy.
Lawmakers in answering to the plea, suspended the rules of the Senate to give the bill special consideration.
Abdullahi said the bill will seek to the financial burden on taxpayers while giving tax relief but will also aim to increase the government’s revenues through other untapped channels.