The National Assembly hasty adoption of the 2022 Finance Bill has alarmed an economic think tank, the Centre for the Promotion of Private Enterprise. Part of the statement said, “The Centre for the Promotion of Private Enterprise is troubled by the National Assembly’s hurried approval of the 2022 Finance Bill.
The National Assembly decision to hold a public hearing on the measure with only 24 hours’ notice is unusual and perplexing. Since then, the President has submitted the measure for his signature. The CPPE expressed sorrow that the National Assembly hastily enacted the law without consulting the electorate they were chosen to represent.
Moreover, it mentioned that the measure would have major tax implications for investors and citizens, adding that it would effectively move corporate tax to almost 35 per cent, which is one of the highest globally. The CPPE appealed to President Major General Muhammadu Buhari (retd) not to leave a legacy of an unbearable tax burden for investors in the Nigerian economy.
