The Senate at its plenary session of Thursday, 12 April 2018 passed the Bill to amend the Industrial Development (Income Tax Relief) Act, 2004 (SB 638). The Bill seeks to create a comprehensive legislative framework to assist the Nigerian Investment Promotion Commission (NIPC) perform its functions effectively.
Presenting the report on the Bill, Chairman, Committee on Trade and Investment, Sen. Sabo Mohammed (APC: Jigawa) stated that the objective of the Bill was to address some deficiencies in the Principal Act that restrict the ease of doing business in Nigeria. Sen. Sabo informed lawmakers that the Committee had taken into consideration the submission and inputs of key stakeholders and the general public at the Public Hearing conducted on Wednesday, 28 March 2018.
The Committee Chairman also noted that the Bill would enhance economic growth through investments in Nigeria before the Bill was read for the third time and passed.
