Reps approve N10.070bn refund to Kogi State
• Adopt report on 7.5% VAT, Petroleum Profit Tax, others • Approve N140.4bn budget for NCC
The House of Representatives on Wednesday approved the issuance of Promissory Note worth N10.070 billion to Kogi State and a Bond issuance to settle inherited local debts and contractual obligations of the Federal Government–refund to the state for projects executed on behalf of the Federal Government.
The approval was given after the adoption of the report of the House Committee on Aids, Loans and Debt Management, adopted at the Committee on Supply.
While giving a synopsis of the report, Hon. Emeka Azubogu stated that the bill seeks to ensure the payment of unpaid debts and standing claims to Kogi State for executing the Federal Government projects in the state.
In a related development, the House adopted the Conference Committee report on a Bill for an Act to amend the Companies Income Tax Act, Value Added Tax Act, Customs and Excise Tariff, etc. (Consolidation) Act, Personal Income Tax Act, Capital Gains Tax Act, to Provide for the Review of Tax Provisions and make them Responsive to Tax Reform; and for related matters.
Speaking on the report during the Committee on Supply, Chairman, House Committee on Finance, Hon. James Abiodun Faleke explained that the committee had met with the Senate and the House version was adopted in the conference committee.
Also at plenary, the House adopted the request for the issuance from the Statutory Revenue Fund of the Nigerian Communications Commission (NCC), a total sum of N140,383,591,000 budget for 2020 fiscal year.
Breakdown of the budget shows that the sum of N39,297,043,000 is for Recurrent Expenditure, the sum of N8,129,461,000 is for Capital Expenditure, the sum of N20,863,690,000 is for Special Projects while the sum of N64,208,446,000 will be transferred to the Federal Government of Nigeria, N7.5 billion is for Transfer to Universal Service Provision Fund (USPF) with a surplus of N384,949,000 while the sum of N11,594,920,847 is for the Budget of the Universal Service Provision Fund (USPF) for the period ending on 31 December 2020.