The Finance Bill before the National Assembly on Tuesday suffered set back as the House of Representatives boycotted the scheduled Joint Public Hearing due to what was termed the “overbearing of nature of the Senate”.
According to the advertisement and programme pamphlet distributed at the Hearing on Finance Bill on Tuesday, the hearing should have been a joint one.
However, the House of Representatives, led by Hon. Biodun Faleke, decided to boycott the scheduled public hearing due to the failure of the Senate Committee to carry them along.
Our correspondent gathered that some members of the Committee in the House only got to know about the programme through newspaper advertisements.
It was further learnt that the House of Representatives members of the Committee have decided to organise their public hearing separately.
Speaking at the Public hearing, the Chairman of the Senate Committee on Finance, Senator Olamilekan Solomon, said the additional funds from the increment of taxes would be used to fund healthcare services, educational and above infrastructural programmes.
Solomon added that 85 per cent of all the VAT revenues will be allocated to both states and local governments.
He said if the bill is eventually passed into law, it will introduce sweeping changes in the nation’s taxation policy, adding that the initiative to reform tax system is laudable and proposed modifications to the fiscal rules around taxation are clearly aimed at creating an enabling business environment.