Reps pass bill seeking respite for Nigerians

The House of Representatives yesterday passed a bill seeking economic respite for Nigerians over the coronavirus pandemic. .

The Economic Stimulus Bill 2020 was sponsored by Speaker Femi Gbajabiamila, Deputy Speaker Ahmed Idris Wase, Chief Whip Mohammed Tahir Monguno and seven others.

It seeks to, among other things, relief on corporate tax liability, suspension of import duty on selected goods and deferral of residential mortgage obligations to the Federal Mortgage Bank of Nigeria for a fixed term "to protect jobs and alleviate the financial burden on citizens in response to the economic downturn occasioned by the outbreak of COVID-19 disease and for related matters".

The main objective of the bill is to provide temporary relief to companies and individuals to alleviate the adverse financial consequences of the economic slowdown brought by the outbreak of the Covid-19 disease in Nigeria.

It is also aimed at protecting the employment status of Nigerians who might otherwise become unemployed as a consequence of management decision to retrench personnel in response to the prevailing economic realities as well as providing for a moratorium on mortgage obligations for individuals at a time of widespread economic uncertainty.

It is also to “eliminate additional fiscal bottleneck on the importation of medical equipment, medicines, personal protection equipment and other such medical necessities as may be required for the treatment and management of the Covid-19 Disease in Nigeria, to ease the burden of importation and financial burden, thereby fostering easier access and reduction in the price."