Home Business Nigeria’s New Financial Law Affirms 0.25% Levy on Commercial Companies

Nigeria’s New Financial Law Affirms 0.25% Levy on Commercial Companies

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Nigeria’s National Assembly has moved to restore all statutory Funds due, to the National Agency for Science and Engineering Infrastructure (NASENI) as contained in the Nigeria Financial Act 2021 which was newly signed into law by President Muhammadu Buhari.

The new Financial Act 2021 as amended was passed into law by the National Assembly recently wherein the lawmakers upheld a provision of 0.25% levy on profit before tax of commercial companies to be credited to NASENI in support of its R&D’s mandate.

The Executive Vice Chairman of NASENI Prof. Mohammed Haruna while thanking President Muhammadu Buhari and the leadership of the National Assembly said the move is a demonstration of the country’s willingness to achieve economic growth with technology and innovation.

“This latest move by the Nigeria Federal government is an indication that Nigeria now is on the path to greatness and soon to be numbered amongst the comity of nations who are using investments in research and development (R&D’s), technology, and innovation to transform their national economies,” he said.

Professor Haruna added that when the funds are received by the Agency, it will go a long way in making the Agency fully actualize its mandate and purpose.

The Chairman Senate Committee on Finance, Senator Solomon O. Adeola said the committee was aware of the huge potentials for financial returns on investments in technology innovations by NASENI, hence the committee directed the Accountant General of the Federation to release the 1% Federation Account statutory fund to the Agency.

“NASENI has the requisite human and material capacity to intervene and bridge all development gaps in different sectors of the Nigeria economy through its core mandate given to it by extant laws to domesticate foreign technologies and innovate new indigenous ones in line with its mission statement which is to create enabling knowledge-driven environment for local mass production of standard parts, goods, and services required for the advancement of technology in Nigeria”

Recall in September 2020, through its Senate Committee on Finance and Review of Public Expenditures, the National Assembly directed the Accountant General of the Federation and all other concerned Agencies of Federal Government including the Federal Inland Revenue Service FIRS to release all statutory funds due to NASENI.

NASENI is noted to be of value to the socio-economic transformation of Nigeria, coming up with world-class designs and fabrication of machines, equipment, successful research and development activities of various technology devices to transform the nation’s industrial sector and competitiveness.


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