The Federal Government on Thursday said it would introduce tax incentives on investments in capital market instruments.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed said this at the opening session of a conference on capital market investment.
The event which was organised by Business Day Media had as its theme, ‘Market recovery, innovation and regulation in Nigeria.’
The minister said already, the plan to introduce the incentives on capital market investments was part of the finance bill which President Muhammadu Buhari submitted to the National Assembly on October 8.
The minister said the finance bill contained five strategic objectives aimed at achieving incremental but necessary changes to the country’s tax and fiscal laws.
Ahmed said among these strategic objectives was the introduction of tax incentives for investments in infrastructure and capital markets, and specifically the introduction of tax rules.
The minister said, “The Draft Finance Bill, which accompanied the 2020 Executive Budget Proposal submitted by His Excellency President Muhammadu Buhari to the National Assembly on October 8, 2019, included five strategic objectives aimed at achieving incremental but necessary changes to the country’s tax and fiscal laws.
“Among these strategic objectives is the introduction of tax incentives for investments in infrastructure and capital markets, and specifically the introduction of tax rules to complement existing SEC Regulations for Securities Lending Transactions on The Nigerian Stock Exchange.
“This strategic objective recognises the crucial relationship between fiscal policy, the regulatory environment and the strong capital market we all seek to ensure in Nigeria.”
She said going forward, the country’s annual budget would always be accompanied by finance bills to enable the realisation of revenue projections.
She said that by next year, the Federal Government would issue fresh Green Bond to drive investment in social programmes such as education and health.
The Publisher/Chief Executive Officer of BusinessDay, Frank Aigbogun, said the capital market still remained one of the best channels for long-term investments.
Or about 40 per cent of Nigeria’s oil production, rising from zero in 2004 to about 780,000 barrels of oil equivalent per day.
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