Sanwo-Olu signs VAT Bill into law

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…As Lagos assembly commits executive bill to amend the 2021 Appropriation Law to c’ttee

Governor Babajide Sanwo-Olu of Lagos State has signed into law the State Value Added Tax, VAT Bill.

The Governor, signed the “bill for a law to impose and charge VAT on certain goods and services” at about 11. 45am, at Lagos House, Alausa, Ikeja, on Friday, shortly after returning from an official trip to Abuja.

By this act, the Bill has now become a Law. Recall that on Thursday, September, 9th, 2021, members of the Lagos State House of Assembly, passed the VAT Bill, 2021 to Mr. Governor for assent into law.

Earlier, the bill went through its Public Hearing stage on Wednesday, which received resounding contributions and support from stakeholders.

The recommendations of the report of the Committee on Finance, were unanimously adopted as the resolutions of the House, leading to its third reading.

Thereafter, the Speaker, Mudashiru Ajayi Obasa directed the Acting Clerk of the House, Mr. Olalekan Onafeko to forward clean copies of the bill to Mr. Babajide Sanwo-Olu for his assent.

Executive Bill on 2021 appropriation bill

Also, the House had committed the Executive Bill to amend the Appropriation Law, 2021, to Committee of the house on Budget and Economic Planning for consideration.

The bill also seeking to authorize the re-ordering of ₦460,587,043,741to ₦496,264,607,836 for Recurrent Expenditure; and ₦702,935,416, to ₦759,594,382,442, for Capital Expenditure; while the Budget size of ₦1,163,522,460,717, be revised to ₦1,255,858,990,278 for the year ending December 31, 2021.


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