ADVERTISEMENT
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Tuesday, May 24, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
House of Representatives plenary

House of Representatives plenary

Coronavirus: House of Reps passes bill to prevent retrenchment during epidemic

byYusuf Akinpelu
March 24, 2020
2 min read

Any company that does not lay off its staff till the end of the year would have the federal government refund 50 per cent of the income tax paid on its employees’ salaries, a bill passed by the House of Representatives on Tuesday says.

As COVID-19 disease ravages the land, with a looming possibility of workers being laid off, the bill seeks to grant companies a reduction on Companies Income Tax to 50 per cent of PAYE (pay as you earn), so long the companies do not retrench their staff.

Although it would be a temporary palliative, the bill seeks to grant a six-month deferral for payments on mortgages obtained by individual contributors to the National Housing Fund (NHF).

Likewise, it seeks to suspend all import duties on medicines, medical equipment and other essentials, to be determined by the minister of health, required to help in the treatment and management of COVID-19 disease.

Titled the “Emergency Economic Stimulus Bill 2020,” these exemptions are expected to take effect from March 1, 2020, and remain in force till 31st December 2020, with a clause of extension, if need be.

The bill was sponsored by all the House’s principal officers.

House Speaker Femi Gbajabiamila, who presented the bill, said the potential law are “temporary measures that we hope will help our country to more effectively manage this present crisis and emerge from it with the possibility of rebirth and renewal.”

He added: “This, we hope will prevent large scale job losses in an already fragile economy and allow our people to carry on their lives as best as possible in the event of a large scale outbreak of the sort we have witnessed in other parts of the world.”

The much dreaded COVID-19 pandemic has stung the Nigerian economy badly, as it has plunged the global economy, locked down countries and killed thousands.

Nigeria’s 2020 budget, owing to a sharp drop in oil price, the nation’s lifeblood, has been negatively affected by current realities.

A drop in federal earnings and the containment of the contagion — which Nigeria has confirmed 42 cases — already on the nation’s plate suggest harsh realities for Nigerians.

Optimism

But Mr Gbajabiamila, with the bill, said he hoped “to keep many people in their jobs by providing tax-based incentives for companies for as long as possible even when faced with harsh commercial realities.”

Nigeria does not have a robust system of health insurance. Hence, a large-scale breakout of the pandemic is likely to strain family finances.

The Speaker said, “in a situation where the government cannot do direct cash transfers to those most in need,” the bill, if it becomes law, “ensures that we at least can keep from taking from those who might need it during these uncertain days.”

Treated as an emergency bill, the bill passed first, second and third reading, all done within thirty minutes. The bill is now up for Senate concurrence and presidential assent for it to become law.

Both Houses adjourned plenary on Tuesday for two weeks — which is April 4.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

CITIZEN-FM AD


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: Why women cheat: what every Nigerian man should know







PT Mag Campaign AD

Previous Post

Coronavirus: Britain seeking 250,000 volunteers to help health service

Next Post

Media, religious leaders urged to ensure fairness, balance

Yusuf Akinpelu

Yusuf Akinpelu

Yusuf Akinpelu is PREMIUM TIMES' Head of Data Desk. Prior to this, he covered the National Assembly and fact-checked for Dubawa. He is a graduate of Statistics from the University of Ibadan. He has a penchant for books, debates, and wildlife.

More News

Olusegun Obasanjo

2023: Wike, Makinde, Ortom meet Obasanjo

May 24, 2022
An APC campaign used to illustrate the story

Thugs attack journalists at Osun governor’s campaign rally

May 24, 2022
labour party

2023: NNPP, PRP, ZLP, others deny ‘alliance talks’ with Third Force Movement, LP

May 24, 2022
The Senate President, Ahmad Lawan

I’ve what it takes to succeed Buhari, Lawan tells Niger delegates

May 24, 2022
In company of the wife of the Vice President, Dolapo Osinbajo First Lady Aisha Buhari visits newly elected APC NWC led by Sen. Abdullahi Adamu at the All Progressives Congress (APC) National Secretariat to canvas support for Women Aspirants under the Party.

Aisha Buhari meets APC leadership, canvasses support for women ahead of primaries

May 24, 2022
Sokoto State Governor, Aminu Tambuwal (Photo Credit: BBC)

ANALYSIS: Tambuwal’s silence puts Sokoto PDP governorship aspirants on edge

May 24, 2022
Next Post
Participants at the round-table discussion

Media, religious leaders urged to ensure fairness, balance

Chinese health workers and volunteers pictured wearing face masks and protective jackets to stay safe from Coronavirus (Covid-19)

Coronavirus: Nigeria's cases rise to 44

Read All Comment

Search

AUN-PT Ad





Transport-Technology


Stanbic Ad


Access Bank Ad





Glo Ad


Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,844,881 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • Dubawa
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.