On 13 January 2020, the Finance Bill was passed into law by President Muhammadu Buhari. The Act amends the provisions of major tax statutes in Nigeria with the following principal objectives:
a. Promoting fiscal equity by mitigating instances of regressive taxation;
b. Reforming domestic tax laws to align with global best practices;
c. Introducing tax incentives for investments in infrastructure and capital markets;
d. Supporting small businesses in line with the ongoing ease of doing business reforms;
e. Raising revenue for government, by various fiscal measures, including a proposed increase in the rate of VAT from 5% to 7.5%.