FG Will Compensate Companies That Donated To Covid-19 Fight-Presidency

Nigeria is planning huge relief for companies and individuals who made significant donations to the country’s effort to mitigate the effect of the Covid-19 pandemic on the economy, the Senior Special Assistant to the President on Finance and Fiscal Policy, Bode Oyetunde has said.

He said this on Friday during the virtual public consultation on the Finance Bill 2020.

He said the new proposed Bill will introduce provisions to allow the recovery of donations made towards the pandemic and other potential crises.

He said, “We are trying to see how we can support the companies and individuals that donated quite generously to the covid support and also trying to ensure that for posterity there is this increased deduction for companies  who made those donations.

“The Finance Act will create a legal framework for the creation of a crisis intervention fund.”

Post economic recovery, Oyetunde said there will be a slight tax increase potentially for very high network individuals.

Amidst economic downturn, the government seeks to ensure a balance between broader macroeconomic strategies to attract investment.

The Ministry of Finance had said the Bill will grow the economy and create more jobs, this is amidst rise in unemployment to 27.1 per cent.

The Central Bank of Nigeria led the Private Sector Coalition Against COVID-19 contributed N23bn to the country’s Covid relief efforts.

Notably, Africa’s richest man, Aliko Dangote donated N2bn to the effort to mitigate the impact of the pandemic, while Tony Elumelu, Herbert Wigwe, Femi Otedola among others dished out N1bn each.