Fred Itua and Ndubuisi Orji, Abuja
President Muhammadu Buhari’s Finance Bills, yesterday, suffered a major setback following a face off between the Senate and House of Representatives committees on finance.
Committee members from the House of Representatives boycotted the public hearing held by the Senate Committee on Finance.
Daily Sun learnt that the aggrieved lawmakers were alleging that they were sidelined by the Senate Committee on Finance in the run up to the hearing.
They also claimed that funding of the hearing was shrouded in secrecy.
The aggrieved lawmakers said they were not briefed on how much was approved for the exercise.
It was gathered that the boycott was approved by the leadership of the House which felt bad that it was only informed about the exercise on Sunday night.
Despite the boycott, the Senate Committee went ahead with the day’s business.
Bills considered were Petroleum Profit Tax, Custom and Excise Tariff Act, Company Income Tax Act, Personal Income Tax Act, Value Added Tax, Stamp Duties Act and Capital Gain Tax.
A National Assembly source said the Senate may run into troubled waters if issues surrounding the seven Bills were not resolved before the passage of the 2020 budget.
“The leadership of the Senate is under pressure to fast-tract the speedy passage of the Bills on Thursday to avoid any possible hiccups,” the source said.
A forthright ago, the senators complained of how they would debate and pass the seven Bills when they did not know the content.
Despite the complaints, President of the Senate, Ahmad Lawan overruled.
The proposed Finance Bill initiated by the Federal Government seeks to raise revenues through increase in taxes.
But experts feared it might threaten local and foreign investments in the oil and gas sector.
It could also erode Nigeria’s competitiveness in the global oil and gas industry to the advantages of other countries.
Oil Producers’ Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry, told the Senate that the Bill could jeopardise the future of the country’s economy.