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New Financial Law Affirms 0.25% Levy On Firms To Fund NASENI



The new Financial Act 2021 as amended which was passed into law by the National Assembly and signed into Law by President Muhammadu Buhari, recently upheld provision of 0.25 per cent levy on profit before tax of commercial companies to be credited to the National Agency for Science and Engineering Infrastructure (NASENI) in support of its Research and Development (R&D) mandate.

According to a statement issued yesterday by Olusegun Ayeoyenikan (deputy director, Information) of NASENI, the latest act in this direction by the highest lawmaking body of the country has restored all statutory Funds due to NASENI as contained in the Nigeria Financial Act 2021 which was newly signed into law by President Muhammadu Buhari.

NASENI lauded the National Assembly for this move saying that the lawmakers demonstrated through legislation their resolve to support all new socio-economic efforts in Nigeria based on continuous deployment and use of knowledge, research, science and technology innovation to positively turn around the nation’s economy.

The executive vice chairman/CE (EVC/CE) NASENI Prof. Mohammed Haruna while thanking President Muhammadu Buhari and the leadership of the National Assembly said “this latest move by the Nigeria Federal government is an indication that Nigeria now is on the paths to greatness and soon to be numbered amongst the comity of nations who are using investments in research and development (R&D’s), technology and innovation to transform their national economies”

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It noted that this is not the first time the lawmakers had demonstrated great act of patriotism and vision for the future of the nation.

“Recall in September 2020, through its Senate Committee on Finance and Review of Public Expenditures, the National Assembly directed the Accountant General of the Federation and all other concerned Agencies of Federal Government including FIRS to release all statutory funds due to NASEN.

“This is because of obvious values which the Agency was already adding to the socio-economic transformation of the country with its coming up with world class designs and fabrication of machines, equipment, including successful research and development activities of various technology devices to transform the nation’s industrial sector and competitiveness,” the statement said.

The Senate Committee Chair, Senator Solomon O. Adeola said the committee was aware of huge potentials for financial returns on investments in technology innovations by NASENI and the ability of the Agency to alleviate poverty and avert future economic challenges and hence the committee directed the Accountant General of the Federation to release the 1% Federation Account statutory fund to the Agency.

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The Committee also observed that with right support and proper funding of NASENI, the Nigeria economy would benefit in many ways and in several sectors from many technology innovations emerging from the Agency. The Lawmakers in their submission at a public hearing affirmed that NASENI had the requisite human and material capacity to intervene and bridge all development gaps in different sectors of the Nigeria economy.


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