A bill for a law to impose and charge Value Added Tax (VAT) on certain goods and services, provide for the administration of the tax and for related purposes this Tuesday scaled second reading at Ogun State House of Assembly.
The Clerk of the House, Mr Deji Adeyemo had read the bill for the first time during plenary in Abeokuta while the Majority leader, Assemblyman Yusuf Sherif, moved the motion for the second reading and seconded by Assemblyman Ganiyu Oyedeji.
Opening debate on the bill, the Chairman, House Committee on Finance and Appropriation ,Assemblyman Olakunle Sobukunola noted that the bill was an avenue for the state to generate more revenue for the development of the state.
He added that the more internally generated revenue by the state, the more infrastructural development in all nooks and crannies of the state.
In a submission, Assemblyman Oyedeji explained that collection of VAT would allow the state to generate more revenue and be able to meet the needs of the people.
The lawmaker stated that the people’s need included fixing of bad roads and the construction of new ones, provision of health care facilities among others which required finance to fulfil.
Other lawmakers who spoke supported the quick passage of the bill, saying that it would boost the socio economic development of the state.
They noted that the passage of the bill would be a sort of financial restructuring and a form of redistribution of internally generated revenue.
In his response, the speaker Rt hon Olakunle Oluomo, commended the lawmakers for the deliberation, adding that the VAT law was needed in the state for more economic development.
The speaker thereafter, committed the bill to the House committee on finance and appropriation for further legislative actions.
Also during plenary, the Ogun State Anti Corruption law 2021 scaled first reading on the floor.