Senate Passes Business Facilitation Bill Into Law

Senate Passes Business Facilitation Bill Into Law

The Business Facilitation (Miscellaneous Provision) Bill 2022, also known as the Omnibus Bill, has been passed by the Senate, following its earlier passage by the House of Representatives.

In a statement signed by the special adviser to the President, Ease of Doing Business/PEBEC Secretary, Dr Jumoke Oduwole, the Bill, which will now be transmitted shortly to President Muhammadu Buhari for his assent, was an intervention by the Presidential Enabling Business Environment Council (PEBEC) to consolidate and amend legislative provisions towards deepening PEBEC reforms and removing bottlenecks for Micro, Small and Medium-sized Enterprises (MSMEs) in Nigeria.

‘‘This development comes on the heels of the recent approval of the €755.80m World Bank-backed State Action on Business Enabling Reforms (SABER) programme by the Federal Executive Council (FEC), which was earlier approved by the World Bank Board. The SABER programme will incentivize and strengthen the implementation of business-enabling reforms across all states in Nigeria.

‘‘With these laudable strides, the PEBEC is poised to mark the festive season by staging its critically acclaimed play titled ‘The Future Is Here’ which showcases its ease of doing business reforms free of charge to the public from December 30 to January 1 at Landmark Event Centre in Lagos,’’ the statement said.

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