Reps Pass Bill On Environmental Protection, Corporate Taxation

The House of Representatives has passed two significant bills for second reading, focusing on environmental protection and corporate taxation.

The first, a Bill for an Act to Prohibit Gas Flaring, Encourage Gas Utilization, and Provide Penalties and Remedies for Gas Flaring Violations (HB. 1819), was sponsored by Hon. Babajimi Benson.

Leading the debate, Hon Benson explained that the bill seeks to prohibit the flaring and venting of natural gas except under strictly regulated conditions. It also aims to promote gas utilization to drive economic growth and energy generation. 

Hon Benson highlighted the bill's focus on mitigating the environmental, health, and economic damages caused by decades of gas flaring, aligning Nigeria’s oil and gas operations with international climate change commitments.

Some lawmakers, however, expressed confidence about the bill.

The second, a Bill to Amend the Companies Income Tax Act, aims to provide security and guarantees for businesses by addressing minimum tax requirements during years of financial losses.

Hon. Oboku Oforji led the debate, emphasizing the bill's importance in supporting businesses and ensuring a fair tax regime.