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Business Facilitation Bill Deepens MSMEs Transparency

Business Facilitation Bill Deepens MSMEs Transparency

The Business Facilitation (Miscellaneous Provision) Bill 2022, also known as the “Omnibus Bill” meant to promote efficiency and transparency in micro, small and medium enterprises (MSMEs) operations, has passed  second reading in the House of Representatives.

The Bill also seeks to ensure the sustainability of business climate and give statutory force to Executive Order 001 of 2017 on the promotion of Transparency and Efficiency in the Business. Special Adviser to the President on Ease of Doing Business/the Presidential Enabling Business Environment Council (PEBEC), Jumoke Oduwole, said the House had passed the first reading on June 22.

The Bill had also passed second reading at the Senate on July 20. ‘‘The Omnibus Bill is an intervention of the Presidential Enabling Business Environment Council (PEBEC) aimed at consolidating and amending outdated legislative provisions towards removing bottlenecks for micro, small and medium enterprises,” she said.

The Federal Executive Council (FEC) had approved the bill on March 23, which was a culmination of four years of collaboration by public and private sector stakeholders in the legal community anchored by the PEBEC through a sub-committee led by the Attorney-General of the Federation, and implemented by a technical working group with the Federal Ministry of Justice legal drafting team and representatives from leading law firms and consultancy firms.

Stakeholders eagerly look forward to the speedy passage of the Bill by both chambers of the 9th National Assembly and signing into law by Mr. President in order to reap the attendant benefits for the Nigerian economy,’’ the statement read.

(thenationonlineng.net)

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