NASS forwards start-up bill to President Buhari for approval
The National Assembly on Monday forwarded the starter bill to President Muhammadu Buhari for approval after following all required legislative procedures.
President Buhari, by letter dated 21 February 2022, forwarded the Bill to the National Assembly in accordance with Article 58(2) of the 1999 Constitution (as amended).
The Start-up Bill, 2021 provides for the creation and development of an enabling environment for tech start-ups in Nigeria.
According to the President's Senior Special Adviser for National Assembly (Senate) Affairs, Senator Babajide Omoworare, the bill aims to position Nigeria's ecosystem, as a premier technology hub in Africa, having excellent innovators with advanced skills and exportable capacity.
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Clause 31(1) of the bill provided a 35% tax exemption for eligible employees of start-ups in Nigeria for a period of two years from the day of engagement.
The bill also seeks to establish a seed fund for seed investment to be managed by the Nigeria Sovereign Investment Authority.
The Fund is to provide funding to a labeled start-up, provide seed funding for a labeled start-up, and provide relief to tech labs, accelerators, incubators and hubs.
Leading the debate on its general principles, Hon. Monguno said, "Technological innovation as well as start-ups to give them an enabling environment to protect and also to protect the huge investments coming from both public and private sectors in this sector.
"About $1.4 billion has been invested in the start-up sector. And such an amount of investment needs an environment that is well regulated by law. An environment that is not at the whim and the whims of the executive arm of government. By which a person can wake up one day and give direction. This creates instability and therefore discourages investment."
In his contribution, Hon. Uzoma Nkem-Abonta asserted that Nigeria needs an enabling environment for technological advancement, but expressed concern about the high cost of governance.
He said: "Yes, we need an enabling environment, no country can develop without technology. We need technological growth, which includes good schools, centers. But a Generally speaking, my fear is the cost of governance, the cost of running the place The enabling environment is the government's business, the bill calls for a commission to lead this process, the enabling environment seems something little vague, not certain. There are many scientific institutions, if we start one, there will be multiplicity, there will be so many that we will become confused."
MONDAY LINES: I support Buhari
NASS Forwards Inception Bill to President Buhari for Approval
EDITORIAL: The Bloody Discovery in Ibadan
NASS Forwards Inception Bill to President Buhari for Approval
The National Assembly on Monday forwarded the starter bill to President Muhammadu Buhari for approval after following all required legislative procedures.
President Buhari, by letter dated 21 February 2022, forwarded the Bill to the National Assembly in accordance with Article 58(2) of the 1999 Constitution (as amended).
The Start-up Bill, 2021 provides for the creation and development of an enabling environment for tech start-ups in Nigeria.
According to the President's Senior Special Adviser for National Assembly (Senate) Affairs, Senator Babajide Omoworare, the bill aims to position Nigeria's ecosystem, as a premier technology hub in Africa, having excellent innovators with advanced skills and exportable capacity.
ALSO READ FROM NIGERIAN TRIBUNE
Clause 31(1) of the bill provided a 35% tax exemption for eligible employees of start-ups in Nigeria for a period of two years from the day of engagement.
The bill also seeks to establish a seed fund for seed investment to be managed by the Nigeria Sovereign Investment Authority.
The Fund is to provide funding to a labeled start-up, provide seed funding for a labeled start-up, and provide relief to tech labs, accelerators, incubators and hubs.
Leading the debate on its general principles, Hon. Monguno said, "Technological innovation as well as start-ups to give them an enabling environment to protect and also to protect the huge investments coming from both public and private sectors in this sector.
"About $1.4 billion has been invested in the start-up sector. And such an amount of investment needs an environment that is well regulated by law. An environment that is not at the whim and the whims of the executive arm of government. By which a person can wake up one day and give direction. This creates instability and therefore discourages investment."
In his contribution, Hon. Uzoma Nkem-Abonta asserted that Nigeria needs an enabling environment for technological advancement, but expressed concern about the high cost of governance.
He said: "Yes, we need an enabling environment, no country can develop without technology. We need technological growth, which includes good schools, centers. But a Generally speaking, my fear is the cost of governance, the cost of running the place The enabling environment is the government's business, the bill calls for a commission to lead this process, the enabling environment seems something little vague, not certain. There are many scientific institutions, if we start one, there will be multiplicity, there will be so many that we will become confused."
MONDAY LINES: I support Buhari
NASS Forwards Inception Bill to President Buhari for Approval
EDITORIAL: The Bloody Discovery in Ibadan
NASS Forwards Inception Bill to President Buhari for Approval
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