On October 12, 2022, the Business Facilitation (Miscellaneous Provision) Bill 2022, also known as the “Omnibus Bill”, has been passed by the 9th House of Representatives of the Federal Republic of Nigeria
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an intervention of the Presidential Enabling Business Environment Council (PEBEC) aimed at consolidating and amending outdated legislative provisions towards removing bottlenecks for micro, small and medium enterprises. The Bill also seeks to ensure the sustainability of business climate reforms through the promotion of Transparency and Efficiency in government.
A culmination of 4 years of collaborative work by public and private sector stakeholders in the legal community, Stakeholders are eagerly looking forward to the speedy passage of the Bill by the Senate and its signing into law by President Muhammadu Buhari in order to reap the attendant benefits for the Nigerian economy.
