President Muhammadu Buhari has forwarded the 2021 Finance bill that will guide the implementation of the 2022 appropriation to the National Assembly for passage.

In a letter addressed to Speaker Femi Gbajabiamila read at plenary, the President said the bill is to help carry out some radical reforms in the finances of the government.

The President’s letter reads: “Pursuant to Sections 58 and 59 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), | formally request that the Finance Bill, 2021 be considered by the House of Representatives, for passage into law.

“The Finance Bill, 2021 seeks to support the implementation of the 2022 Federal Budget of Economic Growth and Sustainability by Proposing key reforms to specific taxation, customs, excise, fiscal and other relevant laws.

“Specifically, this Bill provides for enhance domestic revenue mobilisation efforts to increase tax and non-tax revenues, Tax Administration and Legislative Drafting Reforms, particularly to support the ongoing automation reforms by the Federal Inland Revenue Service ( FIRS’).

“Accelerate International Taxation Reforms to enhance the taxation of non-resident individuals and companies that nevertheless derive Profits from Nigeria”.

The bill is also expected to “Implement Financial Sector Reforms to support ongoing capital market reforms relating to Securities Lending Transactions, Real Estate Investment Trusts, Unit Trust Schemes and the recapitalisation of Insurance Companies”

It will also Prioritize Critical Public Financial Management Reforms regarding the FIRS’ vital role in coordinating tax administration as well as the enforcement of key fiscal rules under the 1999 Constitution, Finance (Control & Management) Act and other relevant laws”.

He appealed to the House to favourably consider the bill for passage into law so that it may provide fiscal support necessary for the implementation of the 2022 Federal Budget.

Written By Obioma Ezenwobodo Esq

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