Buhari transmits 2021 Finance Bill to Senate

President Muhammadu Buhari has transmitted the 2021 Finance Bill meant to support the 2022 budget to the Senate for consideration and passage.

The 2021 Finance Bill was confirmed on Tuesday by Senate President, Ahmad Lawan, who read proceeded to read the accompanying letter from the President on the floor of the Upper Chamber during plenary.

The letter was entitled ‘Transmission of Finance Bill 2021 to the National Assembly for consideration and passage into law in support of the 2022 Budget,’ quoted the President as saying it the Bill was support the implementation of the 2022 budget.

The letter reads:

“Pursuant to Sections 58 and 59 of the Constitution of the Federal Republic of Nigeria as amended, I formally request that the Finance Bill 2021 be considered by the Senate 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.”

According to the President, the Bill, among other things, specifically provides for enhanced domestic revenue mobilisation efforts to increase tax and non-tax revenues.

“The Bill also seeks tax administration and legislative drafting reforms particularly to support the ongoing automation reforms by the Federal Inland Revenue Service (FIRS).

“The Bill will also implement financial sector reforms to support ongoing capital market reforms relating to securities lending transactions, real estate investment unit trust schemes, and insurance companies’ recapitalization,” the letter said.

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He added that the Bill seeks to accelerate international taxation reforms to enhance the taxation of non-resident individuals and companies that nevertheless, derive profits from Nigeria.

“I trust that this Bill will be favourably considered by the National Assembly for passage into law so that it may provide fiscal support necessary for the implementation of the 2022 Federal Budget,” the President pleaded.