2021 Finance Bill: Buhari seeks domestic revenue mobilisaton, 2022 budget support
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Request bill passage to support 2022 budget
President Muhammadu Buhari of Nigeria on Tuesday in Abuja, transmitted the 2021 Finance Bill to the Nigerian Senate for consideration and passage. The letter from the president was titled, ‘Transmission of Finance Bill 2021 to the National Assembly for consideration and passage into law in support of the 2022 Budget’.
Ahmad Lawan, the senate president, during Tuesday’s plenary session, read out the letter.
“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,” the president wrote to the senate.
President Buhari noted in his letter that the bill specifically provides for better domestic revenue mobilisation efforts to increase tax and non-tax revenues as he also seeks to accelerate international taxation reforms to enhance the taxation of non-resident individuals and companies that still derive profits from Nigeria. The bill also seeks to implement financial sector reforms to support ongoing capital market reforms relating to securities lending transactions, real estate investment, unit trust schemes and insurance companies’ recapitalisation.
“We seek tax administration and legislative drafting reforms particularly to support the ongoing automation reforms by the Federal Inland Revenue Service (FIRS).
“The Bill also seeks to prioritise critical public financial management reforms regarding the FIRS vital role in coordinating tax administration. the enforcement of key fiscal rules under the 1999 Constitution, Finance, Control and Management Act and other relevant laws.
“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”, Buhari said in his letter to the upper chamber.