Buhari pursues passage of 2021 Finance Bill

Yesterday, President Muhammadu Buhari, delivered Finance Bill, 2021 to the House of Representatives to augment implementation of the 2022 appropriation bill.

On October 7, President Buhari presented before a joint session of the National Assembly an N16.39 trillion budget, which is presently undergoing legislative interrogation.

The President, to secure effective implementation of the budget, pursuant to Sections 68 and 59 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), formally requested that the House of Representatives consider the bill for passage into law.

As contained in a letter read by the Speaker, Femi Gbajabiamila, at the opening of plenary, the bill attempts to support the implementation of the 2022 budget by proposing key reforms to specific taxation, customs, excise, fiscal and other relevant laws.

Femi Gbajabiamila

As letter read further, the bill particularly provided for enhanced domestic revenue mobilisation efforts to increase tax and non-tax revenues and tax administration and legislative drafting reforms, particularly to support ongoing automation reforms by the Federal Inland Revenue Service (FIRS).

Also, the proposed legislation aims to stimulate international taxation reforms to strengthen taxation of non-resident individuals and companies that nevertheless derive profit from Nigeria.

 

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