Buhari writes Senate, seeks passage of Finance Bill 2021

Nigeria President Muhammadu Buhari has written to the senate, seeking passage of the Finance Bill 2021 into law.

In a letter addressed to the President of the Senate, Senator Ahmad Lawan, and read during plenary on Tuesday, President Buhari said that the bill when passed will help support the 2022 budget of Economic growth and sustainability that is presently before the National Assembly, awaiting passage.

According to the President, the Bill will also help to carry out some radical reforms in the finances of the government.

While the cover letter was titled ‘Transmission of the Finance Bill 2020 to the National Assembly for Consideration and Passage into Law in Support of the 2021 Budget,’ the bill proposes various amendments to existing tax laws and financial regulations in response to the negative impact of the COVID-19 pandemic on the economy and the current recession.

The President’s letter read, “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 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.

“Specifically, this Bill provides for enhancing 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’) “