President Muhammadu Buhari has written the senate, seeking the consideration and subsequent passage of the 2021 Finance bill that would guide the implementation of the 2022 appropriation.
Buhari said that the bill when passed would 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 would also help to carry out some radical reforms in the finances of the government.
Through a letter addressed to the Senate President, Senator Ahmad Lawan and read during plenary on Tuesday, Buhari said that his request for consideration and passage of the bill was in line with sections 58 and 59 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).
The letter titled ‘Transmission of the Finance Bill 2020 to the National Assembly for Consideration and Passage into Law in Support of the 2021 Budget,’ read: “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’)
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.