On Air Now

Football Frenzy

Noon - 9:00pm

President Buhari to Senate: Why You Must Sign Finance Bill 2021

President Muhammadu Buhari is seeking the Senate's passage of the Finance Bill, 2021, to enhance implementation of the 2022 Appropriation Bill.

The President’s appeal is contained in a letter forwarded to the Senate and read by its President, Ahad Lawan at the commencement of Tuesday’s plenary. 

According to the letter, Buhari says the bill seeks to support the implementation of the 2022 budget by “proposing key reforms to specific taxation, customs, excise, fiscal and other relevant laws.”

The proposed legislation also intends to accelerate international taxation reforms to enhance taxation of non-resident individuals and companies that nevertheless derive profit from Nigeria. 

The letter reads in parts, “presentation of the Finance Bill 2021 to the National Assembly for consideration and passage is into law in support of the 2022 budget pursuant to Sections 58 and 59 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), I formally request that the Finance Bill, 2021 be considered by the Senate for passage into law.”

He added that “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).

Recall that the President had on October 7 presented before a joint session of the National Assembly an N16.39 trillion budget, which is currently undergoing legislative interrogation.

More from Homepage News


Weather

  • Lagos Weather

    Light rain

    High: 27°C | Low: 24°C