President Muhammadu Buhari, Thursday, sent Finance bill 2021 to the House of Representatives.
In a letter titled “Transmission of the Finance Bill 2021 to the National Assembly for Consideration and Passage I to Law in Support of the 2022 Budget”, dated November 24, 2021 addressed to and read by Speaker Femi Gbajabiamila at the plenary, the President said the bill was necessary to support the implementation of the 2022 national budget expected to be passed by the national assembly before the end of the year.
The letter read thus: “Pursuant to Sections 68 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 House of Representatives, 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: Enhance 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),
“Accelerate International Taxation Reforms to enhance the taxation Of non-resident individuals and companies that nevertheless derive Profits from Nigeria,
“Implement Financial Sector Reforms to support ongoing capital market reforms relating to Securities Lending Transactions, Real Estate Investment Trusts, Unit Trust Schemes and the recapitalisation of Insurance Companies; and
“Prioritize Critical Public Financial Management Reforms regarding the FIRS’ vital role in coordinating tax administration as well as the enforcement of key fiscal rules under the 1999 Constitution, Finance (Control & Management) Act and other relevant laws.
“1 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.
“Please accept, Right Honourable Speaker, the assurances of my highest consideration.”