President Mohammed Buhari has sent in the Finance Bill 2021 to the Senate for consideration and passage to enable the government to fund some critical infrastructure in the 2022 budget.
In a letter read by the President of the Senate Ahmad Lawan, President Buhari explained that the request was pursuant to section 58/59 of the 1999 constitution as Amended.
According to the President, the Finance Bill 2021 proposes among other things key reforms to enhance domestic revenue mobilization efforts, to increase tax and nontax revenues.
The letter reads, “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 mobilization 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’) “
President Buhari hopes that the bill would be given accelerated consideration.