President Muhammadu Buhari (retd.) speaks during the opening ceremony of the biennial Future Investment Initiative (FII) conference in Riyadh, Saudi Arabia.
On Tuesday in Abuja, President Muhammadu Buhari (retd.) handed the 2021 Finance Bill to the Senate for study and passage.
Senate President Ahmad Lawan read the letter from the floor of the Upper Chamber during Tuesday’s session.
The letter’s title was ‘Transmission of Finance Bill 2021 to the National Assembly for consideration and enactment into law in support of the 2022 Budget.’
“Pursuant to Sections 58 and 59 of the Federal Republic of Nigeria’s Constitution as amended, I formally request that the Finance Bill 2021 be examined by the Senate for passing into law,” the letter states.
“By proposing significant reforms to certain taxation, customs, excise, fiscal, and other related laws, the Finance Bill 2021 aspires to facilitate the implementation of the 2022 Federal Budget of Economic Growth and Sustainability.”
The bill, according to the President, calls for increased domestic revenue mobilization measures to boost tax and non-tax income.
Buhari also wants “tax administration and legislative drafting reforms, notably to complement the Federal Inland Revenue Service’s continuing automation initiatives.”
He also wants to speed up international tax reforms in order to improve the taxes of non-resident individuals and companies who make money in Nigeria.
Furthermore, the Bill aims to enact financial sector reforms in order to assist continuing capital market reforms involving securities lending transactions, real estate investment unit trust schemes, and insurance company recapitalization.
The president also wants to make essential public financial management improvements, including as the FIRS’ crucial role in tax administration coordination, a priority.
He also wants “important fiscal rules under the 1999 Constitution, the Finance, Control, and Management Act, and other pertinent laws to be enforced.”
“I am certain that the National Assembly would evaluate this Bill favorably for passing into law, allowing it to offer the fiscal support required for the implementation of the 2022 Federal Budget,” Buhari stated.