New Telegraph

Buhari transmits Finance Bill to National Assembly

President Muhammadu Buhari, yesterday, transmitted the 2021 Finance Bill to the Senate, for consideration and approval. The House of Representatives had received a copy of the bill last week. The request by the President seeking the passage of the bill into law was contained in a letter dated December 7, 2021, which accompanied the bill. In his letter, President Buhari explained that the request for the passage of the bill was made pursuant to the provisions of Sections 58 and 59 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).

He also explained that the Finance Bill, 2021, sought 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. The President added that the Bill provided for enhanced Domestic Revenue Mobilization efforts to increase tax and non-tax revenues; and ensure Tax Administration and Legislative Drafting Reforms, particularly to support the ongoing automation reforms by the Federal Inland Revenue Service.

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