Home Politics Buhari writes Senate, seeks consideration for passage of Finance Bill 2021

Buhari writes Senate, seeks consideration for passage of Finance Bill 2021

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President Buhari has written the Senate, asking for the consideration and subsequent passage of the 2021 Finance bill that will guide the implementation of the 2022 appropriation.

In a letter addressed to the President of the Senate, Senator Ahmad Lawan and read during plenary on Tuesday, Buhari said that the bill, when passed will help support the 2022 budget of Economic growth and sustainability that is currently before the National Assembly, awaiting passage.

According to Buhari, the Bill will also aid in carrying out radical reforms in the finances of the government.

While the cover letter was titled ‘Transmission of the Finance Bill 2020 to the National Assembly for Consideration and Passage into Law in Support of the 2021 Budget,’ the bill proposes various amendments to existing tax laws and financial regulations in response to the negative impact of the COVID-19 pandemic on the economy and the current recession.

It read, “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 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’) “

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