President Muhammadu Buhari on Tuesday transmitted a letter to the Senate, urging it to consider and pass the Finance (amendment) Bill 2021.
Senate President Ahmad Lawan read the President’s letter on the floor at plenary.
According to Buhari, the Finance Bill would guide the implementation of the soon-to-be passed Appropriation Act, 2022.
Buhari added that the Bill when passed would help support the Budget of Economic Growth and Sustainability 2022 presently being considered by the National Assembly.
He said the Bill would also help to carry out some radical reforms in the finances of the federal government.
The President in the letter titled: “Transmission of the Finance Bill 2020 to the National Assembly for consideration and passage into law in support of the 2021 Budget” proposed various amendments to existing tax laws and financial regulations.
He explained that the new amendments were in response to the negative effect of the COVID-19 pandemic on the economy and recession in the country.
The letter reads in part: “Pursuant to Sections 58 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 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).”