Ahead of the passage of the 2022 budget estimates of N16.39, President Muhamadu Buhari has transmitted to the House of Representatives, the Finance Bill, 2021 to enhance the implementation of the 2022 Appropriation Bill.
President Buhari had on October 7 laid before a joint session of the National Assembly the N16.39 trillion budget which is presently undergoing legislative processes for passage into law before the lawmakers would embark on Christmas and New year break in the middle of this month.
To ensure the effective Implementation of the budget, the President, pursuant to sections 68 and 59 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), formally requested that the Finance Bill, 2021 be considered by the House of Representatives for passage Into law.
A letter read by Femi Gbajabiamila, Speaker of the House, at the commencement of plenary on Thursday, notes that the Bill 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 reIevant laws.
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According to the president’s letter, the 2021 Finance Bill specifically provided for, enhanced 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).
The proposed legislation also intends to accelerate international taxation reforms to enhance the taxation of non-resident individuals and companies that nevertheless derive profit from Nigeria.
Other objectives of the bill are to: “Implement Financial Sector Reforms to support ongoing capital market reforms relating to securities lending transactions, real estate investment trusts, unit trust schemes and the recapitalisation of Insurance Companies.
“Prioritise critical public financial management reforms regarding the FIRS’ vital role in coordinating tax administration as well as the enforcement of key fiscal rules under the 1999 Constitution, Finance (Control & Management) Act and other relevant laws,” the document states.
Buhari expressed hope that the bill will be favourably considered by the National Assembly, for passage into law so that it may provide fiscal support necessary for the implementation of the 2022 Federal Budget.
