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Reps hold public hearing on new Finance bill Monday

Kehinde Akintola
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Barring last-minute changes, the Minister of Finance, Budget and National Planning, Dr Zainab Usman, is expected to appear before the House of Representatives’ Committee on Finance on Monday, to elucidate on the proposed Finance bill, 2021 transmitted by President Muhammadu Buhari for legislative scrutiny.

President Muhammadu Buhari had in the cover letter transmitted to the House and Senate underscored the need to increase tax and non-tax revenues as well as introduce key reforms in various sectors of the economy, with a view to support of the 2022 budget.

The letter reads: “Pursuant to Sections 68 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 House of Representatives, 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 enhance 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) Accelerate International Taxation Reforms to enhance the taxation of non-resident individuals and companies that nevertheless derive profits from Nigeria, 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; and

“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.

“I trust that this 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,” President Buhari urged.

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