National News

2021 Finance Bill Passes Second Reading In Senate

Finance Bill 2021 has passed second reading in the Senate.

This followed presentation of the lead debate by the Senate Leader Yahaya Abdullahi during plenary in Abuja.

The bill is entitled “A Bill for an Act to amend the relevant tax, excises and duty statutory in line with macro economic policy reforms of the federal to amend and to make further provisions to specific laws in connection with public financial management of the Federation and for other matters connected therewith 2021″.

The bill was transmitted by President Muhammadu Buhari to the Senate and was read by Senate President Ahmad Lawan on the floor of the upper legislative chamber on Tuesday.

By the lead debate coming a day after the bill was transmitted to the senate, this showed that the consideration of the report was given accelerated hearing.

Leading the debate on the bill, senator Abdullahi said that the bill was read for the first time on Wednesday, 8th of June 2021.

He told his colleagues that 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.

He explained that the bill provides for enhanced domestic revenue mobilisation efforts to increase tax and non-tax revenues.

He maintained that the strategic objectives of the bill includes promoting fiscal equity, reforming domestic tax laws to align with global best practices among others.

Contributing, Chairman Senate Committee on Media and Public Affairs Senator Ajibola Basiru said the passage of the bill was very critical.

The bill was thereafter refered by President of the Senate, Ahmad Lawan to the joint Committees on Finance, Customs, Excise and Tariffs and Trade and Investment to report back on Tuesday, Dec.14.

“This is necessary because we have to pass the Finance Act amendment before we pass the budget and it is our hope that we will be able to consider the 2022 Budget on Wednesday next week” Lawan said

James itodo/Abuja

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