National Assembly Complex, Abuja

Senate to review Finance Act to boost Revenue Generation

According to the Nigerian Senate, there are indications that the Finance Bill, now known as the Finance Act, will be amended soon. This comes after the Comptroller General of the Nigeria Customs Service, Col. Hameed Ali, informed the Senate Committee on Finance that Customs is no longer a revenue-generating agency as a result of the amendment of some sections of the country’s laws.

This was revealed Monday at an interactive session with revenue-generating agencies on the need to strengthen the government’s IGR.

In their contributions, the Senate President, Ahmad Lawan, and the Chairman of the Senate Committee on Finance, Solomon Adeola, disclosed that the recently enacted Finance Bill is highly amenable to an amendment to resolve the identified gray areas.

President Muhammadu Buhari signed the Finance Bill (now the Finance Act) into law on December 31, 2021.

The Finance Act was signed into law alongside the 2021 Appropriation Bill (now Appropriation Act); this Act makes substantial changes to a variety of Nigerian tax and regulatory legislation, including the implementation of COVID-19 incentives.

Leave a Reply

Latest News

A D V E R T I S E M E N T

AngelCity-Creative-Company-Web-ad-349px-by-349px

Business