Senate passes Finance Bill for second reading

NEWS DIGEST – The Finance Bill recently transmitted to the Senate by President Muhammadu Buhari scaled second reading on Wednesday.

This followed the consideration of the general principle of the Bill sponsored by the Senate Leader, Senator Yahaya Abdullahi, at the plenary.

According to Abdullahi, the Bill was read for the first time on the floor of the Senate on Wednesday.

The Senate, however, suspended its relevant Standing Orders to enable it to consider it for second reading.

Abdullahi, in his lead debate, said 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.”