The Speaker of the House of Representatives, Hon. Femi Gbajabiamila has stated that the 2020 Finance Bill is critical to the success of the 2021 budget and that the House is committed to the speedy passage of the bill.
This statement was made by the Speaker, during a public hearing organized by the House Committee on Finance.
According to his statement at the public hearing yesterday, Gbajabiamila said the 2020 Finance Bill is critical to the success of the 2021 Budget, as well as the resilience and strength of the Nigerian economy.
In her presentation, the Minister of Finance, Budget and Planning, Mrs Zainab Ahmed, said the major reason behind the bill was to address issues that were lacking in the 2019 Finance Bill, as well as to deepen the innovations it had started.
She added that the issues of taxation and tax administration were dealt with and properly addressed in the 2020 proposal of the Finance Bill.
Why this matters
In line with the statement of the Speaker, the 2020 Finance Bill would help to determine the Nation’s ability to fund the 2021 budget, meet the debt obligations of the nation and implement policies to build infrastructure and reduce the infrastructural deficits of the Nation, through the execution of iconic projects across the nation.
In this vein, the Bill is expected to strengthen the revenue base of the nation, which is paramount to the success of the budget, given the optimistic revenue projection of N7.89 trillion in the 2021 budget – 35% higher than the revenue projection captured in the revised 2020 budget.
This, however, would help to effectively address the problem of insecurity, put the Nigerian economy back on the path of sustainable growth and development, provide jobs in a bid to ward off the problem of widespread unemployment and underemployment in the economy, and lift Nigerians out of poverty in line with President Buhari’s target.
What they are saying
Speaker Gbajabiamila, in his statement at the public reading, said:
- “It is an important piece of legislation, deserving of thorough consideration, and reasoned debate by the parliament of the people, acting in the best interests of the people. The Finance Bill which we have gathered here to consider and to contribute to, will determine amongst other things, our ability as a nation to fund the 2021 budget, meet the obligations of government and implement policies to build infrastructure address the problem of insecurity, grow the economy, and provide jobs that pay a living wage and lift families out of poverty.”