Senate Fixes Date To Pass 2021 Budget


The Nigerian Senate has fixed Monday, December 21, 2020, to hold a special session to consider and pass the 2021 budget.

Bibian Anekwe News reports that this was disclosed by Senate President Ahmed Lawan during plenary on Wednesday.

He said the fixing of a new date followed new items of expenditure transmitted to the National Assembly by the Executive.

Lawan said that the Committee on Finance will work through the weekend to capture the fresh requests from the executive in their 2021 Appropriation Bill report.

The Senate on Tuesday passed the Finance Bill 2020 transmitted to the National Assembly by President Muhammadu Buhari.

The passage of the Bill followed the consideration of a report by the Senate Joint Committee on Finance; Customs, Excise & Tariff; Trade and Investment and Public Procurement at plenary by the upper chamber.

In his presentation, Chairman of the Joint Committee, Senator Solomon Adeola (APC-Lagos West), said the Finance Bill 2020 specifically seeks to amend 17 key aspects of extant laws.

He named them as: Capital Gains Act; Companies Income Tax Act; Industrial Development (Income Tax Relief) Act; Personal Income Tax Act; Tertiary Trust Fund Act; Customs and Excise Duties Tariff; Value Added Tax Act; Stamp Duties Act; and Electronic Transaction Levy.

Other areas amended are: Federal Inland Revenue Service (Establishment) Act; Nigeria Export Processing Zone Authority Act; Oil and Gas Export Processing Zone Act; Crisis Intervention Fund; Unclaimed Funds Trust Fund; Companies and Allied Matters Act, 2020; Fiscal Responsibility Act; and Public Procurement Act.



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