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Reps pass Finance Bill for second reading

The House of Representatives has passed the Finance Bill 2021 for second hearing.

In what looked like a U-turn, the House considered the bill after its Committee on Finance had earlier on Monday held a public hearing on it.

As it is the tradition, the Speaker of the House of Representatives, Femi Gbajabiamila; or Deputy Speaker, Ahmed Wase, whoever presides over the second reading, is to refer the bill to the relevant committee, which will conduct a hearing and report back to the House.

The committee, however, held the hearing on Monday while the bill later passed for second reading on Tuesday.

The President, Major General Muhammadu Buhari (retd.), had transmitted the Finance Bill 2021 to the National Assembly for consideration and passage to give legal backing to some of the proposals in the 2022 Appropriation Bill presently before the parliament.

Gbajabiamila read the cover letter on the bill at the plenary on December 2, 2021, while President of the Senate, Ahmad Lawan, did the same later on December 7.

The letter, dated September 30, 2021, is titled ‘Transmission of the Finance Bill 2021 to the National Assembly for Consideration and Passage into Law in Support of the 2022 Budget.’

The legislation is titled, ‘A Bill for an Act to Amend the Capital Gains Tax Act, Companies Income Tax Act, Federal Inland Revenue Service (Establishment) Act, Personal Income Tax Act, Stamp Duties Act, Tertiary Education Trust Fund (Establishment) Act, Value Added Tax Act, Insurance Act, Nigerian Police Trust Fund (Establishment) Act, National Agency for Science and Engineering Infrastructure Act, Finance Control and Management Act, Fiscal Responsibility Act; and for Related Matters.’

The Deputy Majority Leader, Peter Akpatason, led the debate on the second reading.

Meanwhile, the House has passed the Public Assets Reform Bill, which will replace the Public Enterprises (Privatization and Commercialization) Act when it is signed into law.

The legislation is titled, ‘A Bill for an Act to Repeal the Public Enterprises (Privatization and Commercialization) Act, Cap. P38, Laws of the Federation of Nigeria, 2004 and Enact the Public Assets Reform Bill, 2021 for Improved Efficiency and Management of Public Assets in Nigeria; and for Related Matters.’

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