The Nigerian House of Representatives says it will continue to introduce strategic reforms that would engender best practices in governance especially as regards public resources management in line with its legislative agenda.
Speaker House of Representatives, Mr Femi Gbajabiamila stated this in Abuja, while declaring open a one-day stakeholders forum on the Finance Bill 2021.
Represented by the Minority Leader, Ndudi Elumelu, the Speaker described prudent management of public funds as critical to improvement in revenue while reducing the budget deficit in the country.
He said, “The essence is to further reposition finance system to block waste, close opening for corruption, create opportunity for employment, as well as stimulate stability and growth in the productive sector for economic recovery.”
The Chairman House Committee on Finance Mr James Faleke said the act is geared towards boosting the nation’s economy.
“The finance act amendment bill 2021 is aimed at enhancing transparency and accountability in the administration of various strata of tax and public revenue generation, while at the same time guaranteeing the interest of the investing public and businesses.” Mr Faleke added.
In her submission, the Minister of Finance, Budget and National Planning Zainab Ahmed said the amendments to the Finance Act is to support the 2022 Budget Implementation in line with the government’s diversification policy
The Finance Act Amendment Bill 2021 is expected to be passed by the National Assembly alongside the budget, as it forms the basis for the country’s revenue projection in the 2022 fiscal year.
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