Ndubuisi Francis in Abuja
The Federal Government has set September 11 deadline for the submission of proposals for the Finance Bill 2027 from members of the public, businesses, investors, professional bodes, civil society organisations, academia, pubic institutions and other stakeholders.
The deadline, which was conveyed via a circular issued by the Ministry of Finance, ‘Call for Inputs into the Finance Bill 2027’ with a sub-theme, ‘Shaping Better Fiscal Laws for a More Productive and Competitive Nigeria,’ invited members of the public, businesses, investors professional bodes, and civil society organisations, among others to submit proposals for the 2027 bill.
According to the circular, submissions should propose practical, evidence-based legislative or regulatory reforms that strengthen Nigeria’s fiscal framework, improve the business and investment environment, enhance fiscal transparency and accountability, and support sustainable economic growth.
Areas for submission include taxation and revenue administration with emphasis on tax policy revenue mobilisation, compliance, taxpayer services, tax certainty, incentives, customs and excise and coordinaton among revenue agencies.
It also encompasses fiscal policy and management, revenue and expenditure management, budgeting, public financial management, fiscal sustainability, public debt and inter-governmental fiscal relations.
Fiscal responsibility, transparency and accountability relating to budget discipline, financial reporting and disclosure, monitoring, accountability and institutonal oversight also forms part of the areas of focus.
According to the circular, the proposals should also focus on financial and economic regulation, capital markets, investment and cross-border capital flows, anti-money laundering, financial reporting and other regulations with significant fiscal or economic implications.
It equally provided a window for other related matters, including any law, regulation, policy or institutonal arrangement requiring amendment, harmonisation or introduction to improve Nigeria’s competitiveness and economic governance.
The Federal Government said submissions should propose practical, evidence-based legislative or regulatory reforms that strengthen Nigeria’s fiscal framework, improve the business and investment environment, enhance fiscal transparency and accountability, and support sustainable economic growth.
By seeking proposals from the public, the government’s priority considerations centre around addressing gaps, ambiguities, inconsistencies or implementaton challenges in existing taws and regulatons.
Others are to:
° Reduce unnecessary regulatory and adminstrative burdens;
° Improve the ease of doing business investment productivity and economic efficiency;
° Harmonise conflicting or overlapping provisions and reduce leakages, abuse and regulatory arbitrage;
° Strengthen institutional coordination tansparency and accountability and improve revenue mobilisation and fiscal sustainability without unnecessarily constraining economic activity.
“Contributors should, as far as possibie, identify the relevant law and specific provision requiring amendment and provide proposed drafting language. General recommendations are also weicome but may be less useful for legislative drafting,” the circular said.