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Highlights of key changes in the Finance Act 2021

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Highlights of key changes in the Finance Act 2021


02-17-2022

President Muhammad Buhari signed both the Finance Act 2021 and Appropriation Act 2022 (national budget) into law on the 31st of December, 2021.

The President stated that the budget will be one of “Economic Growth and Sustainability” and the Finance Act 2021 (FA2021) was enacted in accordance with macroeconomics policy reforms and public financial management of the Federal Government. FA 2021 gives effect to the 2022 budget.

According to the Minister of Finance, Budget and National Planning, FA 2021 is enacted to addresses five (5) reform areas, namely:

  • Domestic revenue mobilisation;
  • Tax administration;
  • International taxation;
  • Financial sector reforms and tax equity; and
  • Improving public financial management reform.

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