After the Comptroller General of the Nigeria Customs Service, Col. Hameed Ali, informed the Senate Committee on Finance that the Customs is no longer a revenue-generating agency due to the amendment of some sections of the country’s laws, the Nigerian Senate says there are indications that the Finance Bill, now known as the Finance Act, may be amended any time soon.
This was revealed at an interactive session with revenue-generating entities on the government’s need to enhance its IGR on Monday.
According to Col. Ali, the Federal Inland Revenue Service Act, Section 68 subsection, now takes precedence over all other laws in terms of administration, collection, and levies, relegating Customs to the background.
The Senate President, Ahmad Lawan, and the Chairman of the Senate Committee on Finance, Solomon Adeola, both stated in their presentations that the recently enacted Finance Bill is still subject to change to resolve the identified grey areas.
The Finance Bill (now Finance Act) was signed into law by President Muhammadu Buhari on December 31, 2021.
The Finance Act, which was signed into law alongside the 2021 Appropriation Bill (now Appropriation Act), makes substantial changes to a number of Nigerian tax and regulatory legislation, including the implementation of COVID-19 incentives.