Nigeria Finance Act 2021

The Nigeria Finance Act 2021 was passed by the National Assembly and signed into law by President Muhammadu Buhari on 31 December 2021. The Nigeria Finance Act 2021 which comes into effect from 1 January 2022 compliments the 2022 Federal Government’s Budget of Economic Growth and Sustainability.

The Nigeria Finance Act 2021 continues the tax reform measures introduced by previous Finance Acts, and indicates the government’s drive to increase tax revenue to continue to meet rising recurrent, capital and debt obligations.

The changes also underscore the government’s resolve to continue to adopt and leverage technology in tax administration. It is expected that the government will continue to periodically assess and review the implications of some of the changes introduced, including engaging with key stakeholders to ensure that intended revenue and other broader objectives are met.