2027 Finance Bill: Finance Ministry Calls For Stakeholders Proposals

In what could mark a shift in the way the annual Finance Bill is developed, Federal Ministry of Finance has invited members of the public and other stakeholders to submit proposals for the Finance Bill 2027.

The ministry in a notice sent out on Thursday is asking Nigerians, businesses, investors, professional bodies, civil society organisations, academia, public institutions and other stakeholders to make specific proposals for changes they want reflected in the country’s fiscal laws.

It invited contributors to submit practical and evidence based legislative or regulatory reforms aimed at strengthening Nigeria’s fiscal framework, improving the business and investment environment, enhancing fiscal transparency and accountability and supporting sustainable economic growth.

Before now Finance Bill consultations were conducted around draft legislation. In 2020, the Federal Ministry of Finance, Budget and National Planning released a draft Finance Bill for public consultation, with the exercise aimed at obtaining stakeholder input before the bill progressed.

Similarly, during the development of the Finance Bill 2022, the then Minister of Finance, Budget and National Planning, Zainab Ahmed, said the ministry had engaged a wide range of stakeholders and obtained feedback through a technical committee. The proposed bill was subsequently presented to the National Economic Council, where governors were invited to make additional inputs before it proceeded to the Federal Executive Council.

The Finance Ministry’s 2027 initiative calls for proposals into the bill itself. The ministry is asking contributors to identify laws and provisions that should be amended and, where possible, provide proposed drafting language.

The ministry said contributors should identify the relevant law and specific provision requiring amendment and provide proposed drafting language, adding that general recommendations would also be considered but could be less useful for legislative drafting.

In its invitation the ministry said stakeholders can submit proposals covering tax policy, revenue mobilisation, compliance, taxpayer services, tax certainty, incentives, customs and excise, as well as coordination among revenue agencies.

The ministry is also seeking proposals on fiscal policy and management, including revenue and expenditure management, budgeting, public financial management, fiscal sustainability, public debt and intergovernmental fiscal relations.

It also opened for contributions issues around fiscal responsibility, transparency and accountability, including budget discipline, financial reporting and disclosure, monitoring, accountability and institutional oversight.

Stakeholders in the financial and economic sectors are similarly being invited to make submissions on capital markets, investment and cross border capital flows, anti money laundering, financial reporting and other regulations with significant fiscal or economic implications.

The ministry further opened the door to proposals on other laws, regulations, policies and institutional arrangements requiring amendment, harmonisation or introduction to improve Nigeria’s competitiveness and economic governance.

In setting its priorities, the ministry said it wants contributions capable of addressing gaps, ambiguities, inconsistencies and implementation challenges in existing laws and regulations. It also wants proposals that can reduce unnecessary regulatory and administrative burdens, improve ease of doing business, investment, productivity and economic efficiency, and harmonise conflicting or overlapping provisions.

Other priorities include reducing leakages, abuse and regulatory arbitrage, strengthening institutional coordination, transparency and accountability, and improving revenue mobilisation and fiscal sustainability without unnecessarily constraining economic activity.

While the Ministry of Finance has previously conducted stakeholder consultations on Finance Bills, the 2027 call is notable for explicitly inviting the public to submit proposals for what should go into the legislation and providing a structured mechanism for those proposals to be translated into possible amendments.

Nigeria’s Finance Acts progressively reshaped the tax system, with each bill targeting key revenue and economic issues. The 2019 Act raised VAT from five per cent to 7.5 per cent and introduced a N25 million turnover threshold for small businesses. The 2020 Act provided COVID-era relief by cutting minimum corporate tax to 0.25 per cent and exempting minimum-wage earners from Personal Income Tax. The 2021 Act introduced a six per cent tax on qualifying non-resident digital companies and a N10-per-litre sugar tax.

The 2022 Act raised Tertiary Education Tax from 2.5 per cent to three per cent, removed incentives for gas-flaring companies and introduced a 0.5 per cent levy on eligible imports from outside Africa. The 2023 Act subjected cryptocurrencies and other digital assets to 10 per cent Capital Gains Tax and changed capital-loss and roll-over relief rules.

These reforms culminated in the 2025 tax overhaul, which replaced fragmented annual amendments with a unified framework, consolidating more than 50 tax laws, reducing corporate tax to 25 per cent and introducing tax free threshold for low-income earners.