President Muhammadu Buhari has presented the Finance Bill 2022 to the House of Representatives for review and potential enactment into law to offer legislative support for the 2023 budget.
The announcement was made on Wednesday during plenary by Rep. Femi Gbajabiamila, Speaker of the House, who delivered a letter from the President dated December 19, 2022.
He asserted that the Nigerian constitution of 1999's Articles 58 and 59 was his reasoning (as amended).
The author publicly requests in the letter that the House of Representatives consider and pass the Finance Bill 2022.
“The Finance Bill 2022 seeks to support the implementation of the 2023 Federal Budget of Fiscal Consolidation and Transition by proposing key reforms to specific taxation, customs, excise, fiscal and other relevant laws. Specifically, this Bill’s provisions:
a) Enhance Tax Equity by bringing more economic sectors into the tax net and ensuring a fairer distribution of revenue receipts to all tiers of Government;
b) respond to Climate Change challenges through incentives to support the utilisation of gas as a transition fuel, as well as disincentives for gas flaring and venting;\sc) support Job Creation through sustained Economic Growth in partnership with critical international developmental and other agencies;
d) Implement fundamental corporate tax incentives reforms;
a) Enhance Tax Equity by bringing more economic sectors into the tax net and ensuring a fairer distribution of revenue receipts to all tiers of Government;
“It is my hope that the Bill will be considered by the National Assembly for passage into law to provide the financial support necessary for the implementation of the 2023 Federal Budget.”