President Muhammadu Buhari has transmitted the amended Finance Bill 2022 for the 2023 fiscal year to the House of Representatives.
This is for the House to consider and pass into law to support the implementation of the 2023 Budget.
In a letter to the House on Tuesday, Buhari said it was pursuant to Sections 58 and 59 of the 1999Constitution of the Federal Republic of Nigeria (as amended).
He wrote: “You may wish to recall that I was unable to assent to the Finance Bill, 2022 presented to me on 30th December 2022, due to various reasons.
“At that time, I directed the Minister of Finance,Budget and National Planning to engage with the National Assembly to review key areas of concern and produce a consensus Amended Finance Bill, 2022 that harmonised the views of the Executive and the Legislature.
“Accordingly, the resulting Amended Finance Bill 2022 produced pursuant to this reconciliatory engagement remains materially aligned with the earlier Finance Bill, 2022 that was considered by the National Assembly.
“The Amended Finance Bill, 2022 presented to the National Assembly today seeks to support the ongoing implementation of the 2023 Federal Budget by proposing key reforms to specific taxation, customs,excise,fiscal and other relevant laws.
“Specifically, the 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) Support Job Creation through sustained Economic Growth, in partnership with key international development finance institutions and other multilateral agencies:
(c) Increase funding to the Education Sector through the Tertiary Education Trust Fund:
(d) Propose minor but essential reforms to enable the Board of Directors and Governing Council of the Ministry of Finance (incorporated) to fulfil their respective mandates;
(e) Implement important corporate tax incentives’ reforms; and
(f) Enhance Revenue Generation and Administration through various fiscal measures.
“I trust that the Senate will in their usual expeditious manner consider and pass this bill into law.”