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President transmits Finance Bill 2022 to National Assembly

In order to provide legislative backing for the 2023 budget, President Muhammadu Buhari has handed over the Finance Bill 2022 to the House of Representatives for the chamber’s consideration and eventual adoption into law.

Rep. Femi Gbajabiamila, the Speaker of the House, announced the news Wednesday during plenary, reading a letter from the President dated December 19, 2022.

He claimed that his justification was Articles 58 and 59 of Nigeria’s 1999 constitution (as amended).

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In the letter, the author formally asks the House of Representatives to study and enact 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 key 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 so as to provide the fiscal support necessary for the implementation of the 2023 Federal Budget.”

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