Buhari Transmits New Finance Bill To Support 2023 Budget
President Muhammadu Buhari has formally transmitted a new Finance Bill, 2022 to the House of Representatives.
The Bill seeks to provide support for the funding of the 2023 budget.
The Speaker of the House of Representatives, Honourable Femi Gbajabiamila read the President’s communication transmitting the bill dated December 19, 2022, at plenary.
The President who called for accelerated consideration and passage of the proposed Finance Bill 2022, noted that when passed into law, the Bill would provide the financial support for the implementation of the 2023 federal budget.
He said it was pursuant to Section 58 and 59 of the 1999 Constitution (as amended).
The letter reads: “I formally request for consideration and passage into law by the House of Representatives, 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 utilization of gas as a transition fuel, as well as disincentives for gas flaring and venting;
“c) Support Job Creation through sustained Economic Growth, in partnership with key international developmental and other agencies;
“d) Implement fundamental corporate tax incentives’ reforms;
“e) Enhance Revenue Generation and Tax Administration through various fiscal and other measures.
“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.” It added.
