Buhari Transmits Finance Bill 2022 to House

* Seeks speedy passage to support 2023 budget

Udora Orizu in Abuja 

President Muhammadu Buhari has transmitted Finance Bill, 2022

to the House of Representatives, seeking accelerated passage to provide support for the funding of the 2023 budget.

The Speaker of the House, Hon. Femi Gbajabiamila, read the letter conveying the piece of legislation at the resumed plenary on Tuesday.

Buhari explained in the letter that the proposed bill when passed into law, 

would provide the fiscal support for the implementation of the 2023 federal budget.

The Federal Executive Council (FEC) had last Wednesday approved the Finance Bill 2022 for transmission to the National Assembly for consideration and passage.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, had said the proposed bill is anchored on five fundamental policy drivers, including Tax Equity; Climate Change; Job Creation/ Economic Growth; Tax Incentives Reform and Revenue Generation/Tax Administration.

According to Ahmed, other aspects of the Finance Bill include chargeable assets; exclusion of losses and replacement of business assets.

The Finance Bill 2022 proposed amendments to a number of fiscal laws, such as the capital gains tax, company income tax, Customs Excise Tariff Act, Federal Inland Revenue Service Act, personal income tax and Stamp Duties Act.

Others are tertiary education tax, Value Added Tax Act, Insurance Act, Nigerian Police Trust Fund Act, as well as the National Agency for Engineering Act, Finance Control Management Act, as well as the Fiscal Responsibility Act.

Also at the plenary, the lawmakers adopted a report presented by the Committee on Information, National Orientation, Ethics and Values, presented by Hon. Olusegun Odebunmi; passed a Bill for an Act to Provide for the Regulation and Conduct of the Practice of Broadcasting Profession in Nigeria; and for Related Matters.