Nearly five months after assenting to the 2022 Appropriation Bill, President Buhari forwards amended Finance Bill to the Red Chamber
President Muhammadu Buhari has requested that the Senate considers and pass into law, the amended Finance Bill 2022 in accordance with Sections 58 and 59 of the 1999 Constitution of the Federal Republic of Nigeria (As Amended).
In a letter to the legislative chamber, President of the Senate, Ahmad Lawan, who read President Buhari’s letter to the lawmakers on the floor of the Senate on Tuesday during plenary.
The Amended Finance Bill, 2022, which was submitted to the National Assembly, aims to support the ongoing implementation of the Federal Budget for 2023 by recommending important changes to certain taxation, customs, excise, fiscal, and other pertinent laws, in particular, the provisions of the Bill – 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, support job creation through sustained economic growth in partnership with key international development finance institutions and other multilateral agencies.
It also intends to increase funding to the education sector through the Tertiary Education Trust Fund (TETFUND), 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, implement important corporate tax incentives’ reforms, and enhance revenue generation and administration through various fiscal measures.
Buhari said, “Recall that I was unable to assent to the Finance Bal 2022 Presented to me on 30” 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 Bil 2022 that harmonised the respective views of both the Executive and the Legislature.
Accordingly, the resulting Amended Finance Bill, 2022 produced pursuant to this reconciliatory engagement remains maternally aligned with the earlier Finance Bill, 2022 that was considered by the National Assembly,” he added.