Abuja, Dec. 21, 2022 – The National Assembly will pass the Federal Government’s 2023 Budget and the 2022 Appropriation Bill on Thursday.
Femi Gbajabiamila, the Speaker of the House of Representatives, gave this indication at the plenary on Tuesday.
He said the president had transmitted the Finance Bill 2022 to the National Assembly and the House was billed to pass it by Thursday,
The Speaker read the cover letter of the President on the bill titled, ‘Transmission of the Finance Bill 2022 to the National Assembly for Consideration and Passage into Law in Support of the 2023 Budget’.
In the bill, the Federal Government proposed to expand the tax net and introduce more equitable revenue sharing formula and allocation to state and local governments.
“Pursuant to Section 58 and 59 of the 1999 Constitution of the Federal Republic of Nigeria (as amended), 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 and excise, fiscal and other relevant laws,” he said.
The bill’s other objectives are to 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; 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;
Others are to support job creation through sustained economic growth in partnership with key international development and other agencies; implement fundamental corporate tax incentives’ reforms and enhance revenue generation and tax administration through various fiscal and other measures.
The president said he was optimistic that the bill would be given urgent consideration for passage into law by the National Assembly so as to provide the fiscal support necessary for the implementation of the 2023 federal budget.
The House Committee on Appropriations is expected to lay its report on the 2023 Appropriation Bill on Wednesday.
Passage of the Federal Government’s budget is expected to have been concluded by Thursday when the lawmakers would embark on Christmas and New Year break. (GBN)
