NASS to pass new revenue-sharing formula, budget Thursday

NASS to pass new revenue-sharing formula, budget Thursday
National Assembly

 

The President, Major General Muhammadu Buhari (retd.), has transmitted the Finance Bill 2022 to the National Assembly as the federal parliament is billed to pass the 2022 Appropriation Bill by Thursday.

Speaker of the House of Representatives, Femi Gbajabiamila, at the plenary on Tuesday, read out the cover letter of the President on the bill, which was 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 expanding the tax net and more equitable revenue sharing formula and allocation to state and local governments.

The letter read, “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, excise, fiscal and other relevant laws.

“Specifically, this bill’s provisions: 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;

“Support job creation through sustained economic growth, in partnership with key international developmental and other agencies; implement fundamental corporate tax incentives’ reforms; and 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.”

Meanwhile, 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.

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