Paschal Emeka, Abuja
President Muhammadu Buhari on Tuesday transmitted Finance Bill 2022 to the House of Representatives and urged them to give it accelerated passage.
This was contained in a letter from President Buhari and read by the Speaker, Hon. Femi Gbajabiamila at plenary.
Buhari explained in the letter that the proposed piece of legislation when passed into law
would provide the fiscal support for the implementation of the 2023 federal budget.
“Pursuant to Section 58 and 59 of the 1999 Constitution of the Federal Republic of Nigeria (as amended), | 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.
“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”, the letter read.
In another development, the House also, considered and approved a report presented by the Chairman, Committee on Information, National Orientation, Ethics and Values, Hon. Olusegun Odebunmi on a Bill for an Act to Provide for the Regulation and Conduct of the Practice of Broadcasting Profession in Nigeria; and for Related Matters.
Part one of the bill sponsored by Hon. Olaifa Jimoh Aremu stated that “There shall be established a body to be known as the establishment of the broadcasting practitioners council (in this act called the council) which shall comprise of broadcasting practitioners of the highest distinction in the broadcasting profession in Nigeria.”