Bills are introduced in the Legislative Assembly and are discussed, debated and voted on. Once a bill has been enacted, it is called an act of the legislature or a law.
Three bills will define Nigeria’s socio-economic and political outlook for 2022. The first is the Appropriation Bill 2022, which will guide government spending in 2022. The Budget Estimate of the Appropriation Bill 2022 , over 17 trillion naira, is the highest offered by a Nigerian. government.
While implementation is vital, it underscores the government’s willingness to revive the economy and continue its efforts in critical infrastructure programs, especially in key sectors.
Appropriation bill 2022
The president promulgated the 2022 finance bill, although he expressed reservations on certain amendments made by the National Assembly.
Buhari had promulgated the 2021 finance bill on January 1, 2022, while its life cycle is due to expire on December 31, 2022, but for the recent three-month extension of the life of its capital component by the National Assembly .
The finance bill
The second is the finance bill, which will usher in a new era of fiscal governance and improve public revenue. On December 7, President Buhari forwarded the 2021 finance bill to the National Assembly for consideration.
In summary, the 2021 finance bill proposes changes to certain tax and tax laws to promote economic growth, attract foreign investment and increase income.
The bill seeks to eliminate multiple taxation in various segments of the Nigerian economy. Therefore, it will promote the growth of the economy, especially through SMEs. It will also encourage investors to invest in the Nigerian market and boost investment opportunities.
Recall Nairametrics reported that the Senate adopted the 2021 finance bill following consideration of a report from the Joint Finance Committee; Customs, excise and tariffs; Trade and investment.
Nairametrics also reported on the main proposed changes to the finance bill. Laws to be amended by the draft finance law included: Capital Gains Tax Law (CGTA), Corporate Income Tax Law (CITA), Federal Service Law taxes (establishment) [FIRSEA], Personal Income Tax Act (PITA), Stamp Duty Act (SDA), Higher Education Trust Fund (Institution) Act [TETFEA] and Value Added Tax Act (VATA), Insurance Act, Nigerian Police Trust Fund (Establishment) Act [NPTFEA], Law on the National Agency for Scientific and Technical Infrastructures (NASENI Law), Law on Finance (control and management) [FCMA], and the Fiscal Responsibility Act (FRA).
Electoral amendment bill
The third is the electoral amendment bill. This bill aims to introduce further reforms in the electoral system, strengthening the powers of the INEC and making the elections more transparent. Although the president declined to approve the bill following disagreement with the proposed direct primary system for political parties and sent it back for further consideration, we believe it will be great for our electoral process. We therefore hope that the controversy will soon be settled so that the President can give his assent.