Mrs. Zainab Ahmed, Minister of Finance, Budget, and Economic Planning, appeared before the Senate Committee on Finance Wednesday to defend the modifications suggested in the 2022 Finance Act, which President Muhammadu Buhari recently handed to the National Assembly.
The Finance Act revisions are scheduled to be included in the 2023 Appropriation Bill, which is expected to be examined and enacted next week.
The Finance Bill is the fourth in a series that aims to supplement the budget cycle of January to December, which was re-established by the 9th National Assembly with the 2020 Appropriation Act.
The minister briefed the panel on the important provisions of the Finance Act 2022, which include changing the name of the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS).
While welcoming the minister, Senate panel Chairman Senator Solomon Adeola said that the measure usually intends to review and maybe alter areas of existing legislation on revenue for the nation.
He stated that the purpose of these reforms is not simply to generate additional money for the government, but also to provide clarity, remove ambiguities, provide assistance to deserving individuals and industries, and bring our laws up to date with worldwide best practices.