His Excellency, President Muhammadu Buhari, GCFR, signed both the 2022 Appropriation Bill (“the Budget”) and Finance Bill, 2021 into law on 31 December 2021, following their passage by the National Assembly.
The National Assembly had increased the aggregate revenue and planned expenditure from ₦10.132 trillion and ₦16.391 trillion to ₦10.740 trillion and ₦17.126 trillion respectively. This effectively increased the budgeted fiscal deficit by ₦127 billion to ₦6.386 trillion.
There were also changes to the proposals in the Finance Bill, 2021 including updates to the provisions on the Capital Gains Tax Act and the Tertiary Education Trust Fund (Establishment, Etc.) Act.
We commend both the National Assembly and the Executive for their consistency in ensuring the timely passage of the Appropriation Act, 2022 and enactment of Finance Act, 2021 for the third consecutive year. This will enable stakeholders plan for appropriate modifications in their businesses in line with the fiscal changes.
As usual, we will issue a detailed newsletter and industry impact analysis of the key provisions of the 2022 Budget and Finance Act, 2021 in due course.
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