Resolving Grey Areas in 2023 Budget Despite the signing into law of the 2023 Budget, the fate of the Nigerian economy in the transition year still hangs in the balance until all the grey
Despite the signing into law of the 2023 Budget, the fate of the Nigerian economy in the transition year still hangs in the balance until all the grey areas in the financial document are addressed before the February polls, writesLast week, President Muhammadu Buhari signed the N21.83 trillion 2023 appropriation bill as well as the 2022 supplementary appropriation bill into law, the last of such assignments as Nigeria’s president.
The Central Bank of Nigeria’s advances to the federal government rose 2,900 per cent in the last seven years to N23.8 trillion, an unprecedented rise that violated the law, stoked inflation and worsened the country’s debt burden. Ezekwesili in a post via her verified Twitter handle on Wednesday, described the national budget as “hopeless” noting that she foresaw the historical mess-up for the country’s public finance.
The Finance Bill, which is still being reviewed, especially over its conflicts with the fiscal term of the Petroleum Industry Act was said to have taken away all concessions given by the PIA. Critics noted that it disincentivises investments in the petroleum sector, leading to massive protests by international oil companies , especially in the area of gas flaring.
Yusuf said: “This is a major letdown by the National Assembly in its representation role in our democracy. The action is not consistent with the ideals and principles of our democracy because sovereignty belongs ultimately to the people. What the National Assembly has done is tantamount to disrespect, disregard and contempt of the Nigerian people and the business community.”
“Currently, corporate tax is 30 per cent; there is tertiary education tax of 2.5 per cent; NITDA tax of 1.0 per cent; NASENI Levy of 0.25 per cent; Police Trust Fund tax 0.005 per cent.
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