President Buhari signs the 2022 Appropriation Bill and 2021 Finance Bill into law

Analysis

President Buhari signs the 2022 Appropriation Bill and 2021 Finance Bill into law

President Muhammadu Buhari on Friday, 31 December 2021 signed the 2022 Appropriation Bill (“the Budget”) and the 2021 Finance Bill into law. 

The Budget

The Budget signed by the President has an expenditure of ₦17.12 trillion, which is an upward adjustment of ₦736 billion (4.45%) when compared to the proposed amount of ₦16.39 trillion presented by the President to the National Assembly on 7 October 2021. Additionally, the oil benchmark was revised from $57 per barrel to $62 per barrel.

2021 Finance Bill

The President also assented to the 2021 Finance Bill, thereby introducing the 2021 Finance Act (FA 21), effective 1 January 2022. The FA 21 is expected to make changes to twelve (12) laws comprising Companies Income Tax Act, Personal Income Tax Act, Capital Gains Tax Act, Stamp Duties Act, Tertiary Education Trust Fund [Establishment] Act, Value Added Tax Act, Insurance Act, National Agency for Science and Engineering Infrastructure Act, Nigeria Police Trust Fund [Establishment] Act, Finance Control and Management Act, Federal Inland Revenue Service [Establishment] Act and Fiscal Responsibility Act.

We are analysing both laws and will provide a detailed analysis as soon as possible.

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