The immediate past president, Muhammadu Buhari signed Finance
Act, 2023 (the Act) into law on 28 May 2023, which took effect from
1 May 2023. It is noteworthy that Nigerians have become acquainted
with having annual Finance Acts. It is now customary to have an
accompanying Finance Act which gives fiscal support to the
Appropriation Act, whenever the Appropriation Act is passed. This
particularly gives direction to government on how to raise revenue
and for fiscal consolidation.
This article focuses on the amendments earlier proposed by
Finance Bill, 2022 (the Bill) that have now transitioned into the
Act, other amendments newly introduced by the Act and their
collective implications to businesses and individuals in
Nigeria.
