After a number of amendments already, the Finance Act might be seeing yet another amendment to it. This is as the National Assembly has given indications that the NGN11.03 trn deficit in the proposed NGN19.76 trn 2023 Budget might need to be addressed via relevant amendments to the Finance Act.
Speaking on Friday, 16th September 2022, in front of the temporary Senate Chambers, Senator Sani Musa (APC, Niger East), Chairman of the Senate Committee on General Services, stated that in a bid to reduce the proposed deficit of NGN11.03 trn in next year’s Budget, an amendment to the Finance Act might be necessary. This amendment would be to make revenue-generating bodies double or triple their efforts at revenue generation.
Senator Musa said, “The budget of this country has been in deficit, and the only thing we can do is amend so many things in the Finance Act so that we can generate more revenue from other sources, rather than depend solely on oil, and by extension, reduce the size of the proposed budget deficit.”
The Senate Committee on Finance had kicked against the proposed deficit, telling revenue-generating bodies to think outside the box in their quest for revenue generation in the coming fiscal year, to reduce any deficits which might lead to loan collection.
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