The Minister of Finance, Budget and Economic Planning, Zainab Ahmed, on Thursday appeared before the Senate Committee on Finance to defend the amendments proposed to the 2022 Finance Act which was sent to the National Assembly by the President, Major General Muhammadu Buhari, (retd.).

Briefing the panel, the minister highlighted the key provisions in the Finance Act 2022 including the change of name of the Federal Inland Revenue Service to the Nigeria Revenue Service.

It also included the reorganisation of the board of the FIRS by separating the executive management from the board of directors.

She said, “The Chairman of the agency will now be referred to as Commissioner General.”

The amendments to the Finance Act were expected to be passed with the 2023 Appropriation Bill which is expected to be considered and passed next week.

This Finance Bill is the fourth one in the series that seeks to complement the budget cycle of January-December that was re-established with the 2020 Appropriation Act by the 9th National Assembly.

It also proposed the 35 percent on electronic money transfer levy receipt to be paid to local government as against an Initial 15 percent to the Federal Government and 85 per cent to the state.

It proposes a 50 per cent tax increase from 30 per cent to companies involved in gas flaring, among others.