The finance bill of the 2022 has being approved and designed by the Federal Executive Council (FEC), in order to support the implementation of the 2023 budget. Hajia Zainab Ahmed, Minister of Finance, Budget and National Planning, briefed State House correspondents after the FEC meeting presided over Vice President Yemi Osinbajo on Wednesday at the Presidential Villa, Abuja.
Ahmed said that the Head of the Civil Service of the Federation also presented a memo on group life insurance cover for the period 2022 to 2023.“This is an insurance cover that is covering all government agencies, military and intelligence agencies. “Council approved the total sum of N9.24 billion for the insurance cover for 2022 to 2023.
She said that the memo had been reviewed by council and approved with a provision to ensure alignment with the Evidence Act. “The purpose of operationalising and putting in place a whistleblower bill is to strengthen the fight against corruption and to also enable protection for whistleblowers that provide information for use by government. Ahmed said that the Finance Bill would amend a number of fiscal laws, including the Capital gains tax, Company income tax, Customs excise tariff Act, Federal Inland Revenue Service act, Personal income tax, and Stamp duties act.
She listed other fiscal laws to be amended as the Tertiary education tax, VAT act, Insurance act, Nigerian Police Trust Fund act, as well as the National Agency for Engineering (NASANI) act, Finance Control Management act, as well as the fiscal responsibility. “So with this approval from council, the president will be conveying to the National Assembly, a request for the consideration of this bill.’’
The minister said that the council also approved the memo for the procurement of patrol boats for the Nigerian Customs Service.
“We got council’s approval for the design, construction and supply of nine numbers ballistic riverine assault boats, as well as nine numbers patrol boats with all associated accessories in favor of Messers Sewa West African limited in the sum of N689.7 million inclusive of 7.5 per cent VAT for the Nigerian Customs Service,’’ she said.