The Finance Act 2023 (the “FA 2023”) was signed into law by former President Muhammadu Buhari on 28 May 2023, before his leaving office. The FA 2023 takes effect on 28 May 2023, replacing the Finance Bill 2022 (“FB 2022”). The FA 2023 amends some provisions in 11(eleven) existing statutes.
The FA 2023 seeks to support funding the 2023 Budget of Fiscal Consolidation and Transition. The Act aims to balance financial stability and economic growth while addressing emerging challenges in the digital economy, sustainable economic growth, and improving the tax administration.