Since the year 2019, the Finance Act has become a special legislation typically enacted at the beginning of the year, with a view to effecting the Government’s fiscal policy changes as well as to address pressing loopholes and shortcomings in existing tax and other related legislations.

The above is achieved by the introduction of amendments to the provisions of existing tax laws and other related laws, by repealing or introducing new provisions to the target laws to provide innovative solutions to identified challenges in the tax system.

On May 28, 2023, the President of the Federal Republic of Nigeria signed the Finance Act 2023 (”the Act”), into law. The Act is expected to further the Government policy objectives for 2023, which is anchored on five fundamental policy drivers, including Tax Equity; Climate Change; Job Creation/ Economic Growth; Tax Incentives Reform and Revenue Generation/Tax Administration. Importantly however, by virtue of the Finance Act (Effective Date Variation) Order, 2023, which was signed by the President of the Federal Republic of Nigeria in July 2023, the commencement date for the Finance Act 2023, has been deferred from May 23, 2023, to September 1, 2023.

This article examines and reviews the key innovations introduced by the Act and discusses their potential legal implications in relation to the general economic landscape of Nigeria. The article also takes into consideration the deferment of the commencement of the Act, in the analysis of the innovations of the Act.