National Assembly Approves Passage of N21.8trn 2023 Budget

The National Assembly has approved the N21.83 trillion appropriation bill for 2023.

This represents a N1.32 trillion increase over President Muhammadu Buhari’s N20.51 trillion budget proposal.

According to the budget breakdown, N967.5 billion is allocated for statutory transfers, N6.6 trillion for debt servicing, N8.3 trillion for recurrent expenditure, and N5.9 trillion for capital expenditure.

Meanwhile, the Senate has passed the 2022 supplementary budget of N819.5 billion.

According to the upper chamber, the amendment of the 2022 Appropriation Act is to ensure the implementation of the key capital project in the Act which has not been funded as at this time.

The upper chamber said it is expedient that the capital projects be extended to prevent the problem of abandoning projects in the budget.

The supplementary budget is to address food security following devastating floods across the country as well as damages to road infrastructure and the water sector.

A breakdown of the supplementary budget in the report by the Committee of Finance shows that the Ministry of Agriculture is to get N69 billion, the Ministry of Water Resources – N15.5 billion, FCT – N30 billion, Ministry of Works and Housing – N704 billion.

 

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