President Buhari signs Nigeria’s budget for 2023 into law

The office of the president announced that President Muhammadu Buhari has signed Nigeria’s 2023 budget into law.

The National Assembly had previously passed a budget totaling N21.83 trillion, according to PREMIUM TIMES.

“Speaking at the signing of the eighth and final annual budget of this Administration, the President said the aggregate expenditures of N21.83 trillion, is an increase of N1.32 trillion over the initial Executive Proposal for a total expenditure of N20.51 trillion,” Femi Adesina, the president’s spokesperson wrote in a Tuesday statement.

The statement reads: “President Muhammadu Buhari on Tuesday in Abuja signed the 2023 Budget of N21.83 trillion along with the 2022 Supplementary Appropriation Bill into law.

“Speaking at the signing of the eighth and final annual budget of this Administration, the President said the aggregate expenditures of N21.83 trillion, is an increase of N1.32 trillion over the initial Executive Proposal for a total expenditure of N20.51 trillion.

“The President explained that the 2022 Supplementary Appropriation Act would enable the administration to respond to the havoc caused by the recent nationwide floods on infrastructure and agriculture sectors.

“As is customary, he said the Minister of Finance, Budget and National Planning will subsequently provide more details of the approved budget and the supporting 2022 Finance Act.

“We have examined the changes made by the National Assembly to the 2023 Executive Budget proposal.

“The amended fiscal framework for 2023 as approved by the National Assembly shows additional revenues of N765.79 billion, and an unfunded deficit of N553.46 billion.

“It is clear that the National Assembly and the executive need to capture some of the proposed additional revenue sources in the fiscal framework. This must be rectified.

“I have also noted that the National Assembly introduced new projects into the 2023 budget proposal for which it has appropriated N770.72 billion. The National Assembly also increased the provisions made by Ministries, Departments and Agencies (MDAs) by N58.55 billion.”

 

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