President Muhammadu Buhari has signed into law the Appropriation Bill, 2023 totalling N21.83 trillion.
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.
President Buhari explained that the 2022 Supplementary Appropriation Act would enable the administration to respond to the havoc caused by the recent nationwide floods in the infrastructure and agriculture sectors.
He also said the Minister of Finance, Budget and National Planning will subsequently provide more details of the approved budget and the supporting 2022 Finance Act.
He urged the National Assembly to reconsider the decision on his administration’s N23.7 trillion ‘ways and means’ loan request.
We have examined the changes made by the National Assembly to the 2023 Executive Budget proposal,” he said.
”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.”
Detailing his decision to sign the 2023 Appropriation Bill into law as passed by the National Assembly, President Buhari claimed it was to enable its implementation to commence without delay, considering the imminent transition process to another democratically elected government.
Also, Buhari tasked Ministries, Departments, Agencies and institutions of government to gear up the revenue generation process.
“As this administration draws to a close, we will accelerate the implementation of critical measures aimed at further improving the Nigeria business environment and ensuring the welfare of our people,” he stated.
Earlier, the Senate passed the budget for the 2023 fiscal year.
The budget was increased from N20.5 trillion, presented by Buhari in October, to N21.8 trillion.
