President Muhammadu Buhari on Tuesday signed the N21.83 trillion 2023 budget, the last budget he will sign as President of the Federal Republic of Nigeria, passed last week by the National Assembly.
The President was joined by the Senate President Ahmad Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, Secretary to the Government of the Federation, Boss Mustapha, Minister of Finance, Budget and National Planning, Zainab Ahmed and Minister of State, Budget and National Planning, Clem Agba.
The ceremony was also witnessed by back room staff of the Budget office.
The budget includes N967.5 billion for statutory transfers, N6.6 trillion for debt servicing, N8.3 trillion for recurrent expenditure, and N5.9 trillion for capital expenditure.
The 2023 budget is significant as the country enters another election year, even as the Federal government has also proposed to hold the national population census, before the expiration of the tenure of the current administration on May 29, this year.
The budget has oil benchmark fixed at $70 per barrel, which was increased to $73 per barrel while passing the medium-term expenditure framework (MTEF).
Other parameters included daily oil production estimate of 1.69 million barrels (inclusive of condensates of 300,000 to 400,000 barrels daily) at exchange rate of N435.57/$.
In addition, the gross domestic product (GDP) growth rate was projected at 3.75 percent, with 17.16 percent inflation rate.
Read also: Reps pass, increase 2023 budget to N21.82trn
The two chambers of the National Assembly had raised the budget spending by N1.33 trillion from the proposed N20.51 trillion to N21.83 trillion.
The Chairman, Senate Committee on Appropriation, Barau Jibrin (APC, Kano North), had while speaking on reasons for the increase, stated that the increase from N20.52tr to N21.83 trillion was due to expected increase in revenue.
Barau also revealed that the decision to increase the 2023 budget from N20.51 trillion to N21.83 trillion was done in collaboration with the executive arm of government.
The Senate and the House of Representatives Wednesday passed the 2023 Appropriation Bill of N21.83 trillion respectively indicating an increase of N1.32 trillion from the N20.51 trillion earlier proposed by the President.
More later…
