The 2023 Budget, which amounts to N21.83 trillion, has been signed into law by President Muhammadu Buhari.
The President said the overall expenditures of N21.83 trillion, which are a rise of N1.32 trillion over the initial Executive Proposal for a total expenditure of N20.51 trillion, represent the eighth and last yearly budget signed by this Administration.
The 2022 Supplementary Appropriations Act, according to President Buhari, will allow the administration to address the damage caused by the recent nationwide floods in the infrastructure and agricultural sectors.
He added that more information about the approved budget and the accompanying 2022 Finance Act will be provided later by the Minister of Finance, Budget, and National Planning.
”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.”
President Buhari explained why he decided to sign the 2023 Appropriation Bill into law as voted by the National Assembly, saying it was to allow its implementation to start right away in light of the impending process of switching to another democratically elected government.
Although he expressed hope that the National Assembly would work with the Executive branch of government on this matter, he gave the Minister of Finance, Budget, and National Planning the task of engaging with the Legislature to review some of the adjustments made to the Executive budget proposal.
He encouraged the National Assembly to reevaluate its stance on his proposal to securitize the unpaid Ways and Means of Balance at the Central Bank of Nigeria for the Federal Government