Buhari Approves The 21.8 Trillion Dollar Budget for 2023.
On Tuesday, President Muhammadu Buhari on Tuesday enact into law the 2023 appropriation bill of N21.83 trillion.
The bill was given accent to at the Council Chambers of the State House in Abuja.
Report from the previous week had revealed that the bill was passed by the National Assembly, in order to address the increase of N1.32 trillion from Buhari’s N20.51 trillion budget proposal.
According to the budget breakdown, there would be statutory transfers worth N967.5 billion, debt service costs of N6.6 trillion, recurrent expenditure of N8.3 trillion, and capital expenditure of N5.9 trillion.
Due to issues that the Senate President claimed to have identified in the 2023 Appropriations Bill, it was postponed two weeks ago.
The 2023 budget of N21.83 trillion maintained the recurrent expenditure at approximately N8.27 trillion, while capital expenditure increased from N5.35 trillion to N5.9 trillion and debt servicing increased from N6.31 trillion to N6.6 trillion.
Most important capital allocations include the N285 billion to the Federal Ministry of Defence, N134.9 billion to the Federal Ministry of Health, N195.5 billion to the Federal Ministry of Power, and N153.7 billion to the Federal Ministry of Education.
The Tertiary Institutions Revitalisation Fund of N300 billion and salary renegotiation of N170 billion have been captured in the 2023 Appropriation Bill, Additionally, N10.2 billion has been set aside for the university’s pension, which includes arrears.
