Buhari signs N21.83trn budget into law

President Muhammadu Buhari on Tuesday in Abuja signed into law the 2023 Appropriation Bill. The President signed the documents in the Presidential Villa in the presence of Senate President, Ahmed Lawan; Speaker of the House of Representatives, Femi Gbajabiamila, and other members of the Federal Executive Council. Speaking at the event, President Buhari said the […]

President Muhammadu Buhari on Tuesday in Abuja signed into law the 2023 Appropriation Bill.

The President signed the documents in the Presidential Villa in the presence of Senate President, Ahmed Lawan; Speaker of the House of Representatives, Femi Gbajabiamila, and other members of the Federal Executive Council.

Speaking at the event, President Buhari said the 2023 Budget, just signed into law, provides for aggregate expenditures of N21.83 trillion, an increase of N1.32 trillion over the initial Executive Proposal.

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The President said he signed the appropriation bill into law to enable implementation to commence without delay.

He directed the Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, to liaise with the National Assembly to effect the necessary amendment to the bill.

The 2023 budget is the last to be prepared by the present administration as it winds up.

The president said the aggregate expenditures of N21.83 trillion were increased by N1.32 trillion over the initial proposal of N20.51 trillion expenditures by the executive.

On the supplementary appropriation bill, the president said 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.

“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.’’

The president added that it was also designed to promote social inclusion and strengthen the resilience of the economy.

He said that adequate provisions had been made in the Budget for the successful conduct of the forthcoming general elections and the transition programme.

On achieving revenue targets for the budget, the president directed MDAs and Government Owned Enterprises (GOEs) to intensify their revenue mobilisation efforts, including ensuring that all taxable organisations and individuals pay taxes due.

The president said relevant Agencies must sustain current efforts toward the realisation of crude oil production and export targets to achieve the laudable objectives of the 2023 Budget.

“To augment available fiscal resources, MDAs are to accelerate the implementation of Public Private Partnership initiatives, especially those designed to fast-track the pace of our infrastructural development.

“This, being a deficit budget, the associated Borrowing Plan will be forwarded to the National Assembly shortly.

“I count on the cooperation of the National Assembly for a speedy consideration and approval of the Plan,’’ he said.