Buhari Enacts the N21.83 Trillion Appropriations Bill

Buhari Enacts the N21.83 Trillion Appropriations Bill

President Muhammadu Buhari signed the 2022 Supplementary Appropriations Bill and the N21.83 trillion 2023 Budget into law on Tuesday.

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 of his administration.

He gave the Finance, Budget, and National Planning Minister instructions to consult with lawmakers and examine some of the adjustments made to the executive budget proposal.

He expressed the hope that the National Assembly will work with the government’s executive branch on that matter.

The 2022 Supplementary Appropriations Act, according to the President, will allow the government to address the damage that the most recent nationwide floods have wreaked on the infrastructure and agricultural sectors.

He stated that further information on the approved budget and the accompanying 2022 Finance Act will be provided later, as is customary, by the Minister of Finance, Budget, and National Planning.

According to him, ”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.”

President Buhari said his decision to sign the 2023 Appropriation Bill into law as passed by the National Assembly was to enable its implementation to commence without delay, considering the imminent transition process to another democratically elected government.