National Assembly Passes N21.8trn 2023 Budget

The House of Representatives on Wednesday passed the N21.83 trillion 2023 fiscal year appropriation bill into law.

The approved budget showed an increase of N1.32 trillion from the N20.51 trillion budget proposal earlier presented to the lawmakers by President Muhammadu Buhari.

A breakdown of the budget indicates an allocation of 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.

Also the Senate on Wednesday approved the 2022 supplementary budget of N819.5 billion, requested by Buhari to fix the infrastructure destroyed by floods across the country.

Buhari had, through an executive communication last week, sought the approval of the National Assembly for an N819.54bn supplementary budget.

According to the upper chamber, the amendment of the 2022 Appropriation Act is to ensure the implementation of the key capital project in the Act which has not been funded as at this time.

The upper chamber said it is expedient that the capital projects be extended to prevent the problem of abandoning projects in the budget.

The supplementary budget is to address food security following devastating floods across the country as well as damages to road infrastructure and the water sector.

A breakdown of the supplementary budget in the report by the Committee of Finance shows that the Ministry of Agriculture is to get N69 billion, the Ministry of Water Resources – N15.5 billion, FCT – N30 billion, Ministry of Works and Housing – N704 billion.

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