President Muhammadu Buhari has signed the 2023 Budget of N21.83 trillion along with the 2022 Supplementary Appropriation Bill into law.
The aggregate expenditures of N21.83 trillion, is an increase of N1.32 trillion over the initial Executive Proposal for a total expenditure of N20.51 trillion.
The President in his remark after the signing of the budget explained 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.
he said the Minister of Finance, Budget and National Planning will subsequently provide more details of the approved budget and the supporting 2022 Finance Act.
President Buhari said his decision to sign the 2023 Appropriation Bill into law as passed by the National Assembly was to enable its implementation commence without delay, considering the imminent transition process to another democratically elected government.
He, however, directed the Minister of Finance, Budget and National Planning to engage with the Legislature to revisit some of the changes made to the Executive budget proposal, expressing the hope that the National Assembly will cooperate with the Executive arm of Government in this regard.
He urged the National Assembly to reconsider its position on his proposal to securitize the Federal Government’s outstanding Ways and Means balance at the Central Bank of Nigeria (CBN).
The President directed the Ministry of Finance, Budget and National Planning to work towards early release of the 2023 capital votes to enable Ministries, Departments and Agencies commence the implementation of their capital projects in good time to support efforts to deliver key projects and public services as well as improve the living conditions of Nigerians.
He pledged that adequate provisions have been made in the Budget for the successful conduct of the forthcoming general elections and the transition programme.
On the Finance Bill 2022, the President expressed regret that its review as passed by the National Assembly is yet to be finalized.
Those who witnessed the signing of the budget include Senate President Ahmad Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila.
The President expressed the belief that the next Administration would sustain the early presentation of the annual appropriation bill to the National Assembly to ensure its passage before the beginning of the fiscal year.
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