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President Muhammadu Buhari has signed Nigeria’s 2023 budget into law.
According to a Tueday statement by his spokesperson, Femi Adesina, the President approved the N21.83 Trillion budget alongside the 2022 supplementary appropriation bill.
Speaking at the signing of the budget, Buhari said 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, whose second and final term in office in May, explained that 2022 supplementary appropriation act would enable the administration respond to the havoc caused by the recent floods on the infrastructure and agriculture sector.
”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,” the statement read in part.
While thanking the leadership of the National Assembly for the speedy passage, the President expressed the belief that the next Administration would sustain the early presentation of the annual appropriation bill to the Nigerian legislature to ensure its passage before the beginning of the fiscal year.
”As this Administration draws to a close, we will accelerate the implementation of critical measures aimed at further improving the Nigerian business environment, enhancing the welfare of our people and ensuring sustainable economic growth over the medium- to long-term,” he was quoted to have said.
