BREAKING! Buhari Signs N22 Trillion 2023 Budget into Law

The 2023 appropriation bill of N21.83 trillion has been signed into law by President Muhammadu Buhari. He signed the bill at the Council Chambers of the State House in Abuja on Tuesday.

The National Assembly had last week passed the bill, representing an increase of N1.32 trillion from Buhari’s N20.51 trillion budget proposal sent to the Assembly.

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.

The 2023 Appropriation Bill has deferred two weeks ago over what the Senate President described as problems discovered in it.

The 2023 budget of N21.83 trillion maintained the recurrent expenditure at approximately N8.27 trillion, while capital expenditure increased from N5.35 trillion to N5.9 trillion and debt servicing increased from N6.31 trillion to N6.6 trillion.

Some key capital allocations include the N285 billion to the Federal Ministry of Defence, N134.9 billion to the Federal Ministry of Health, N195.5 billion to the Federal Ministry of Power, and N153.7 billion to the Federal Ministry of Education.

The Tertiary Institutions Revitalisation Fund of N300 billion and salary renegotiation of N170 billion have been captured in the 2023 Appropriation Bill, while N10.2 billion has also been provided for the university’s pension, including arrears among others.

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