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Key takeaways as Buhari signs N21.83trn 2023 budget into law

President Muhammadu Buhari on Tuesday signed the 2023 appropriation bill of N21.83 trillion into law.

Muhammadu-Buhari Credit: Buhari/Twitter

President Muhammadu Buhari on Tuesday signed the 2023 appropriation bill of N21.83 trillion into law.

The 2023 budget is the eighth and last annual budget to be signed into law by the Buhari-led administration. 

Speaking during the event, the president said the 2023 budget provides for aggregate expenditures of N21.83 trillion, representing an increase of N1.32 trillion added by the National Assembly against the initial proposal of N20.51 trillion presented by the Executive Arm.

The president said he had mandated the minister of finance, budget and national planning to provide more details of the approved budget and the supporting 2022 finance act.

“We have examined the changes made by the national assembly to the 2023 executive budget proposal,” Femi Adesina, the president’s spokesperson, quoted Buhari in a statement released on Tuesday.

“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.”

Mr Buhari said his decision to assent to the 2023 appropriation bill 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 in May.

President Buhari, 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.

The leaders of the National Assembly, Ahmad Lawan, president of the senate, and Femi Gbajabiamila, speaker of the house of representatives, witnessed the budget signing.

Mr Buhari also signed the 2022 supplementary appropriation bill of N819 billion into law.

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