The Appropriation Bill, 2023 totalling ₦21.83 trillion has been signed into law by President Muhammadu Buhari.
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| President Muhammadu Buhari flanked by members of cabinet as he signs budget |
President Buhari buttressed that, the 2022 supplementary appropriation would help the administration to take the necessary actions against the devastation caused by floods nationwide in the agriculture and infrastructure sectors.
The aggregate expenditures of ₦21.83 trillion is a rise of ₦1.32 trillion over the initial Executive proposal for a total expenditure of ₦20.51 trillion, Buhari said, while speaking at the signing of eighth (also the final) annual budget of his administration.
The Minister of Finance, Budget and National Planing will later make available more information of the approved budget and the supporting 2022 Finance Act, the President further said.
He said, “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 ₦765.79 billion and an unfunded deficit of ₦553.46 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 ₦770.72 billion. The National Assembly also increased the provisions made by Ministries, Departments and Agencies (MDAs) by ₦58.55 billion.”
