Buhari Signs 2023 Budget Into Law


 President Muhammadu Buhari has signed the Appropriation Bill of 2023 totaling N21.83 trillion, into law.

Buhari who spoke at the signing of the eighth and final annual budget of his administration on Tuesday, January 3, 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.


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 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."


Buhari also urged the National Assembly to reconsider its position on his proposal to securitize the Federal Government’s outstanding 'Ways and Means' of balance at the Central Bank of Nigeria (CBN).


He said; "As I stated, the balance has accumulated over several years and represents funding provided by the CBN as lender of last resort to the government to enable it to meet obligations to lenders, as well as cover budgetary shortfalls in projected revenues and/or borrowings.


"I have no intention to fetter the right of the National Assembly to interrogate the composition of this balance, which can still be done even after granting the requested approval.


"Failure to grant the securitization approval will however cost the government about N1.8 trillion in additional interest in 2023 given the differential between the applicable interest rates which is currently MPR plus 3% and the negotiated interest rate of 9% and a 40year repayment period on the securitised debt of the Ways and Means."


To ensure more effective implementation of the 2022 capital Budget, President Buhari thanked the National Assembly for approving his request for an extension of its validity date to 31st March 2023.

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