JUST IN: Buhari signs 2023 budget of N21.83tn

President Muhammadu Buhari on Tuesday signed the 2023 appropriation bill of N21.83 trillion into law at the Presidential Villa in Abuja.

The Bill which was increased and transmitted to him by the National Assembly last week is the last budget signing ceremony of the president.

The President, speaking during the signing, said the signing of the budget at this time was necessary to ensure prompt implementation.

Buhari also urged the National Assembly to reconsider his request of Ways and Means Advances restructuring to the tune of N23.7 trillion.

The Senate President, Ahmed Lawan, had hinted last week that President Muhammadu Buhari would sign the 2023 appropriation bill on Tuesday.

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The budget saw an increase of N1.32 trillion from the N20.51 trillion earlier proposed by the President in the bill he sent to the National Assembly.

In the breakdown of the budget the recurrent expenditure was maintained at N8.27 trillion, while capital expenditure increased from N5.35 trillion to N5.9 trillion and debt servicing also increased from N6.31 trillion to N6.6 trillion.

Key capital allocations include 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 2023 budget also made 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.

Also captured in the budget were the Tertiary Institutions Revitalisation Fund of N300 billion and salary renegotiation of N170 billion were captured in the 2023 Appropriation Bill, while N10.2 billion has also been provided for the universities pension, including arrears.

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