Reps increase FG’s 2023 budget to N21.8tn, pass 2022 Finance Bill

The 2023 Appropriation Bill has been passed by the House of Representatives, alongside the 2022 Finance Bill, 2022 Supplementary Appropriation Bill and Appropriation Act 2022 (Amendment).

Ripples Nigeria gathered that the budget was slated for passage last week, however, concerns were raised regarding the 2022 Finance Bill and Supplementary Appropriation Bill.

The lawmakers went on Christmas break and resumed plenary on Wednesday. During the session on December 28, the 2023 Appropriation Bill was passed.

Also, the proposed budget estimate was increased to N21.82 trillion by the lower chambers, from the previous N20.51 trillion the 2023 Appropriation Bill came with.

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Nigeria’s lower chamber passed the bill three days before the end of 2022 to keep to the yearly budget circle that both the National Assembly and President Muhammadu Buhari vowed to achieve.

Under the previous administration of Goodluck Jonathan, the budget passage was done in the first quarter of every new year.

This causes delays in capital projects, leading to carryover every year, as the administration had only 10 months to implement the budget. However, in the first tenure of President Buhari, he sought to return the budget to yearly passage to give his administration 12 months to cover the budget.

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