President Muhammadu Buhari has signed the 2023 Appropriation Bill of N21.83 trillion into law six days after the National Assembly passed the Bill.
The signing took place Tuesday in the Council Chamber of the State House, Abuja, in the presence of the President of the Senate, Ahmad Lawan, and the Speaker of the House of Representatives, Femi Gbajabiamila.
The N21.83 trillion budgeted for the 2023 fiscal year is an increase of N1.32 trillion over the executive proposal of N20.51 trillion.
A breakdown of the budget indicates 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 respectively.
The President explained that the 2022 Supplementary Appropriation Act would enable the administration to respond to the havoc caused by the recent nationwide floods on infrastructure and agriculture sectors.
Buhari said his decision to sign the 2023 Appropriation Bill into law was to enable its implementation commence without delay, considering the imminent transition process to another democratically elected government.
