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Buhari signs N21.83trn 2023 budget into law

Jan 3, 2023

President Muhammadu Buhari has signed the Appropriation Bill, 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.

 

According to him, the 2023 budget provides for aggregate expenditures of N21.83 trillion, an increase of N1.32 trillion over the initial executive proposal for a total expenditure of N20.51 trillion.

 

Buhari also said the minister of finance, budget and national planning would subsequently provide more details of the approved budget and the supporting 2022 finance act.

 

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.

 

He also directed the Ministry of Finance, Budget and National Planning to work towards the early release of the 2023 capital votes to enable Ministries, Departments and Agencies to commence the implementation of their capital projects in good time to support efforts to deliver key projects and public services as well as improve the living conditions of Nigerians.

 

Reiterating that the 2023 Budget was developed to promote fiscal sustainability, and macroeconomic stability and ensure a smooth transition to the incoming Administration, the President said it was also designed to promote social inclusion and strengthen the resilience of the economy.

 

He pledged that adequate provisions have been made in the Budget for the successful conduct of the forthcoming general elections and the transition programme.

 

On achieving revenue targets for the budget, the President directed MDAs and Government Owned Enterprises (GOEs) to intensify their revenue mobilization efforts, including ensuring that all taxable organizations and individuals pay taxes due.