President Muhammadu Buhari, has today signed the 2023 Budget of N21.83 trillion along with the 2022 Supplementary Appropriation Bill into law.
The 2022 Supplementary Appropriations Act, according to President Buhari, will allow the administration to address the damage caused by the recent nationwide floods in the infrastructure and agricultural sectors.
He added that more information about the approved budget and the accompanying 2022 Finance Act will be provided later by the Minister of Finance, Budget, and National Planning.
Additionally, Buhari tasked the government’s Ministries, Departments, Agencies, and institutions with the order to speed up the process of revenue creation.
The President 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 explained why he chose to sign the 2023 Appropriation Bill into law as passed by the National Assembly, claiming that it was done so that its implementation could start right away in light of the upcoming process of switching to another democratically elected government.
