Buhari Signs N21.83trn Budget Into Law For 2023 Fiscal Year - EDU-BIZNEWS


Tuesday, January 3, 2023

Buhari Signs N21.83trn Budget Into Law For 2023 Fiscal Year

The President, Muhammadu Buhari on Tuesday signed the Federal Government of Nigeria 2023 Budget of N21.83trillion along with the 2022 Supplementary Appropriation Bill into law.

Buhari signed the budget the budget into law in the presence of the Senate President, Ahmed Lawan and Speaker of the House of Representatives, Femi Gbajabiamila and other members of the Federal Executive Council, inside his office in Abuja  

He said that his regime would speed up critical infrastructure projects nationwide as it raced toward the finish line on May 29, 2023.

According to him,  the budget is N21.83 trillion aggregate expenditure, an increase N1.32 trillion over the initial executive proposal of N20.51 trillion.

Buhari who signed the eighth and final budget of his regime, commended  the National Assembly for its near-seamless relationship with the executive arm, urging the legislature to reconsider its stance on his proposal to securitise the Federal Government’s outstanding Ways and Means balance at the Central Bank of Nigeria.

The president stressed the importance of securing the securitisation approval of the National Assembly, warning that it will cost the government about N1.8tn in additional interest in 2023 and a 40-year repayment period on the securitised debt, if the approval is not granted 

Buhari’s appeal comes barely one week after the Senate rejected his request to restructure the N22.7tn Ways and Means advances.

He said the 2022 Supplementary Appropriation Act would enable his regime to respond to the havoc caused by the recent nationwide floods on infrastructure and agriculture sectors.

As is customary, he noted the Minister of Finance, Budget and National Planning will subsequently provide more details of the approved budget and the supporting 2022 Finance Act.

Buhari explained: ”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 N765.79bn, and an unfunded deficit of N553.46bn.”

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 by N58.55 billion.”

The President explained that his decision to sign the 2023 Appropriation Bill into law as passed by the National Assembly was to enable swift implementation considering the imminent transition process to another democratically elected government.

However, he directed the Minister of Finance, Budget and National Planning to engage with the Legislature to revisit some of the changes made to the Executive budget proposal, expressing the hope that the National Assembly would cooperate with the Executive arm of Government in this regard.

While urging the National Assembly to reconsider its position on his proposal to securitise the FG’s outstanding Ways and Means balance at the CBN, Buhari made it clear that he had no intention to circumvent the NASS’ powers to interrogate the process.

”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.

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