Home > Breaking news > President Buhari Signs N21.8 trillion 2023 Budget Into Law

President Buhari Signs N21.8 trillion 2023 Budget Into Law

PRESIDENT Muhammadu Buhari has today signed the 2023 Appropriation Bill of N21.8 trillion into law at the Council Chambers of the State House in Abuja today.

The budget is an increase of N1.32 trillion on the President’s 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.

The 2023 Appropriation Bill was deferred two weeks ago over what the Senate President, Ahnad Lawan, described as problems discovered in it.

The budget maintained the recurrent expenditure at approximately N8.27 trillion, while capital expenditure increased from N5.35 trillion to N5.9 trillion, and debt servicing also increased from N6.31 trillion to N6.6 trillion.

Key capital allocations include the N285 billion to the Federal Ministry of Defence, N134.9 billion to the Federal Ministry of Health, N195.5 billion to the Federal Ministry of Power, and N153.7 billion to the Federal Ministry of Education.

The Tertiary Institutions Revitalisation Fund of N300 billion and salary renegotiation of N170 billion have been captured in the 2023 budget, while N10.2 billion has also been provided for the universities pension, including arrears.

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

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