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.