Buhari signs N21.83trn 2023 budget into law

President Muhammadu Buhari on Tuesday in Abuja signed the 2023 Budget of N21.83 trillion and the 2022 Supplementary Appropriation Bill into law.

The News Agency of Nigeria (NAN) reports that the 2023 budget is the last to be prepared by the present administration as it winds up.

While signing the budget, the president said the aggregate expenditures of N21.83 trillion were increased by N1.32 trillion over the initial proposal of N20.51 trillion expenditures by the executive.

On the supplementary appropriation bill, the president said that the 2022 Supplementary Appropriation Act would enable the administration to respond to the havoc caused by the recent nationwide floods on infrastructure and agriculture sectors.

According to him, the Minister of Finance, Budget and National Planning will subsequently provide more details of the approved budget and the supporting 2022 Finance Act.

“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 said his decision to sign the 2023 Appropriation Bill into law as passed by the National Assembly was to enable its implementation commence without delay, considering the imminent transition process to another democratically elected government.

He, however, 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.

READ: Senate approves N2.3tr loan for Buhari, N895.84bn supplementary budget

Buhari expressed the hope that the National Assembly would cooperate with the Executive arm of Government in this regard.

The president urged the National Assembly to reconsider its position on his proposal to securitise the Federal Government’s outstanding Ways and Means balance at the Central Bank of Nigeria (CBN).

“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 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 securitisation 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 three per cent and the negotiated interest rate of nine per cent and a 40-year repayment period on the securitised debt of the Ways and Means.’’

To ensure more effective implementation of the 2022 capital Budget, Buhari thanked the National Assembly for approving his request for an extension of its validity date to March 31.

The president directed the Ministry of Finance, Budget and National Planning to work toward early release of the 2023 capital votes to enable MDAs commence the implementation of their capital projects in good time.

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

He urged relevant agencies to sustain current efforts toward the realisation of crude oil production and export targets to achieve the laudable objectives of the 2023 Budget.

On the Finance Bill 2022, the president expressed regret that its review as passed by the National Assembly had yet to be finalised.

Those who witnessed the signing of the budget include Senate President, Ahmad Lawan; Speaker of the House of Representatives, Femi Gbajabiamila and Ministers of Finance, Budget and National Planning, Zainab Ahmed and Jedi Agba.