President Muhammadu Buhari has signed the N21.83trn budget into law.
This is the final budget to be signed by Buhari as its administration ends on May 29, 2022.
Speaking at the event, Buhari said the 2023 budget provides for aggregate expenditures of N21.83 trillion, an increase of N1.32 trillion over the initial executive proposal for a total expenditure of N20.51 trillion.
He said the minister of finance, budget and national planning would 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,” a statement issued by Femi Adesina, the president’s spokesperson, quoted him as saying.
”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, expressing the hope that the national assembly will cooperate with the executive arm of government in this regard.