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Buhari signs N21.83trn 2023 budget into law


The President, Major General Muhammadu Buhari (retd.), has signed into law the Appropriation Bill, 2023 totalling N21.83 trillion.

According to Channels, Buhari signed the bill at the Council Chambers of the State House in Abuja.

This comes six days after the National Assembly cleared the bill, which marks a N1.32 trillion increase over Buhari’s N20.51 trillion budget request.

According to the budget breakdown, N967.5 billion is allocated for statutory transfers, N6.6 trillion for debt servicing, N8.3 trillion for recurrent expenditure, and N5.9 trillion for capital expenditure.

The Appropriations Bill for 2023 was postponed two weeks ago due to flaws detected in it, according to the Senate President.

The N21.83 trillion budget for 2023 kept recurrent spending at around N8.27 trillion, while capital spending climbed from N5.35 trillion to N5.9 trillion and debt servicing increased from N6.31 trillion to N6.6 trillion.

The Federal Ministry of Defence received N285 billion in capital appropriations, the Federal Ministry of Health received N134.9 billion, the Federal Ministry of Power received N195.5 billion, and the Federal Ministry of Education received N153.7 billion.

The House of Representatives contributed to the resolution of an eight-month strike by university professors earlier this year by promising to boost their welfare packages and make revitalisation funding available to improve the facilities and operations of federal universities.

The Tertiary Institutions Revitalisation Fund of N300 billion and salary renegotiation of N170 billion have been included in the 2023 Appropriation Bill, as has N10.2 billion for university pensions, including arrears.

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