Buhari signs 2023 budget into law

President Muhammadu Buhari, Tuesday ,at the Council Chambers of the State House, Abuja, signed the 2023 appropriation bill of N21.83 trillion into law.

The National Assembly had last week, passed the bill, representing an increase of N1.32 trillion from president Buhari’s N20.51 trillion budget proposal.

A budget breakdown 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 budget of N21.83 trillion maintained the recurrent expenditure at approximately N8.27 trillion, while capital expenditure increased from N5.35 trillion to N5.9 trillion and debt servicing increased from N6.31 trillion to N6.6 trillion.Some 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 Appropriation Bill, while N10.2 billion has also been provided for the university’s pension, including arrears