President Muhammadu Buhari has signed the 2023 Appropriation Bill of N21.83 trillion into law.
The signing took place Tuesday in the Council Chamber of the State House, Abuja, in the presence of the President of the Senate, Ahmad Lawan, and the Speaker of the House of Representatives, Femi Gbajabiamila.
The president said the budget was developed to promote fiscal sustainability, and macroeconomic stability, and ensure a smooth transition to the incoming administration.
He remarked that it was also designed to promote social inclusion and strengthen the economy.
Adequate provisions were made in the budget for the successful conduct of the 2023 general election and the transition program, he said.
The N21.83 trillion budgeted for the 2023 fiscal year is an increase of N1.32 trillion over the executive proposal of N20.51 trillion.
The Appropriation Bill was presented to the National Assembly on 7 October 2022 and passed on Wednesday, 28 December 2022.
It has N8.3 trillion budgeted for recurrent (non-debt) expenditure, N6.5 billion for debt servicing, N967 billion for Statutory Transfers, and N5.9 trillion as the contribution to the Development Fund for capital expenditure.
It is based on an oil price benchmark of $75 and an exchange rate of N435.57 to the dollar.
President Buhari also signed the 2022 Supplementary Appropriation Bill into law on Tuesday.
