House of Reps pass 2023 budget, increase to N21.82trn

This followed the consideration and approval of the report of the House committee on Appropriation at plenary in Abuja.

Presenting the report of the committee on Appropriations, the Chairman of the Committee, Rep. Muktar Betara commended the chairmen and members of various committees.

He lauded their efforts at keeping to the January to December budget calendar initiated by the 9th National Assembly.

The News Agency of Nigeria (NAN) reports that the budget showed an increase of over N1 trillion proposed estimates of the executive.

NAN reports that out of the total sum, N967.48 billion is for statutory transfers, N6.55 trillion is for debt service, while N8.32 trillion is for recurrent (non-debt) expenditure.

The sum of N5.97 trillion is also for contribution to the development fund for capital expenditure for the year ending.

NAN reports that Buhari in adocument tagged, “Budget of Fiscal Stability and Transition” reflected a total budget of N20.51 trillion which represents about N750 billion increase from the N19.76 trillion projected in the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper already passed by both chambers of the National Assembly.Out of the N20.15 trillion, N8.27 trillion was proposed as non-debt recurrent costs,  N6.31 trillion earmarked for debt servicing, N5.35 trillion for capital expenditure (including the capital component of statutory transfers) while N4.99 trillion was earmarked for personnel costs. (NAN)