House of Reps Approves 2023 Budget

The House of Representatives has passed the 2023 appropriation bill at N21.83 trillion.

This shows an increase of N1.32 trillion from the N20.51 trillion budget proposal of President Muhammadu Buhari.

A breakdown of the budget 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.

Meanwhile, the Senate has passed the 2022 Supplementary Budget of N819.5 billion.

President Muhammadu Buhari sought the passage of a supplementary budget to be financed through additional domestic borrowing.

The supplementary budget is to address food security following devastating floods across the country, as well as Damages to road infrastructure and water sector.

The supplementary budget is to be funded by additional borrowing and will increase the budget deficit to 8.17 trillion naira.

The Senate committee on Finance recommended that the Senate approved the supplementary budget.

The supplementary budget is for the ministry of Agriculture, Water Resources, FCT and Works.