January 03, (THEWILL) – President Muhammadu Buhari has signed the 2023 Appropriations Bill of N21,827,188,747,391 trillion into law.
The signing took place Tuesday, at the Council Chambers, Presidential Villa, Abuja.
Present at Council Chamber to witness the ceremony are the Secretary to the government of the Federation (SGF), Boss Mustapha, the Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Babajide Omoworari and some staff of the President.
The National Assembly, on Wednesday, passed the budget, with an increase of N1,319,246,566,677 from the N20.51 trillion budget proposal initially presented to it by President Buhari on October 7, 2022.
A breakdown of the budget indicates an allocation of a total of N967.48 billion for statutory transfers, N6.55 trillion for debt service, N8.32 trillion for recurrent (non-debt) expenditure, while the sum of N5.97 trillion is for contribution to the development fund for capital expenditure for the year ending on the 31st day of December, 2023.
Some key capital allocations include 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.
Also, 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 universities’ pension including arrears.
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