House Of Reps Passes 2023 Budget, increases the Figure by N1.31trn  to N21.82trn

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Despite the hues and cries about the federal Government’ to raise the necessary revenues to meet the 2023 but budget, the House of Representatives on Wednesday passed the 2023 appropriation bill, raising it by N1.31trillion from  N20.51 trillion budget presented by President Muhammadu Buhari to N21.82 trillion.

The passage of the bill was carried out after the consideration and approval of the report of the House committee on appropriation at plenary by the committee on supply which showed an increase of over N1 trillion proposed estimates of the executive.

Of the total sum, N967.48 billion is for statutory transfers, N6.55 trillion is for debt service, N8.32 trillion is 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.

Meanwhile, the lawmakers have adjourned for the new year break and are expected to resume plenary  to January 14, 2023

Meanwhile, the Senate on the same  Wednesday approved President Muhammadu Buhari’s request of N819.54bn domestic loan meant to fix the infrastructure destroyed by floods across the country.

Buhari had through an executive communication last week, sought the approval of the National Assembly for N819.54bn supplementary budget.

The request, according to the President, would form part of the 2022 Appropriation Act.

Buhari in the letter read by President of the Senate, Ahmad Lawan, said the supplementary appropriation request was meant for the capital expenditure component of the 2022 budget. Meanwill,

The Senate on Wednesday approved President Muhammadu Buhari’s request of N819.54bn domestic loan meant to fix the infrastructure destroyed by floods across the country.

Buhari had through an executive communication last week, sought the approval of the National Assembly for N819.54bn supplementary budget.

 

 

 

 

 

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