President Muhammadu Buhari signs 2023 budget despite National Assembly’s addition

 

President Muhammadu Buhari  signed the 2023 budget of N21.8 trillion into law on Tuesday morning, Jan 3rd 2023.

The budget was signed about six days after it was passed by the National Assembly.

PREMIUM TIMES reported how the lawmakers increased the budget from N20.5 trillion as proposed by the president to N21.83 trillion – showing an increase of over N1.3 trillion.

The lawmakers increased the Oil Benchmark Price from $70 to $75 while daily oil production rate was pegged at 1.69 million per barrel and the exchange rate at N435 per dollar.

At the budget signing, the president noted that he has examined the changes made by the National Assembly to the proposed budget.

He also said the National Assembly introduced new projects into the 2023 budget proposal for which it has appropriated N770.72 billion. And increased the provisions made by Ministries, Departments and Agencies (MDAs) by N58.55 billion.

He, however, said his decision to sign the budget as approved by the National Assembly is “to enable its implementation to commence without delay, considering the imminent transition process to another democratically elected government.”

He asked that both the Executive and the Legislature rectify the amended fiscal framework for 2023 by the National Assembly which shows additional revenues of N765.79 billion, and an unfunded deficit of N553.46 billion.

The president further directed the Minister of Finance, Zainab Ahmed, to engage with the Legislature to revisit some of the changes made to the Executive budget proposal.

The Speaker of the House of Representatives, Femi Gbajabiamila, who was present at the signing, added that it is the duty of the lawmakers to increase budgetary proposals where necessary.