President Muhammadu Buhari Signs the $47.39 Billion 2023 Budget

By Kenneth Enadegheof

As the nation enters it’s first economic quarter, Nigeria’s President, Muhammadu Buhari has signed the $47.39 billion 2023 budget.

The president, Tuesday in Abuja, signed off on the eighth and final annual budget of his administration, saying it was an increase of $1.32 trillion over the original executive proposal.
These provisions were made for the 2023 general elections and the transition programme.

This signals an imminent transition process which explains why the head of state decided to sign the 2023 appropriation bill as passed by the National Assembly. This rapid signature will, therefore, allow its implementation to begin without delay.

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Also, the 2022 Supplementary Appropriation Bill was signed by President Buhari who thanked the National Assembly for approving his request for an extension of its validity date to 31 March 2023.

Therefore, the bill enables the administration to respond to the devastation caused by the recent national floods on the infrastructure and agriculture sectors.
To a large extent, the Ministers of Finance, Budget and National Planning will provide details of the approved budget and the 2022 Finance Act later.

In gorging ahead and in order to achieve the targets set to meet the new budget, President Buhari has directed public enterprises to intensify their revenue mobilisation efforts, including ensuring that all taxable organisations and individuals pay their due taxes.


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