N21.8 trillion in the 2023 budget adopted by the National Assembly

The National Assembly has approved the N21.83 trillion appropriations bill for 2023.

From President Muhammadu Buhari’s N20.51 trillion budget request, this is an increase of N1.32 trillion.

A breakdown of the budget shows that N967.5 billion will be used for statutory transfers, N6.6 trillion will be used to pay down debt, N8.3 trillion will be used for recurrent expenses, and N5.9 trillion will be used for capital expenditures.

The Senate has, however, approved the $1.819 billion supplemental budget for 2022.

The upper chamber says that the 2022 Appropriations Act needs to be changed so that the major capital project in the act, which is not being paid for right now, can be done.

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The upper chamber said it was important to extend capital projects so that budgeted projects wouldn’t be dropped.

Following the terrible floods that ravaged the entire nation, the additional budget will deal with food security as well as damage to the water and road systems.

The Ministry of Agriculture would receive N69 billion from the supplementary budget, followed by N15.5 billion for the Ministry of Water Resources, N30 billion for the Federal Capital Territory, and N704 billion for the Ministry of Works and Housing.