President Muhammadu Buhari signed the 2023 Appropriation Bill into law on the 3rd of January 2023. The President signed the documents in the Presidential Villa in the presence of the Senate President, Ahmed Lawan; Speaker of the House of Representatives, Femi Gbajabiamila, and other members of the Federal Executive Council. This Appropriation Bill is the last budget prepared by the present administration as it winds up its affairs. The aggregate expenditures of N21.83 trillion were increased by N1.32 trillion over the initial proposal of N20.51 trillion expenditures by the Executive.
The National Assembly also introduced new projects into the 2023 budget proposal for which it appropriated N770.72 billion. Adequate provisions were included in the budget to ensure success in the forthcoming general elections and the transition. On attaining revenue targets for the budget, the President directed ministries, departments, agencies and government owned enterprises to deepen their revenue mobilisation efforts, including ensuring that all organisations and individuals pay their taxes. He also noted that the crude oil production and export targets must be maintained and surpassed to achieve the commendable objectives of the 2023 Budget.
This law is all-encompassing, as it touches on every sector of the Nigerian economy. To read more on the 2023 Appropriation Act, see https://www.budgetoffice.gov.ng/index.php/resources/internal-resources/budget-documents/2023-budget/2023-appropriation-act-by-sector.
