Monday, December 4, 2023
HomeNewsSenate Passes N21.8trn 2023 Budget

Senate Passes N21.8trn 2023 Budget

The National Assembly has passed a total N21,827,188,747,391 as budget for the 2023 fiscal year.

This marks an increase of N1,319,246,566,677 from the N20.51 trillion budget proposal of President Muhammadu Buhari presented to a joint session of the National Assembly on October 7.

A breakdown of the budget indicates an allocation of a total N967.48 billion for statutory transfers, N6.55 trillion for debt service, N8.32 trillion 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.

Some key capital allocations include the N285 billion to the Federal Ministry of Defence, N134.9 billion to the Federal Ministry of Health, N195.5 billion to the Federal Ministry of Power and N153.7 billion to the Federal Ministry of Education.

Also, the Tertiary Institutions Revitalisation Fund of N300 billion and salary renegotiation of N170 billion have been captured in the 2023 Appropriation Bill, while N10.2 billion has also been provided for the universities pension, including arrears.

Meanwhile the lawmakers have adjourned for new year break and are expected to resume plenary January 17th.



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