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Nigerian president details how proposed N20.5 trillion budget for 2023 would be spent

Buhari and the national assembly
  • President Muhammadu Buhari has proposed a N20.5 trillion budget for 2023. 
  • He noted in his address to the national assembly the way the budget for this year was spent. 
  • He also detailed how the budget for next year would be allocated.

The president of Nigeria has proposed the 8th and final budget of his administration for 2023.

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The final budget amounted to N20.5 trillion ($46.45 billion), and was termed budget of fiscal sustainability and transition.

The president made this announcement during his address to the National Assembly this morning.

Addressing the cabinet, he started off by highlighting some of the key areas where the government had success this year.

He stated, “We have made transformational investments in Infrastructure, notably: a. Establishing the Infrastructure Corporation of Nigeria in 2021, seed capital of N1 trillion from the Central Bank of Nigeria, the Nigeria Sovereign Investment Authority and the Africa Finance Corporation.

Leveraging finance through the NSIA into the Presidential Infrastructure Development Fund (‘PIDF’) to facilitate the accelerated completion of the Second Niger Bridge, Lagos-Ibadan Expressway and Abuja-Kano Road,” he added.

Buhari emphasised the government’s commitment in building proper transportation infrastructure. He noted that a chunk of the national budget has been allocated to over 40 major road projects since 2017, and more money is going to be invested into fixing the problem of transportation in the country.

He also mentioned some of the projects completed, including Airport Terminals at Lagos, Abuja, Kano and Port Harcourt.

The complete breakdown of the budget for the proposed 2023 appropriation bill comprises:

a. Statutory Transfers of N744.11 billion.

b. Non-debt Recurrent Costs of N8.27 trillion.

c. Personnel Costs of N4.99 trillion.

d. Pensions, Gratuities and Retirees’ Benefits of N854.8 billion.

e. Overheads of N1.11 trillion

f. Capital Expenditure of N5.35 trillion, including the capital component of Statutory Transfers

g. Debt Service of N6.31 trillion and

h. Sinking Fund of N247.73 billion to retire certain maturing bonds.

It is interesting to note that next year's budget will be N4 trillion more than this year's budget.

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