The House of Representatives has passed the 2023 budget of N21,82trn. The is an increase of N1.3trn from the initial proposal presented to the joi
The House of Representatives has passed the 2023 budget of N21,82trn.
The is an increase of N1.3trn from the initial proposal presented to the joint chamber of the National Assembly by President Muhammadu Buhari.
Naijablitznews.com recalled that the President had in October 2022, transmitted a proposal of N20.5 trillion for the 2023 fiscal year.
Out of the approved figure, N967.5bn is for Statutory Transfers; N6.56trn only is for Debt Service; N8.3 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 December 31, 2023.
The House increased statutory transfers from N774.1 billion to N967.5 billion . It also increased Recurrent non-debt service from N8.27 trillion to N8.3 trillion. Also, capital was increased from N4.93 trillion, however, debt service was retained at N6.55 trillion.
The House also passed the supplementary budget of N819.5 billion for the year 2022.
The budget was for four ministries which includes; Federal Ministry of Agriculture and Rural Development N69.24 billion; Federal Ministry of Works and Housing N704.78 billion; Federal Capital Territory N30 billion; and Federal Ministry of Water Resources N15.5 billion.
The House further approved the extension of the implementation of the 2022 capital budget till March 31, 2023.
The lawmakers also passed the Finance Bill to amend relevant Tax, Excises and Duty Statutes in line with the Macroeconomic Policy Reforms of the Federal Government; to amend and to make further provisions in specific laws in connection with the Public Financial Management of the Federation; and for Related Matters
The budget of N262.95 billion for the Federal Inland Revenue Service (FIRS), was passed.
Of this figure, N126.07 billion is for Personnel Cost; N96.06 billion for Overhead Cost; while N40,8 billion is for Capital Expenditure for the service year ending December 2023.
The lawmakers adjourned plenary to January 17, 2023 to resume sitting.
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