President Muhammadu Buhari has signed into law the 2023 Appropriation Bill totaling N21.83 trillion. The signing ceremony was held on Tuesday in the Council Chambers of the State House, Abuja, 6 days after the National Assembly passed the bill.
President Buhari directed Zainab Ahmed, the Minister of Finance, Budget and National Planning and other relevant agencies to interact with the National Assembly to put into effect the necessary amendment to the Bill which showed an increase of N1.32 trillion in the initial executive proposal of N20.51 trillion.
According to the budget proposal, N967.5 billion was allocated for statutory transfers, N5.9 trillion for capital expenditure, N6.6 trillion for debt servicing, and a sum of N8.3 trillion was allocated for recurrent expenditure.
Furthermore, the Benchmark Price of Crude Oil is set at $75 Per Barrel, Crude Oil Production at 1.6 mbpd, Exchange Rate at N435.57/$1, Inflation Rate at 17.16 percent and Gross Domestic Production (GDP) Growth Rate at 3.75 percent.
The Senate President, Ahmed Lawan had deferred the 2023 Appropriation Bill two weeks ago citing issues discovered with it.