President Muhammadu Buhari on Tuesday signed the N21.83 trillion 2023 budget earlier passed by the National Assembly into law pledging that adequate provisions have been made for the successful conduct of the forthcoming general elections and the transition programme. It is the eighth and final annual budget of his Administration. Senate President Ahmed Lawan and
President Muhammadu Buhari on Tuesday signed the N21.83 trillion 2023 budget earlier passed by the National Assembly into law pledging that adequate provisions have been made for the successful conduct of the forthcoming general elections and the transition programme. It is the eighth and final annual budget of his Administration.
Senate President Ahmed Lawan and Speaker Femi Gbajabiamila
But, it became apparent from the President’s speech at the occasion that he was not totally in agreement with some amendments introduced by the National Assembly into the budget. “I have also noted that the National Assembly introduced new projects into the 2023 budget proposal for which it has appropriated N770.72 billion. The National Assembly also increased the provisions made by Ministries, Departments and Agencies (MDAs) by N58.55 billion.”
President Buhari said his decision to sign the 2023 Appropriation Bill into law as passed by the National Assembly was to enable its implementation commence without delay, considering the imminent transition process to another democratically elected government.
A statement issued in Abuja and signed by the Special Adviser to the President on Media and Publicity , Mr. Femi Adesina after the President signed the passed bill into law quoted the President as saying that; “the amended fiscal framework for 2023 as approved by the National Assembly shows additional revenues of N765.79 billion, and an unfunded deficit of N553.46 billion.
“It is clear that the National Assembly and the executive need to capture some of the proposed additional revenue sources in the fiscal framework. This must be rectified.
Mr Adesina noted that the President’s decision to sign the 2023 Appropriation Bill into law as passed by the National Assembly was to enable its implementation commence without delay, considering the imminent transition process to another democratically elected government.
The President directed the Minister of Finance, Budget and National Planning to engage with the Legislature to revisit some of the changes made to the Executive budget proposal, expressing the hope that the National Assembly will cooperate with the Executive arm of Government in this regard.
He urged the National Assembly to reconsider its position on his proposal to securitize the Federal Government’s outstanding Ways and Means balance at the Central Bank of Nigeria (CBN).
“As I stated, the balance has accumulated over several years and represents funding provided by the CBN as lender of last resort to the government to enable it to meet obligations to lenders, as well as cover budgetary shortfalls in projected revenues and/or borrowings.
“Failure to grant the securitization approval will however cost the government about N1.8 trillion in additional interest in 2023 given the differential between the applicable interest rates which is currently MPR plus 3% and the negotiated interest rate of 9% and a 40year repayment period on the securitised debt of the Ways and Means,”he stressed.
President Buhari thanked the National Assembly for approving his request for an extension of the 2022 budget validity date to 31st March, 2023 to ensure more effective implementation of the 2022 capital Budget directed the Ministry of Finance, Budget and National Planning to work towards early release of the 2023 capital votes to enable Ministries, Departments and Agencies commence the implementation of their capital projects in good time to support efforts to deliver key projects and public services as well as improve the living conditions of Nigerians.
The President disclosed that the National Assembly would soon received a correspondence from him adding that; ” this, being a deficit budget, the associated Borrowing Plan will be forwarded to the National Assembly shortly.
” I count on the cooperation of the National Assembly for a speedy consideration and approval of the plan,” he said.
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