Buhari Signs Appropriation Bill Into Law

By Ayodele Oni

The January to December budget circle may still be realizable, afterall, following the signing of 2023 appropriation bill into law by President Muhammadu Buhari on Tuesday.

This is coming as the first official engagement of the president in the new year.

The Appropriation Bill, for 2023 is N21.83 trillion, with the signing coming three days into the new year.

Buhari signed the bill at the Council Chambers of the State House in Abuja.

This development comes six days after the National Assembly passed the bill.

The budget represents an increase of N1.32 trillion from the N20.51 trillion budget proposal of President Muhammadu Buhari.

A breakdown of the budget indicates an allocation of N967.5 billion for statutory transfers, N6.6 trillion for debt servicing, N8.3 trillion for recurrent expenditure, and N5.9 trillion for capital expenditure.

The 2023 Appropriation Bill was deferred two weeks ago over what the Senate President described as problems discovered in it.

The 9th National Assembly had passed its final appropriation bill hopeful of maintaining the January-to-December budget cycle.