28 Jan 2023, 6:55 AM (GMT)

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House Of Reps Passes 2023 Budget, Raises Figure To N21.82trn

The House of Representatives has passed the 2023 appropriation bill, raising the N20.51 trillion budget presented by President Muhammadu Buhari to N21.82 trillion.

This followed the consideration and approval of the report of the House committee on appropriation at plenary by the committee on supply which showed an increase of over N1 trillion proposed estimates of the executive.

Out of the total sum, N967.48 billion is for statutory transfers, N6.55 trillion is for debt service, N8.32 trillion is 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 on the 31st day of December, 2023.

Meanwhile the lawmakers have adjourned for new year break and are expected to resume plenary January 17th

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