President Muhammadu Buhari has signed the 2023 N21.83 trillion Appropriation Bill into law.
The President signed the 2023 N21.83 trillion Appropriation Bill and 2022 Supplementary Appropriation Bill into law.
The National Assembly, last Wednesday, passed the 2023 Appropriation Bill to the tune of N21, 827,188,747, 391 as the national budget as the aggregate expenditure for the fiscal year.
The approved budget was jerked by N1.31 trillion which was moved from the initial N20.1 trillion to N21.8 trillion.
Out of the total sum, N967.48 billion was earmarked for Statutory Transfers, N6.55 trillion was for debt servicing; N8.32 trillion was for recurrent (non-debt) expenditure while the sum of N5.97 trillion was for capital expenditure for the year ending 31st day of December, 2023.
In the passed budget, Benchmark Price of Crude Oil is pegged at $75 USD Per Barrel; Crude Oil Production at 1.69 mbpd; Exchange Rate at N435 57/US$; Gross Domestic Production (GDP) Growth Rate at 3.75percent and Inflation Rate at 17.16% .
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