House of Reps passes 2023 budget, increases it to N21.82trn

House of Reps passes 2023 budget, increases it to N21.82trn

By Femi Ogunshola, Abuja.

 

The House of Representatives on Wednesday passed the 2023 Appropriation Bill, jacking up the N20.51 trillion 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 the plenary in Abuja.

 

Presenting the report, the Chairman of the Committee, Rep. Muktar Betara, commended the chairmen and members of various House committees.

 

He particularly lauded their efforts at keeping to the January to December budget calendar, initiated by the 9th National Assembly.

 

The budget showed an increase of over N1 trillion in the proposed estimates of the Executive.

 

Out of the N21.82 trillion, N967.48 billion is for statutory transfers, N6.55 trillion is for debt service, while N8.32 trillion is for recurrent (non-debt) expenditure.

 

The sum of N5.97 trillion is also for contribution to the development fund for capital expenditure for the year ending.

 

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