Nigeria’s 2023 budget has been signed into law by President Muhammadu Buhari.
The signing came six days after the National Assembly had passed the bill, requesting for supplementary increase of N1.32 trillion.
The president made the announcement of the signing in a televised address to the nation on Tuesday, January 03, 2022.
The budget was increased from N20.5 trillion, presented by Buhari in October, to N21.8 trillion.
Buhari urged the National Assembly to reconsider the decision on his administration’s N23.7 trillion ‘ways and means’ loan request.
He explained that the 2022 Supplementary Appropriation Act would enable the administration to respond to the havoc caused by the recent nationwide floods in the infrastructure and agriculture sectors.
He said the Minister of Finance, Budget and National Planning will subsequently provide more details of the approved budget and the supporting 2022 Finance Act.
Also, Buhari tasked Ministries, Departments, Agencies and institutions of government to gear up the revenue generation process.
“As this administration draws to a close, we will accelerate the implementation of critical measures aimed at further improving the Nigeria business environment and ensuring the welfare of our people,” he stated.
Giving an account of the details of signing of the 2023 Appropriation Bill into law, President Buhari claimed it was to speed its implementation, considering the 2023 election.
