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Nigerian President Muhammadu Buhari has signed the US$21.83 trillion 2023 budget, a record budget outlay. This is the eighth and final budget of Buhari’s tenure since he will be laying down his office after the 2023 presidential election. The budget has an increase of US$1.32 trillion over the original executive proposal
Nigerian President Muhammadu Buhari has signed the US$21.83 trillion 2023 budget, a record budget outlay. This is the eighth and final budget of Buhari’s tenure since he will be laying down his office after the 2023 presidential election. The budget has an increase of US$1.32 trillion over the original executive proposal.
Buhari decided to give ascent to the Budget and Finance Bill without much delay as passed by the National Assembly to enable the country to take up development works, particularly relating to the infrastructure sector, which was devastated by the recent floods.
Details of the budget and the 2022 finance act will be provided by the Ministers of Finance, Budget, and National Planning later. President Buhari has directed public enterprises to intensify their revenue mobilisation efforts and directed all taxable organisations and individuals to pay their due taxes promptly to enable the government to mop up finances. Being an election year, the west African country will have to incur more expenditure toward conducting elections.
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Nigeria and South Africa have higher budget allocations as compared to the rest of the countries in the region. Together these countries account for a budget allocation more than the rest of the countries in the region put together.
