The Nigerian Senate has passed the nation’s budget for the 2023 fiscal year.
The budget was increased from N20.5 trillion presented by President Muhammadu Buhari in October 2022, to N21.8 trillion (21,827,188,747,391).
This shows an increase of over N1.3 trillion.
Senate passing of the budget bill was sequel to the consideration of the report of its committee on Appropriation which was presented by the Chairman, Senator Jubrin Barau.
READ ALSO: House of Reps passes N21.8trn 2023 Budget
The Senate while passing the bill on Wednesday increased the benchmark price of crude oil from $70 to $75 per barrel
The budget anchored on Fiscal Sustainability and Transition has Debt service put at N6.55 Trillion, non-debt recurrent cost N8.327 trillion, capital expenditure N5.972 trillion, statutory transfer =N=967.486 Billion.
According to the chairman senate committee on appropriations, the Committee worked with the Executive arm of government and the House of Representatives in the discovery and utilization of additional revenue projections to fund and improve some critical projects such as INEC’s conduct of the elections in 2023, National Population Commission’s census exercise, Nigerian Army and other security agencies.
He added that some items of expenditure to the Committee were not included in the bill as submitted by the President or received inadequate funding.
The areas that received this new funding include-: The Ministry of Agriculture, Ministry of Science & Technology, Ministry of Health, National Population Commission, Independent National Electoral Commission (INEC), Nigerian Navy, Nigerian Army, National Institute for Security Studies, Nigerian Police Force, Aviation, New National Steel Council among others.
PIAK
