The president of the Federal Republic of Nigeria, Muhammadu Buhari on Friday presented the 2023 budget before a joint session of the National Assembly at the temporary chamber of the house of representatives.
This budget which is also his last bill was tagged, ‘Budget of Fiscal Consolidation and Transition’.
He proposed N20.51 trillion for the year and according to him, the budget was designed to address critical issues and also build a solid foundation for the incoming administration.
While presenting the bill, President Buhari talks about the achievement of his administration and how he intends to spend the 2023 N20.51 trillion budget.
Below is the breakdown of how he planned to spend the 20.51 trillion:
- Non-debt Recurrent Costs of N8.27 trillion
- Debt Service of N6.31 trillion
- Capital Expenditure of N5.35 trillion, including the capital component of Statutory Transfers
- Personnel Costs of N4.99 trillion
- Overheads of N1.11 trillion
- Pensions, Gratuities and Retirees’ Benefits of N854.8 billion
- Statutory Transfers of N744.11 billion
- Sinking Fund of N247.73 billion to retire certain maturing bonds
This budget which is also the highest budget in the history of Nigeria attracted a lot of reactions from different major bodies including the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Economics and lawmakers, etc.
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