Saturday, April 20, 2024

 

NASS Passes N21.8tn 2023 Budget, Defence, Health, Ministries Get Lion’s Share

Must Read

Abuse Of Naira Notes: EFCC Arraigns Obi Cubana On 3 Counts Charge ……. Defendant pleaded not Guilty, Granted N10m Bail

Obi Cubana The Economic and Financial Crimes Commission, EFCC today arraigned a Lagos based socialite, Pascal Okechukwu popularly known as...

First Lady Launches Renewed Hope Initiative Programme For South West Women

L-R: Ogun State Deputy Governor, Engr. (Mrs.) Noimot Salako Oyedele; Lagos State First Lady, Dr. Ibijoke Sanwo-Olu; wife of...

Police Indictment: Businessman Asks Court To Compel AGF To Prosecute Oba Elegushi, Others Over Wilful Damages

A businessman Prince Toluwaleke Megba and a company, Lucky Megba Ojonla Nigeria Limited has instituted a legal action against...

 

The National Assembly on Wednesday increased the 2023 budget proposal from N20.51tn to N21.82tn and passed it.
President Muhammadu Buhari had on October 7, 2022, presented a budget proposal of N20.51tn to the parliament with a deficit of N10.782tn.

The Appropriations Committees of both the Senate and House of Representatives said the N1.3tn increase in the budget size was due to the additional funding earmarked for the National Population Commission ahead of the planned 2023 census as well as the N173bn appropriated for the Independent National Electoral Commission, ahead of the 2023 general elections.

The Nigerian Army, Navy, Nigeria Police Force, and ministries of Agriculture, Health, Aviation, and Science & Technology also got reasonable increases.

National Assembly also increased the oil price benchmark proposed for the budget from $70 per barrel to $75 per barrel.

The parliament, however, retained other parameters as earlier proposed by the President like 1.69 million barrels of oil production per day, N435.57 to a US dollar; 3.75 per cent GDP growth rate and 17.16 per cent inflation rate.

Making a presentation of the report in the Senate, the Chairman of the Appropriations Committee, Senator Barau Jibrin ( APC Kano North), said out of the N21.827tn budget size, N967.486bn was meant for statutory transfer, N8.329tn for non- debt recurrent cost, N5.972tn for capital expenditure, and N6.557tn for debt servicing.

Under the N967.48bn statutory transfers, the National Assembly Office has N30.492bn; the Senate got N33.267bn; the House of Representatives, N51.994bn; National Assembly Service Commission, N10.555bn; legislative aides, N16.520bn; general services N11.307bn; National Institute for Legislative and Democratic Studies, N7.411bn.

Others are: N30.173bn for severance / inauguration of outgoing and incoming 9th and 10th Assembly legislators; N10bn for construction of NASC building; N2.5bn for completion of NILDS headquarters etc.

Outside the National Assembly, N165bn is earmarked for National Judicial Council, N119.9bn for Niger Delta Development Commission and N103bn for Universal Basic Education.

Out of the N5.972tn proposed capital expenditure, the Ministry of Works and Housing has the lion’s vote of N398.275bn, followed by the Ministry of Defence with N285.045bn, Ministry of Agriculture and Rural Development, N248.358bi, Ministry of Education, N153.735bn.

Others are the Ministry of Health, N134.909bn, Federal Ministry of Science and Technology, N132.572bn; Ministry of Finance, Budget and National Planning, N166 747bn; Office of the National Security Adviser N70.331bn; Presidency, N20.115bn; Ministry of Interior N45.622bn; Federal Ministry of Water Resources N83.256bn etc .

After the passage of the budget the Senate president, Ahmad Lawan, urged President Muhammadu Buhari to assent to it before the year runs out in sustaining the January to December budget cycle implementation.

2022 budget extended

Meanwhile, the Senate on Wednesday approved an N819.54bn supplementary budget requested by the Buhari regime. .

According to the president, the supplementary budget is meant to help fix infrastructure destroyed by flooding across the country.

Buhari had through an executive communication last week, sought the approval of the National Assembly for the N819.54bn supplementary budget.

The senate accordingly gave the request expeditious consideration and passage by making it pass the required legislative processes within 30 minutes.

In his remarks, Lawan said the extension would provide the required time for implementation of the N819.5bn 2022 supplementary budget raised by the President.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -
Latest News

Abuse Of Naira Notes: EFCC Arraigns Obi Cubana On 3 Counts Charge ……. Defendant pleaded not Guilty, Granted N10m Bail

Obi Cubana The Economic and Financial Crimes Commission, EFCC today arraigned a Lagos based socialite, Pascal Okechukwu popularly known as...

First Lady Launches Renewed Hope Initiative Programme For South West Women

L-R: Ogun State Deputy Governor, Engr. (Mrs.) Noimot Salako Oyedele; Lagos State First Lady, Dr. Ibijoke Sanwo-Olu; wife of former President Olusegun Obasanjo, Chief...

Police Indictment: Businessman Asks Court To Compel AGF To Prosecute Oba Elegushi, Others Over Wilful Damages

A businessman Prince Toluwaleke Megba and a company, Lucky Megba Ojonla Nigeria Limited has instituted a legal action against the Attorney General of the...

Abiodun Swears-in 20th HoS, Promises Better Civil Service

L-R: Immediate past Head of Service, Mr. Kolawole Peter Fagbohun; Deputy Governor, Engr. (Mrs.) Noimot Salako-Oyedele; Ogun State Governor, Prince Dapo Abiodun and the...

Court Adjourns Hearing Of Alleged 7bn Debt Against Swift Networks To May 10

Justice Daniel Osiagor of the Federal High Court sitting in Lagos has fixed May 10, 2024 for hearing of all pending applications, including possible...
- Advertisement -

More Articles Like This

- Advertisement -