House of Reps finally passes 2023 budget


At last, the House of Representatives has passed N21.83 trillion as budget for the 2023 fiscal year.

The appropriation bill was passed by the lower legislative chamber today (Wednesday) after Muktar Betara, chairman of the committee on appropriations, presented a report.

Legislators in the House of Representative also increased the budget for next year by N1.33 trillion.

From the figure passed, N6,557,597,611,797 is to be used to service debt, N8,329,370,195,637 is for recurrent (non-debt) expenditure; while N 5,972,734,929,421 is for contribution to the development fund for capital expenditure.

TMY Newspapers recalls that in October of this year,  President Muhammadu Buhari presented a budget proposal of N20.51 trillion for 2023 to the national assembly.

The country’s number one citizen proposed an oil benchmark fixed at $70 per barrel, but the lawmakers while passing the medium term expenditure framework (MTEF), raised it to $73 per barrel.

Other parameters comprise daily oil production estimate of 1.69 million barrels (inclusive of condensates of 300,000 to 400,000 barrels daily) at exchange rate of N435.57/$.

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