WOT
FRCN HQ
Featured Headline News

Senate passes 2022 Supplementary Budget

The National Assembly has passed the 2023 appropriation bill at N21.83 trillion.

A breakdown of the budget indicates an allocation of N967.5 billion for statutory transfers, N6.6 trillion for debt servicing, N8.3 trillion for recurrent expenditure, and N5.9 trillion for capital expenditure.

Last week, the Senate President postponed consideration of the Appropriations Bill for 2023 due to problems discovered in it. As the 9th National Assembly passed its final appropriation bill in the hopes of preserving the January-to-December budget cycle, Senate President Ahmad Lawan had a message for the executive branch.

“I want to take this opportunity to ask the executive arm of government to implement the 2022 Appropriation Act. We also approved the Supplemental Budget for 2022. “We anticipate complete implementation, not selective implementation,” he said.

The N21.83 trillion budget for 2023 kept recurrent spending at around N8.27 trillion, while capital spending increased from N5.35 trillion to N5.9 trillion and debt servicing increased from N6.31 trillion to N6.6 trillion.

The House of Representatives had helped resolve the eight-month strike by university lecturers earlier this year by making commitments to improve their welfare packages and make available revitalisation funds to improve the infrastructure and operations of federal universities.

The Tertiary Institutions Revitalization Fund of N300 billion and salary renegotiation of N170 billion have been captured in the 2023 Appropriation Bill, while N10.2 billion has also been provided for the universities pension, including arrears..

Writing by Adeniyi Bakare