House Of Reps Passes N21.8trn 2023 Budget

The House of Representatives has passed a budget of N21,827,188,747,391 for 2023.

The sum marks an increase of N1,319,246,566,677 from the proposal sent to the House by President Muhammadu Buhari.

Of the approved figure N967,486,010,536 is for Statutory Transfers; N6,557,597,611,797 only is for Debt Service; N 8,329,370,195,637 is for Recurrent (Non-Debt) Expenditure; while the sum of N 5,972,734,929,421 is for contribution to the Development Fund for Capital Expenditure for the year ending on the 31st day of December 2023.

The House increased statutory transfers from 774,109,468,797 billion to 967,486,010,536. It also increased Recurrent non-debt service from 8,271,882,354,405 to 8,329,370,195,637. Also, the capital was increased from 4,934,352,745,705. However, debt service was retained at 6,557,597,611797.

President Muhammadu Buhari had in October transmitted a proposal of N20.5 trillion for the 2023 fiscal year.

The House also passed a supplementary budget of N819.5 billion for 2022.

The budget was for the four ministries as follows; Federal Ministry of Agriculture and Rural Development (N69,247,175,770); Federal Ministry of Works and Housing (N704,789,762,043); Federal Capital Territory (N30,000,000,000); and Federal Ministry of Water Resources (N15,500,000,000).

The House also approved the extension of the implementation of the 2022 capital budget till March 31, 2023.

The House also passed the Finance Bill to amend relevant Tax, Excises and Duty Statutes in line with the Macroeconomic Policy Reforms of the Federal Government; to amend and to make further provisions in specific laws in connection with the Public Financial Management of the Federation; and for Related Matters

The House also passed a budget of N262,959,510,955 for the Federal Inland Revenue Service (FIRS).

Of this figure, N126,070,912,538 is for Personnel Cost; N96,061,565,065 is for Overhead Cost; while N40,827,033,352 is for Capital Expenditure for the service year ending December 2023.

The House adjourned to January 17, 2023 to resume sitting.


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