President Muhammadu Buhari signed the fiscal year 2023 appropriation bill on Tuesday, December 3.
According to Daily Trust, the bill totaling N21.83 trillion was signed at the State House in Abuja, the Federal Capital Territory.
The Senate President, Ahmad Lawan, and the Speaker of the House of Representatives, Femi Gbajabiamila, were all present when the President signed the bill.
According to President Buhari, the bill was signed to ensure quick implementation while also revealing a N1.32 trillion increase over the initial executive proposal.
President Buhari directed Finance Minister Zainab Ahmed to work closely with the National Assembly to implement necessary amendments.
According to Channels TV, the budget maintained recurrent expenditure at N8.27 trillion. There was an increase in capital expenditure of N5.35 trillion to N5.9 trillion, as well as an increase in debt servicing of N6.31 trillion to N6.6 trillion.
However, the federal ministry of defense received the largest allocation of N285 billion, followed by the ministry of health with N195.5 billion and the ministries of education and power with N153.7 billion each.