Nigeria’s President Muhammadu Buhari has signed the N21.8 trillion 2023 budget into law following last week’s approval by the Senate.
This was disclosed in a statement by the Ministry of Finance, Budget and National Planning.
Media aide to the Presidency, Bashir Ahmad, also confirmed the development, saying:
“President Muhammadu Buhari signed the 2023 Appropriation Bill into law, this morning. This is his last budget signing as the President of the Federal Republic of Nigeria.”
Last week, the Senate President Ahmad Lawan explained that the reason the budget was being signed on a later date is due to an “anomalous, very undesirable and unfortunate situation” which caused a delay.
“We are very pleased that we have been able to, in the last four years, ensure the passage of the appropriation bills in record time before every Christmas, and Mr. President had always signed before the end of the year.
“This year, particularly, is because of the anomalous, very undesirable, and unfortunate situation that we had to delay a little bit.
“You will recall that the NASS had to cut down its Christmas recess to come back on Wednesday for the sole purpose of passing the appropriation bill which we could have passed a week before. So all the same, there’s nothing that we missed”.
It was learnt that the country’s crude oil production for 2023 has been pegged at 1.69 million barrels per day and also increased its crude oil benchmark to $75 per barrel from the previous $70 per barrel.
The Federal Government believes that with these benchmarks, the country will be able to fund the 2023 budget.