Both Chambers of the National Assembly Wednesday increased 2023 budget size from N20.51trillion presented to them by President Muhammadu Buhari on October 7, 2022 to N21.82trillion with deficit of N10.782trillion.
The N1.3trillion increase in the budget size as seperately explained by Chairmen of Appropriations committees at both chambers , arose from additional funding earmarked for the National Population Commission (NPC) ahead of the planned 2023 Census , N173billion for the Independent National Electoral Commission (INEC), ahead of the 2023 general elections, the Nigerian Army , Navy , Nigeria Police Force, Ministries of Agriculture, Health, Aviation and Science & Technology.
National Assembly also increased the oil price benchmark proposed for the budget from $70 per barrel to $75 per barrel.
They however retained other parameters as earlier proposed by the President like 1.69million barrel oil production per day , N435.57 to a US dollar , 3.75% GDP Growth rate and 17.16% inflation rate.
Making presentation of the report in the Senate, the Chairman of the Appropriations Committee, Senator Barau Jibrin (APC Kano North), said out of the N21.827trillion , N967.486billion is for statutory transfer, N8.329trillion for Non – debt recurrent cost , N5.972trillion for capital expenditure N6.557trillion for Debt servicing.
Under the N967. 48billion statutory transfers, the National Assembly Office has N30.492billion, Senate N33.267billion, House of Representatives, N51.994billion , National Assembly Service Commission, N10.555billion, Legislative Aides, NN16.520billion, General Services N11.307billion, National Institute for Legislative and Democratic Studies (NILDS), N7.411billion.
Others are ÷ N30.173billion for Severance / Inauguration of outgoing and incoming 9th and 10th Assembly Legislators , N10billion for construction of NASC building , N2.5billion for completion of NILDS Headquarters etc.
Outside the National Assembly , N165bn is earmarked for National Judicial Council , N119.9bn for Niger Delta Development Commission (NDDC) and N103billion for Universal Basic Education.
Out of the N5.972trillion proposed capital expenditure, the Ministry of Works and Housing has the lion vote of N398.275billion, followed by Ministry of Defence with N285.045 billion, Ministry of Agriculture and Rural Development, N248.358billion, Ministry of Education, N153.735billion.
Others are Ministry of Health, N134.909billion , Federal Ministry of Science and Technology, N132.572billion , Ministry of Finance , Budget and National Planning , N166 747billion , Office of the National Security Adviser N70.331billion , Presidency , N20.115billion , Ministry of Interior N45.622billion , Federal Ministry of Water Resources N83.256billion etc.
After the passage of the budget the President of the Senate, Ahmad Lawan, urged President Muhammadu Buhari to assent to it before the year runs out in sustaining the January to December budget cycle implementation.
