Business and Economy

2023 Appropriation bill / 2023 National Budget of N21.82 trillion passed into law

The National Assembly has passed into law the 2023 National appropriation bill or Federal Government budget of N21.82 trillion with debt servicing receiving a bulk of the appropriations with 30.1% of the budget or N6.55 trillion going for debt servicing.

Recurrent expenditure is allocated the sum of N8.32 trillion (38.13%), Capital expenditure N5.97 Trillion (27.36%) and Statutory transfers received the sum of N967.48 billion (4.4%).

in passing the 2023 budget, the National Assembly increased the Benchmark Price of oil from $70 to $75 reflecting the current international prices for oil barrel

The Ministry of Works and Housing received the highest capital allocation of N398.2 billion, followed by Ministry of Defence with N285 billion and the Ministry of Agriculture and Rural Development with N248.3 billion.

It should be noted that the National Assembly raised the budget by N1.32 trillion from the original proposal of N20.51 trillion presented by President Muhammadu Buhari to arrive at the 2023 approved national budget of N21.82 trillion.

For statutory transfers, the breakdown highlight of the N967.48 billion (4.4%) allocation is as follows:

  • National Judicial Council (NJC) was – N165 billion;
  • Niger Delta Development Commission (NDDC) – N119.93 billion;
  • Universal Basic Education (UBE) – N103.28 billion;
  • Independent National Electoral Commission (INEC) – N173.63 billion;
  • National Human Right Commission – N4.5 billion;
  • North East Development Commission – N59.03 billion;
  • Basic Health Care Fund – N51.64 billion;
  • National Agency for Science and Engineering Infrastructure (NASENI) – N51.64 billion.
  • National Assembly Severance/Inauguration of outgoing and incoming 9th and 10th Assembly (Legislators and Legislative Aides) – allocated N30.17 billion.
  • The National Assembly Office -N30.49 billion;
  • Senate – N33.26 billion;
  • House of Representatives – N51.99 billion;
  • National Assembly Service Commission – N10.55 billion;
  • National Institute for Legislative and Democratic Studies (NILDS) – N7.41billion;
  • Service Wide Vote – N671.3 million.
  • Office of Retired Clerks and Permanent Secretaries -N1.05 billion;
  • National Assembly Library Building – N4.25 billion;
  • Constitution Review – N850 million;
  • Completion of NILDS headquarters – N2.5 billion;
  • Construction of National Assembly Service Commission Building -N10 billion;
  • Public Complaints Commission – N10.69 billion.

For debt service the breakdown of the N6.55 trillion (30.1%) allocation is as follows:

  • Domestic debts (including Ways and Means) – N4.49 trillion;
  • Foreign debt – N1.81 trillion;
  • Sinking fund to retire maturing loans – N247.72 billion.

Under recurrent expenditure (Non-debt) the breakdown of the N8.32 trillion highlight (38.13%) allocation is as follows:

  • The presidency – N76.40 billion,
  • Defence – N1.09 trillion,
  • Ministry of Foreign Affairs – N93.68 billion,
  • Federal Ministry of Information and Culture – N59.82 billion.
  • Ministry of Interior – N278.69 billion;
  • Police Affairs – N777.40 billion;
  • Communications and Digital Economy – N32.13 billion;
  • National Security Adviser (NSA) – N172.60 billion;
  • Secretary to the Government of the Federation – N70.08 billion.
  • Federal Ministry of Special Duties and Inter-Governmental Affairs – N4.79 billion;
  • Agriculture and Rural Development – N85.41 billion;
  • Finance, Budget and National Planning – N29.99 billion.
  • Ministry of Industry, Trade and Investment – N16.82 billion;
  • Labour and Employment – N15.52 billion;
  • Science, Technology and Innovation – N52.33 billion;
  • Transport – N18.01 billion;
  • Aviation – N9.43 billion;
  • Petroleum Resources – N33.15 billion;
  • Works and Housing – N34.98 billion.

For capital expenditure the breakdown highlight of the N5.97 Trillion (27.36%) is as follows:

  • Presidency – N20.11 billion;
  • Defence – N285 billion;
  • Foreign Affairs – N5.85 billion;
  • Information and Culture – N11.87 billion;
  • Interior – N45.62 billion;
  • Police – N60.64 billion;
  • NSA. – N70.33 billion;
  • Agriculture and Rural Development – N248.35 billion;
  • Finance Budget and National Planning – N166.74 billion.
  • Science, Technology and Innovation – N132.57 billion;
  • Transport – N74.26 billion;
  • Aviation – N49.41 billion;
  • Power – N56.14 billion;
  • Ministry of Petroleum Resources – N2, 387,869,567.
  • Ministry of Mines and Steel Development – N5, 474, 169,278;
  • Federal Ministry of Works and Housing – N398,275,974,098;
  • National Salaries, Incomes and Wages Commission – N65,030,495, 166;
  • Fiscal Responsibility Commission – N188,235,981;
  • Federal Ministry of Water Resources – N83,256,247,735;
  • Federal Ministry of Justice – N34,181,659,058.
  • Independent Corrupt Practices and Related Offences Commission (ICPC) – N1,133,712,548;
  • Federal Capital Territory Administration – N15,474,499,132;
  • Federal Ministry of Niger Delta – N11,948,769,209;
  • Federal Ministry of Youth and Sports Development – N6,223,389,922.
  • Federal Ministry of Women Affairs – N9,010,121,243;
  • Federal Ministry of Education – N153,735,618,395;
  • Federal Ministry of Health – N134,909,210,815;
  • Federal Ministry of Environment Headquarters – N21,257,480,084;
  • National Population Commission – N31,005,835,945;
  • Ministry of Humanitarian Affairs, Disaster Management and Social  Development – N32,054,601,066.

Click here to get the full details of the 2023 Nigeria Federal budget

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