The National Assembly has passed to.the 2023 Appropriation Bill and raised the budget estimates to N21.82 trillion.
This figure represents an increase of N1.3 trillion from the 20.51 trillion estimates presented by President Muhammadu Buhari to the parliament in October.
The passage followed the consideration of a report by the Appropriations Committee in both both the Senate and the House of Representatives during Wednesday’s plenary.
The budget has a deficit of N10.78 trillion, which will be funded by debt financing, N8.8 trillion; asset sales/privatisation, N206bn and multi-lateral/ bilateral project-tied loans N1.77 trillion.
Presenting the report, the chairman of the Senate Committe on Appropriations, Barau Jibrin, said the budget was increased to make provision for improved funding for the National Population Commission (NPC) ahead of the planned 2023 Census, 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.
It 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.
Breakdown of the budget showed that N967.48 billion is for statutory transfers; N8.32 trillion for recurrent (non-debt) expenditure while the sum of N5.97 trillion is for capital and N6.55 trillion for debt service.
From the statutory transfers, the National Judicial Council takes N165 billion; Niger-Delta Development Commission gets N119.93 billion, Universal Basic Education 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 and National Agency for Science and Engineering Infrastructure (NASENI) N51.64 billion.
Also, under the statutory transfers, National Assembly Severance/Inauguration of outgoing and incoming 9th and 10th Assembly (Legislators and Legislative Aides) is allocated N30.17 billion, National Assembly Office gulps 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 and Service Wide Vote N671.3 million.
Further breakdown shows that Office of Retired Clerks and Permanent Secretaries take 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
Out of the N5.972 trillion proposed capital expenditure, the Ministry of Works and Housing has the lion vote of N398.275billion, followed by Ministry of Defence with N285.045billion, Ministry of Agriculture and Rural Development , N248.358billion and Ministry of Education, N153.735billion.
Others are Ministry of Health, N134.909billion; Federal Ministry of Science and Technology, N132.572 billion; 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 N83.256 billion.
