President Muhammadu Buhari will on Tuesday, January 3, 2023,
sign the 2023 appropriation bill into law.
Ahmad Lawan, senate president, made the disclosure to state
house correspondents after meeting with Buhari on Friday.
This comes two days after lawmakers in the house of
representatives and senate passed a budget of N21.83 trillion for the 2023
fiscal year.
The two chambers of the national assembly increased the
budget spending by N1.33 trillion from the proposed N20.51 trillion to N21.83
trillion.
Buhari had proposed an oil benchmark fixed at $70 per
barrel, but the lawmakers while passing the medium-term expenditure framework
(MTEF), raised it to $73 per barrel.
Other parameters included daily oil production estimate of
1.69 million barrels (inclusive of condensates of 300,000 to 400,000 barrels
daily) at exchange rate of N435.57/$.
In addition, the gross domestic product (GDP) growth rate
was projected at 3.75 percent, with 17.16 percent inflation rate.
The national assembly also passed the 2022 finance bill
which aims to expand the tax net to increase revenue for the federal
government.
Speaking with journalists after the meeting, the Lawan said
his discussions with Buhari centred on
the 2023 appropriation bill and the recent additional loan request.
The senate president expressed regret that the 2023 budget
signing is happening a bit later than that of 2022 which was signed on December
31, 2021.
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