Nigerian President Buhari signs $21.83 trillion 2023 budget into law

ABUJA - Nigerian President Muhammadu Buhari on Tuesday signed into law the country's 2023 budget, urging its implementation to be commenced without delay in light of the imminent transition process to another democratically elected government this year.

The head of state on Tuesday in Abuja, the capital, signed off on the eighth and final annual budget of his administration, saying it was an increase of $1.32 trillion over the original executive proposal.

Buhari said during the signing in Abuja, the Nigerian capital, that the 2023 budget was developed to promote fiscal sustainability, as well as macroeconomic stability and ensure a smooth transition to the incoming administration after the forthcoming elections, noting that the budget was also designed to promote social inclusion and strengthen the resilience of the economy.

The signed budget, amounting to a total of 21.83 trillion Nigerian nairas (about 48.71 billion U.S. dollars), is the last to be executed by Buhari's administration, as the most populous African country prepares for general elections in February, and the transfer of power late May.

The Nigerian leader pledged that adequate provisions were made in the budget for the successful conduct of the forthcoming general elections and the transition program.

Noting the government's revenue shortfalls, Buhari tasked the ministries, departments, agencies, and government-owned enterprises to achieve revenue targets for the budget by intensifying their revenue mobilization efforts, including ensuring that all taxable organizations and individuals pay taxes due.

The president said relevant government agencies must sustain current efforts toward the realization of crude oil production and export targets in order to achieve the objectives of the 2023 budget.

While presenting the budget proposal to the bicameral legislature in October 2022, Buhari said a daily oil production of 1.69 million barrels per day was expected, projecting the oil price benchmark of 70 dollars per barrel, and a growth rate of 3.75 percent for the gross domestic product (GDP), and a 17.16 percent inflation rate.

GAROWE ONLINE