National Assembly passes N21.83 trn Budget for 2023

.Increases proposal by N1.32trn, statutory transfer, N967.5bn

.Okays N6.6 trn for debt servicing

.N8.3 trn for recurrent expenditure, N5.9 trn for capital projects

Reps approve Buhari’s N819.54bn domestic loan request for capital projects

Adekunle Adesuji and Jonas Ezike, Abuja

Both the Senate and House Representatives on Wednesday passed the 2023 Appropriation Bill of N21.83trillion.

Also, the lawmakers passed 2022 Supplementary Budget of N819.5bn.

The passage of the budget  showed an increase of N1.32 trn from the N20.51 trn budget proposal President Muhammadu Buhari earlier submitted to the joint sitting of National Assembly for consideration and approval.

However a breakdown of the budget as passed by both Senate and House of Representatives showed an allocation of N967.5 bn for statutory transfers, N6.6 trn for debt servicing, N8.3 trn for recurrent expenditure, and N5.9 trn for capital expenditure.

The lawmakers increased the Oil Benchmark Price from $70 to $75 per barrel to reflect the current market value of oil barrel in the international market.

The nation’s  daily oil production level was pegged at 1.69 million per barrel and the exchange rate at N435 per dollar.

The passage of the budget was sequel to consideration of the report of the Senate Committee on Appropriation chaired  by Senator  Barau Jibrin.

Speaking on the budget, Jibrin said that the committee observed the need for stimulation of the economy through increased capital expenditure, which will make for infrastructural development.

The Senate, thereafter, dissolved into the Committee of Supply, which considered and passed the budget.

In his remarks, the Senate President, Ahmad Lawan, applauded his colleagues for restoring the budget cycle to January to December, noting that the 2023 budget is the fourth and final budget to be passed by the Ninth Senate.

Lawan implored the executive to ensure the total implementation of the 2022 supplementary budget.

He also commended the National Assembly for passing previous finance bills which always guide the budget.

According to the Upper Chamber, the amendment of the 2022 Appropriation Act is to ensure the implementation of the key capital projects in the Act, which has not been funded at this time.

The Red Chamber said it is expedient that the capital projects be extended to prevent the problem of abandoning projects in the budget.

The Supplementary Budget is to address food security following devastating floods across the country as well as damages to road infrastructure and the water sector.

The National Assembly also passed the Finance Bill, which proposes key reforms to specific taxation, customs, excise, and fiscal laws.

The bill amends several laws, namely the Capital Gains Tax Act, Companies Income Tax Act, Personal Income Tax Act, Petroleum Profits Tax Act, as well as Stamp Duties Act, Value Added Tax, and Public Procurement Act.

Presenting his  report on the Finance Bill, the Chairman of the Finance Committee, Senator Solomon Adeola, said the bill is intended to enhance tax equity by bringing more economic sectors into the tax net and ensuring a fairer distribution of revenue receipts to all tiers of government.

The 2022 Finance Bill seeks to change the name of the Federal Inland Revenue Service (FIRS) to Nigeria Revenue Service.

The board is to be headed by a chairman who is separate from the management. The management will be headed by a chief executive who will be known as the Commissioner General.

The bill also increases the rate of the tertiary education trust fund tax from 2.5 per cent to 3 per cent.