The Senate yesterday approved the N20,507,942,180,704.00 2023 Appropriations Bill for second reading.
This came after the parliamentarians’ discussion of the Bill’s fundamental ideas in plenary.
In order to provide heads of government ministries, departments, and agencies (MDAs) time to testify before the appropriate committees and defend their 2023 budget estimates, the Upper Chamber also deferred plenary yesterday until November 15, 2022.
Following a discussion by the Upper Chamber on the fundamental ideas of the 2023 budgetary blueprint, the Bill was passed.
Last Friday, President Muhammadu Buhari presented the 2023 Appropriation Bill, dubbed Budget of Fiscal Sustainability and Transition, to the National Assembly in joint session.
Some senators complained about increased recurrent expenses in annual appropriations in their contributions.
Despite the Federal Government’s embargo on employment and hundreds of retirees leaving the service every day, Mohammed Ali Ndume (APC Borno South) asked for a thorough investigation to determine the reason for the annual increase in recurrent expenditure.
He claims that the projected N20.51 trillion 2023 budget’s N8.2 trillion for recurrent expenses accounts for 43% of the total budget amount.
Senators Tolu Odebiyi (APC Ogun West), Jibril Isah (APC Kogi East), and Betty Apiafi were among those who also contributed (PDP Rivers West).
Additionally, they protested the growing allotment of recurrent expenses.
The bill “seeks to allow the issue out of the Consolidated Revenue Fund of the Federation the total sum of N20,507,942,180,704.00 solely for the year ending on the 31st day of December 2023,” according to Senate Leader Abdullahi Ibrahim Gobir (APC Sokoto East).
He outlined the fundamental presumptions and constraints of the proposed budget, including the benchmark oil price of $70 per barrel and the estimated daily oil production of 1.69 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day).
Other factors include an exchange rate of N435.57 for every US dollar, a predicted GDP growth rate of 3.75 percent, and an inflation rate of 17.16 percent.
Additionally, to address the declining fortune of the education sector, members of the House of Representatives yesterday urged for an increase in the N470 billion designated for the revitalization of tertiary educations in the nation and the welfare of lecturers.
The MPs also stressed the importance of being proactive and acting swiftly to stop subsidies for petroleum goods.
They claimed that in order to finance the annual budget without turning to borrowing, the government needed to improve tax creation.
Speaking on the broad themes of the 2022 budget that President Muhammadu Buhari presented to the National Assembly, the members expressed their belief that the government would need to borrow less money for the 2023 budget if proactive measures were taken to increase income production.
However, several lawmakers claimed that the N470 billion the government allocated for the sector’s difficulties was insufficient.
They recommended raising the budget.
