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JUST IN: Buhari presents N19.76trn budget, pledges to complete key projects

 

President Muhammadu Buhari has presented the 2023 Appropriation Bill of N19.76 trillion to a joint session of the National Assembly.

Tagged: “Fiscal sustainability and transition budget”, it is the last to be presented by President Buhari who completes his two-term tenure on May 29, next year.

The N19.76 trillion 2023 budget is a 15.37 percent increase from the amount earmarked in the 2022 budget, as well as a projected deficit of N11.30 trillion.

“Our focus is on completion of several projects,” the President said.

Another major highlight of President Buhari’s presentation is the promise to achieve stable power supply by 2025, noting that the Siemens project would help in this regard.

“We will commission the Second Niger Bridge before leaving office,” he also said.

Presenting the budget to the National Assembly on Friday, the President said: “As I address this session for the last time, let me highlight the progress made so far. We have made transformation adjustment in infrastructure development.

“We have facilitated the completion of Second Niger Bridge, Lagos-Ibadan Express Way and Abuja-Kaduna Kano road. We have used tax credit to facilitate several roads.”

On the protracted industrial action by the Academic Staff Union of Universities (ASUU), which started on February 14, the President said the government noticed with dismay the issues that have paralysed the nation’s universities. He stated that lecturers should appreciate the efforts of the government.

He said that the government has allocated N400.17 billion in the budget to the revitalisation of schools and salary enhancement, and that government alone cannot provided needed funding for tertiary education.

President Buhari admitted: “We have been using loans to finance several projects,” adding that “we have to spend our way out of recessions”, observing that “there is a significant decline in revenue of our country”.

He further said: “We will improve our business environment to ensure ease of doing business in Nigeria.”

According to the President, N9 trillion is expected to fund the budget, comprising oil proceeds and funds from 63 government owned enterprises.

More to follow…

 

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