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BREAKING: Buhari Signs N21.8trn Budget Into Law
He signed the appropriation bill into law to enable implementation to commence without delay.
President Muhammadu Buhari has signed into law the 2022 Appropriation Bill and the 2022 Finance Bill, on Tuesday in Abuja.
The President signed the documents in the Presidential Villa in the presence of Senate President, Ahmed Lawan; Speaker of the House of Representatives, Femi Gbajabiamila, and other members of the Federal Executive Council.
According to the 2023 Appropriation Bill, the total revenue available to fund the budget for the year was estimated at N9.73 trillion, leaving a deficit of N10.78 trillion, representing 4.78% of the nation’s GDP and higher than the 3% threshold set by the Fiscal Responsibility Act 2007.
Some key capital allocations include N285 billion to the Federal Ministry of Defence, N134.9 billion to the Federal Ministry of Health, N195.5 billion to the Federal Ministry of Power and N153.7 billion to the Federal Ministry of Education.
The President said he signed the appropriation bill into law to enable implementation to commence without delay.
He, however, directed the Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, to liaise with the National Assembly to effect the necessary amendment to the bill.