Budget for 2023 approved by the National Assembly is N21.82 trillion.

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The National Assembly has passed the 2023 appropriation bill at 21.83 trillion Naira showing an increase of 1.32 trillion Naira from the 20.51 trillion Naira budget proposal by President Muhammadu Buhari.

A breakdown of the budget indicates an allocation of 967.5 billion Naira for statutory transfers, 6.6 trillion Naira for debt servicing, 8.3 trillion Naira for recurrent expenditure, and 5.9 trillion Naira for capital expenditure.

Meanwhile, the Senate also revealed that it has passed the 2022 supplementary budget of 819.5 billion Naira, adding that the amendment of the 2022 Appropriation Act is to ensure the implementation of the key capital project in the Act which has not been funded as of this time.

The National Assembly also passed the Finance Bill which proposes key reforms to specific taxation, customs, excise, and fiscal laws including changing the name of the Federal Inland Revenue Service FIRS to Nigeria Revenue Service.

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.

Written by: urbanradio042

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todayDecember 29, 2022 48

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