President Signs The Appropriation Bill, 2023

His Excellency, President Muhammadu Buhari, GCFR, signed the 2023 Appropriation Bill ("the Budget") into law on 3 January 2023, following its passage by the National Assembly.

The National Assembly increased the aggregate revenue and planned expenditure from ₦9.73 trillion and ₦20.51 trillion to ₦10.49 trillion and ₦21.83 trillion, respectively. This has effectively increased the budgeted fiscal deficit by ₦560 billion to ₦11.34 trillion. 

The key assumptions behind the budget and movements in the approved fiscal parameters between the 2023 and 2022 Budgets are shown below:

We commend both the National Assembly and the Executive for their consistency in ensuring the timely passage of the Appropriation Bills. This will enable stakeholders plan for appropriate modifications in their businesses in line with the fiscal changes.