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Nigeria: National Assembly Passes 2023 Budget, Raises Proposed Spending By N1.32trn to N21.82trn
This Day, 29 December 2022
The Senate and House of Representatives, yesterday, passed the 2023 appropriation bill after raising the N20.51 trillion proposed spending presented by President Muhammadu Buhari… Read more »
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Nigeria: Senate Passes 2023 Budget
Premium Times, 28 December 2022
The budget, which is the last to be considered by the ninth Assembly, was increased from N20.5 trillion presented by President Muhammadu Buhari in October, to N21.8 trillion. Read more »
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Africa: Five Tips for Developing and Managing Your Budget - Even in Tough Economic Times
The Conversation Africa, 29 December 2022
There's nothing quite like a new year to prompt us to take stock of our lives, our health, our goals - and our finances. Many people will start 2023 by contemplating how best to… Read more »
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Nigeria: National Assembly Increases Own Budget to N228.1bn, Releases Details
Premium Times, 29 December 2022
The N228.1 billion approved for the National Assembly shows an increase of about N59.1 billion - against the N169 billion proposed by the president. Read more »
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Nigeria: Amid Rising Deficit, Debts - NASS Increases 2023 Budget By N1.3trn
Leadership, 29 December 2022
Both chambers of the National Assembly yesterday increased the 2023 budget size from N20.51 trillion presented to them by President Muhammadu Buhari on October 7, 2022 to N21.82… Read more »
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Nigeria: House Passes 2023 Budget, Raises Figure to N21.82trn
This Day, 28 December 2022
The House of Representatives on Wednesday passed the 2023 appropriation bill, raising the N20.51 trillion budget presented by President Muhammadu Buhari to N21.82 trillion. Read more »
Nigerian Senate Passes 2023 Budget, Ups Spending
The Senate has passed the budget for the 2023 fiscal year. The budget was increased to U.S.$49 billion from U.S.$47.4 billion presented to them by President Muhammadu Buhari on October 7, 2022.
The lawmakers also increased the oil price benchmark from U.S.$70 to U.S.$75 to reflect the current market value of oil per barrel on the international market.
While economists are saying that the government is spending more money on debt repayments than on education and health, President Buhari said his administration had no choice but to borrow its way out of two recessions in the past seven years.
The IMF has asked Nigeria to phase out central bank financing of the government to reduce double-digit inflation. Rising debt, weak economic growth, high inflation, and mounting insecurity are major issues for Nigeria as voters head for the national election in February 2023 - an election in which incumbent Buhari will not participate as he ends his second term in office.
InFocus
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Nigeria is considering restructuring its debt and extending the repayment period of its credit obligations. In a recent interview, Finance Minister Zainab Ah Read more »
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The government has said that it will retain the fuel subsidy indefinitely and will work on amending the 2022 budget to provide funds for that purpose. The Minister of ... Read more »
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President Muhammadu Buhari has said the government plans to borrow more than U.S.$10 billion to help finance the 2022 budget of nearly U.S.$40 billion. He added that the two ... Read more »
