Implementation of the 2023 budget

Following failure of the Federal Ministry of budget to sanction budget implentation defaulters, ensuring full implentation and ensuring effective sanction for  2022 budget implementation defaulters will be highly appreciated.

President Muhammadu Buhari had signed 2023 budget into law. What remains is the implementation. The signing of the eight and the final annual budget of this Administration, the aggregate expenditure of N21.83 trillion is an increase of N1.32 trillion over the Executive Proposal for a total expenditure of N20.51 trillion.

Although, President Buhari explained that 2022 Supplementary Appropriation Act would enable the administration to respond to havoc caused by the recent Nationwide floods on infrastructure and agriculture sectors .

The President must ensure it is spread on those areas as  indicated in the budget and  show abundant evidence to justify his claims.

The Minister of Finance , Budget and National Planning must in her duty, subsequently provide more details of this approved budget and the supporting 2022 Finance Act.

The amended fiscal framework for 2023 as approved by the National Assembly shows additional revenue of N 765.46 billion. It is now obvious that National Assembly and the Executive  will look for a way to capture some of the proposed additional revenue source in the fiscal framework. This must be rectified and on time too.

The lawmakers also increased the oil Benchmark price from $70 to $75 while daily oil production rate is expected to be 1.69million per barrel and  the rate at N435 per dollar.

Another area the budget was effected is that the National Assembly introduced new projects into 2023 budget proposal for which it has appropriated  N770.72 billion. The National Assembly also increased the provisions made by Ministries, Departments, and Agencies (MDAs) by N58.55 billion but all this must be corrected  and judiciously utilised for the purpose it is meant for.

While revealing some of the new introductions to the budget, the President directed the Minister of Finance, Zainab Ahmed to involve the legislature in revisiting some of these changes made to the executive budget proposal.

At the signing of the budget, the Speaker of House of Representatives, Femi Gbajabiamila disclosed that it is the duty of the lawmakers to increase budgetary proposal saying it is called separation of powers.

President Buhari made it known that his decision to sign 2023 Appropriation Bill into law as passed by the National Assembly was to enable  implementation without delay, considering the imminent transition process to another democratically elected government.

In all these, we have had the issue of ‘padding’ in the previous budget which did not augur well for the sanctity of our revenue and expenditure.

In 2023, the baton will change hands, a new president will assume office in few month. He will try to capitalise on what is at stake to continue where his predecessor stops.

This is our New Year resolution, we want the budget to be rectified where necessary, implemented and accounted for.

The government cannot afford to disappoint the citizens in this 2023.

We look forward to having a better nation.