Reps Approve ₦8.4tn Borrowing, ₦6.3tn Debt Service

President Muhammadu Buhari will on Friday lay the 2023 Appropriation Bill before a joint session of the National Assembly in Abuja.

Ahead of the Federal Government budget presentation, the House of Representatives, on Thursday, passed the 2023–2025 Medium Term Expenditure Framework and Fiscal Strategy Paper, which the President earlier presented to the National Assembly.

The House approved an aggregate FGN expenditure of N19.76tn, made up of total recurrent (non-debt) of N8.53tn; personnel costs (MDAs) of N827.8bn; capital expenditure (exclusive of transfers), N3.96tn; special intervention (recurrent) of N350bn; and special intervention (capital) of N7bn.

The Federal Government had proposed a budget with estimates totalling N19.76tn, while the deficit was to hover between N11.30tn and N12.41tn in the 2023 fiscal year.