'impracticable & unrealistic'

2023 Appropriation Bill: Nigeria is heading towards greater debt

By Pius Adeleye

Premium badge Reserved for subscribers

Posted on November 25, 2022 17:53

Nigeria 2023 Budget
In this photo released by the Nigeria State House, Nigeria’s President Muhammadu Buhari attends a budget presentation to the National Assembly in Abuja, Nigeria, Friday, Oct. 7, 2022. (Sunday Aghaeze/Nigeria State House via AP)

In October, President Muhammadu Buhari presented an Appropriation Bill of N20.51trn ($43.7bn) for the fiscal year 2023 to the joint session of the lower and upper Chambers of the National Assembly. He described the 2023 proposed budget as one “of fiscal sustainability and transition” – his very last budget as Nigeria’s president. However, what financial legacy is he leaving behind?

Speaking before members of parliament, Buhari recounted the success of several executed projects and the achievements from his political era, which include the “transformational investments” in infrastructure, security, and other key areas, which have been covered by the economic plans and previous annual budgets of his administration.

“We inherited an archaic set of corporate, banking and capital markets laws; draft, but unenacted Bills to reform the critical petroleum sector; an unimplemented Oronsaye White Paper to reform our civil service, amongst others,” Buhari told the National Assembly.

There's more to this story

Get unlimited access to our exclusive journalism and features today. Our award-winning team of correspondents and editors report from over 54 African countries, from Cape Town to Cairo, from Abidjan to Abuja to Addis Ababa. Africa. Unlocked.

Subscribe Now

cancel anytime