2023 budget passes 2nd reading in House of Representatives

The 2023 budget passed second reading at the House of Representatives in Abuja on Wednesday.

The budget of N20.507 trillion scaled second reading after a rigorous debate by lawmakers on the general principles of the money bill, better known as the 2023 Appropriation Bill.

It was immediately referred to the Committee on Appropriation for further legislative work.

The plenary of the House was presided over by the Deputy Speaker, Hon. Ahmed Idris Wase, in the absence of the Speaker, Hon. Femi Gbajabiamila.

Wase told members that the House would hasten work on the budget by passing it early in order to stick to the January-December budget cycle.

The total budget estimate is N20,507,942,180,704.

The breakdown includes N744.109 billion for Statutory Transfers; N6.557tn for Debt Service; N8.271tn for Recurrent (Non-Debt) Expenditure; while N4.934tn is for contribution to the Development Fund for Capital Expenditure for the year ending December 31, 2023

In line with parliamentary tradition, all standing committees of the House will serve as sub-committees to the Committee on Appropriation for the defence of the provisions of the budget.