Nigerian Assembly Passes N21.8tn Budget.

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The 2023 budget request was increased by N20.51 trillion to N21. 82 trillion by the National Assembly. Additionally, the National Assembly raised from $70 per barrel to $75 per barrel the oil price benchmark suggested for the budget. After the budget was approved, the president of the Senate, Ahmad Lawan, urged President Muhammadu Buhari to sign it before the year is out in order to maintain the implementation of the January to December budget cycle.

In the meantime, the Senate approved a N819. 54 billion supplemental budget that the Buhari administration had requested. The ministries of Agriculture, Health, Aviation, Science & Technology, and the Nigerian Army, Navy, and Police Force all received reasonable raises. The president claims that the supplemental budget is intended to assist in rebuilding infrastructure that has been damaged nationwide by flooding.


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