The 2023 budget plan of N21.83 trillion and the 2022 supplemental appropriations bill were both passed into law by President Major General Muhammadu Buhari (ret.). It is his administration’s eighth and last budget.
Buhari praised the National Assembly’s almost smooth interaction with the executive branch but asked the body to change its mind about his plan to securitize the Federal Government’s outstanding N22.7 trillion Ways and Means balance at the Central Bank of Nigeria.
He cautioned that failing to approve the securitization will result in a 40-year repayment timeframe for the securitized debt and increased interest costs to the government of nearly N1.8 trillion in 2023.
While pleading with the National Assembly to change its mind over his suggestion to securitize the FG’s unpaid Ways and Means balance at the CBN, Buhari said, ”As I stated, the balance has accumulated over several years and represents funding provided by the CBN as lender of last resort to the government to enable it to meet obligations to lenders, as well as cover budgetary shortfalls in projected revenues and/or borrowings.
In his remarks, Senate President Lawan promised that the NASS would reconsider its stance on the Ways and Means advance.