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    Nigeria’s Senate approves 2023 budget padded by N1.32 trillion

    David GreatBy David GreatDecember 28, 20221 Comment2 Mins Read
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    President Buhari presents 2023 budget to NASS Budget Padding
    President Muhammadu Buhari presents 2023 budget to NASS
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    • Holds decision on loan-bonds swap

    Nigeria’s Senate on Wednesday approved the 2023 budget after it was padded by 6.4 per cent to N21.83 trillion about N1.32 trillion more than the proposed appropriation bill.

    President Muhammadu Buhari in October presented N20.51 trillion budget for 2023 budget but lawmakers passed an increased budget on Wednesday after they raised oil price assumption to $75 a barrel from $70.

    The president will need to sign the revised 2023 budget for it to become law.

    The Senate however delayed a request by Buhari to convert central bank overdrafts to his administration to long-term bonds after some lawmakers questioned the plan.

    In a letter to parliament dated Dec. 20, Buhari sought approval to turn $53 billion worth of central bank loans to government to 40-year bonds at 9% interest including an extra one trillion naira loan to the government from the bank.

    • Why we shifted passage of 2023 budget – Lawan

    Economists say that Nigeria’s government is spending more money on debt repayments than on education and health, but Buhari has said his government had no choice but to borrow its way out of two recessions in the past seven years.

    Some lawmakers in a rowdy session argued that the loan conversion was unconstitutional, prompting the Senate President Ahmad Lawan to suspend a vote on the proposal until a later date.

    The IMF has asked Nigeria to phase out central bank financing of the government to reduce double-digit inflation.

    Rising debt, weak economic growth, high inflation and mounting insecurity are major issues for Nigeria as voters head for national election in February in which incumbent Buhari will not stand for re-election to due term limits.

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    Police nab church member over kidnap of two Catholic Priests in Adamawa

    Police bust human trafficking syndicate, rescue 40 Ghanaians in Ondo 

    July 5, 2025
    Adeleke denies defection rumours

    Adeleke not defecting to APC, Osun PDP declares

    July 5, 2025
    Tiwa Savage marks 12 years of debut album ‘Once Upon a Time’

    Tiwa Savage marks 12 years of debut album ‘Once Upon a Time’

    July 5, 2025
    Nine-man PSG stun Bayern to reach Club World Cup semis

    Nine-man PSG stun Bayern to reach Club World Cup semis

    July 5, 2025
    NLC threatens to shut down Abuja after July 3 over unpaid wages

    NLC vows protest if NASS attempts to decentralise minimum wage

    July 5, 2025
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