Nigerian President Muhammadu Buhari has signed the $47.39 billion 2023 budget.

Nigerian President Muhammadu Buhari has signed the $47.39 billion 2023 budget.

The head of state on Tuesday in Abuja, the capital, signed off on the eighth and final annual budget of his administration, saying it was an increase of $1.32 trillion over the original executive proposal.

These provisions were made for the 2023 general elections and the transition programme.

An imminent transition process explains why the head of state decided to sign the 2023 appropriation bill as passed by the National Assembly. This rapid signature will therefore allow its implementation to begin without delay.

The 2022 Supplementary Appropriation Bill was also signed. President Buhari thanked the National Assembly for approving his request for an extension of its validity date to 31 March 2023.

The bill enables the administration to respond to the devastation caused by the recent national floods on the infrastructure and agriculture sectors.

The Ministers of Finance, Budget and National Planning will provide details of the approved budget and the 2022 Finance Act later.

In order to achieve the targets set to meet the new budget, President Buhari has directed public enterprises to intensify their revenue mobilisation efforts, including ensuring that all taxable organisations and individuals pay their due taxes.