The 2023 budget of N20.507 trillion proposal submitted by President Muhammadu Buhari has passed second reading at the House of Representatives in Abuja on Wednesday.
Newsonline reports that 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, Rep. Ahmed Idris Wase, in the absence of the Speaker, Rep. 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.
Recall that 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 31, 2023.
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.