On 3 January 2023, President Muhammadu Buhari signed the 2023 Appropriation Bill (the Budget) into law. The signed Budget includes changes introduced by the National Assembly (NASS) to the original budget submitted to NASS in October 2022. The changes include an increase in revenue target of NGN10.49trn (initially NGN9.73trn), partly due to an increase in the crude oil benchmark price to USD75/b (initially USD70/b).
Please see highlights of the approved 2023 budget (titled “Budget of Fiscal Consolidation and Transition’’), compared with the 2022 budget (including the Supplementary Appropriation).
As at 12 January 2023, the President has not yet signed the Finance Bill, which is expected to introduce key tax and public financial management reforms, and support the Budget implementation. It is expected that the Finance Bill will be signed before the end of January 2023.
For further reading, please see our previous publications on the budget here and here.
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