His Excellency, President Muhammadu Buhari, GCFR, signed the 2023 Appropriation Bill ("the Budget") into law on 3 January 2023, following its passage by the National Assembly.
The National Assembly increased the aggregate revenue and planned expenditure from ₦9.73 trillion and ₦20.51 trillion to ₦10.49 trillion and ₦21.83 trillion, respectively. This has effectively increased the budgeted fiscal deficit by ₦560 billion to ₦11.34 trillion.
The key assumptions behind the budget and movements in the approved fiscal parameters between the 2023 and 2022 Budgets are shown below:
We commend both the National Assembly and the Executive for their consistency in ensuring the timely passage of the Appropriation Bills. This will enable stakeholders plan for appropriate modifications in their businesses in line with the fiscal changes.
We understand that the Finance Bill, 2022 is currently undergoing final review and update before it is signed by the President. As usual, we will issue a detailed newsletter and industry impact analysis of the key provisions of the 2023 Budget and Finance Act, 2022 in due course.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
