Nigeria President Muhammadu Buhari on Friday 7, October present the 2023 budget to the joint session of the National Assembly.
The budget was tagged Budget of Fiscal Consolidation and Transition was the thing Buhari was going to present to the National Assembly as the president whose tenure will end for May 2023.
The budget speech, President Buhari touch on his achievements and how they will intend to spend the 2023 budget of 20.51 trillion naira.
How government will lavish 20.51 trillion
President Buhari said that his administration have propose 20.51 trillion naira for the 2023 budget and include 2.42 trillion naira that government-owned enterprises will spend.
This is how the Money will be Spend:
- The Statutory Transfers of N744.11 billion
- The Non-debt Recurrent Costs of N8.27 trillion
- The Personnel Costs of N4.99 trillion
- The Pensions, Gratuities and Retirees’ Benefits of N854.8 billion
- The Overheads of N1.11 trillion
- The Capital Expenditure of N5.35 trillion, including the capital component of Statutory Transfers;
- The Debt Service of N6.31 trillion
- The Sinking Fund of N247.73 billion to retire certain maturing bonds
The Human capital development
President Buhari said that his administration has budget 470 billion naira for the revitalisation and salary enhancements for the tertiary institutions.
He express sadness over the ongoing strike for the Academic Staff Union of Universities (ASUU).
President Buhari said that government alone can’t provide the resources that they required to fund tertiary education.
“For most counries, it was government and the people shared the cost of education, especially for tertiary level. Was very important to introduce more sustainable model of funding tertiary education.
” The Government remain committed to implement the agreement that was made with the staff unions within available resources. This was why we remain resolute that we are not signing any agreement that we can’t implement. Individual institutions was encouraged to keep faith with any agreement that was make in due course to ensure stability for the educational sector,” Buhari Said.
For the health sector, Buhari said that the government will focus their attention on equipping existing hospitals and rehabilitating infrastructure.
He has Emphasis on local production of basic medicines/vaccines.
The president said that for the sake of human capital was the most critical resource for national development, government overall policy was to expand investment for education, health and social protection.
The Women Empowerment
President Buhari said to harness the potentials of all Nigerian women and enable them to productively contribute to the economy, government will prioritise women empowerment programmes across various MDAs for 2023.
The Food prices
The President has said that the government was very concerned about the high food prices for the country and they will implement various measures to address structural factors that was causing the issue.
“We will also step-up current efforts that was aimed to boost food production and distribution for the country.
“You will remember our efforts to improve production of fertilisers, rice, maize cassava, among other earlier initiatives,” the President said.
Boosting Manufacturing Performance
President Buhari also says that the government was aware of the challenges that manufacturing sector is facing.
He said that the government will ensure effective implementation of policy measures that will aimed to position the manufacturing sector to generate more foreign exchange for the near future.
“We also committed to improve the business environment to stimulate local and foreign investment,” President Buhari said.
The Safe Schools Initiative
President Buhari said that the government ratify the Safe School Declaration in 2019 and he was remain committed to the effective implementation of the Safe Schools Policy.
He said that the goverment has provide 15.2 billion naira to scale up current measures to provide safer and conducive learning environment for Nigerian schools.
The Defence and internal security
The President said that the government remain firmly committed to secured life, property and investment across the country.
He said that he will continue to give priority to defence and internal security for 2023. He said that the current efforts to properly equip and motivate armed forces, police and paramilitary units will be sustained.
“I assure you that we will curtail, insecurity, especially banditry and kidnapping before the end of my Administration. We will redouble our efforts to ensure that we leave legacy of peaceful, prosperous and secured nation,” President Buhari said.
3 thoughts on “Buhari Graph how to spend N20.51trn 2023 budget”
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