President Muhammadu Buhari, GCFR has signed the 2023 Nigerian Budget into law, to set in motion the January to December cycle.

The budget, which was passed by the National Assembly last week, was increased from the proposed N20.51trn to N21.83trn.

This is the last budget signing ceremony that will be performed by President Buhari as he will be handing over to a new government by May 29th, 2023.

President Buhari performed the signing ceremony in the presence of the Senate President Dr. Ahmed Lawan, Speaker of the House of Representatives Rt. Hon Femi Gbajabiamila and the Minister for Finance, Budget and National Planning Mrs. Zainab Ahmed. 

The budget has an oil price benchmark of $75 per barrel and an exchange rate of N435.7k to $1 as part of the assumptions.

He said the prompt signing of the budget will enable a seamless implementation, that should facilitate a smooth transition process to another democratically elected government by May 29th, 2023.

The President also urged the National Assembly to work with the Finance Minister, to review some of the changes made to the executive budget items.