2023 Budget: Buhari to Forward Borrowing Plan to NASS

President Muhammadu Buhari has said he will forward the comprehensive Borrowing Plan for 2023 to the National Assembly for consideration.

The President made this known after signing the 21.83 trillion naira 2023 Appropriation Bill into law on Tuesday at the State House, Abuja.

He said since the Budget is a deficit one, borrowing has to follow in order to finance the spendings.

The President therefore called on National Assembly leaders who were present at the signing ceremony to give expeditious attention to the Plan when it is submitted.

President Buhari also called on heads of relevant revenue generation agencies to work towards improving their revenue base to able to support the implementation of the Budget.

The President directed MDAs and Government Owned Enterprises (GOEs) to intensify their revenue mobilisation efforts, including ensuring that all taxable organisations and individuals pay taxes due.

To achieve the laudable objectives of the 2023 Budget, the President also said relevant Agencies must sustain current efforts towards the realisation of crude oil production and export targets.

”To augment available fiscal resources, MDAs are to accelerate the implementation of Public Private Partnership initiatives, especially those designed to fast-track the pace of our infrastructural development.

”This, being a deficit budget, the associated Borrowing Plan will be forwarded to the National Assembly shortly.

”I count on the cooperation of the National Assembly for a speedy consideration and approval of the Plan.”

On the Finance Bill 2022, the President expressed regret that its review as passed by the National Assembly is yet to be finalised.

”This is because some of the changes made by the National Assembly need to be reviewed by the relevant agencies of government. I urge that this should be done speedily to enable me to assent into law,” he said.

He also recognised the roles played by the Ministers of Finance, Budget and National Planning, the Budget Office of the Federation, the Senior Special Assistants to the President (Senate and House of Representatives), the Office of the Chief of Staff, as well as all who worked tirelessly and sacrificed so much towards producing the 2023 Appropriation Act.

”As I mentioned during the presentation of the 2023 Appropriation Bill, early passage of the budget proposal is critical to ensure effective delivery of our legacy projects, a smooth transition programme and effective take-off of the incoming Administration.

”I appreciate the firm commitment of the 9th National Assembly to the restoration of a predictable January to December fiscal year, as well as the mutual understanding, collaboration and engagements between officials of the Executive and the Legislative arms of government.

”These have made the quick consideration and passage of our Fiscal bills possible over the last four years.,” he added.

The President expressed the belief that the next Administration would sustain the early presentation of the annual appropriation bill to the National Assembly to ensure its passage before the beginning of the fiscal year.

”I firmly believe the next Administration will also sustain the current public financial management reform efforts, further improve the budgeting process, and particularly maintain the tradition of supporting its Appropriation Bills with Finance Bills designed to facilitate their implementation.

”To sustain and institutionalize the gains of the reforms, we must expedite action and conclude work on the Organic Budget Law for it to become operational before the end of this Administration.”

Acknowledging that ‘‘these are challenging times worldwide,’’ the President concluded his speech at the ceremony by expressing deep appreciation to Almighty God for His Grace, while commending the continuing resilience, understanding and sacrifice of Nigerians in the face of current economic challenges.

”As this Administration draws to a close, we will accelerate the implementation of critical measures aimed at further improving the Nigerian business environment, enhancing the welfare of our people and ensuring sustainable economic growth over the medium- to long-term,” he said.