2023 Appropriation Bill enters second reading as Senate suspends plenary to Nov 15
The 2023 Appropriation Bill on Wednesday scales for second reading on the floor of the Senate.
The Bill which was presented to the National Assembly by President Muhammadu Buhari last Friday seeks to authorise issuing out of the consolidated revenue fund of the federation the total sum of 20,507,942,180,704 for the year ending 31st December 2023.
Leading the debate on the bill, the Senate Leader, Abdullahi Gobir, said based on the budget fiscal assumptions and parameters, the current expenditure which is constituting over 43% of the total budget outlay is still too high.
According to Gobir, the current expenditure contained personnel costs, pensions, benefits and overheads which are expenses that are necessary for stabilising the government and the polity.
He said, “it is expected that the total operations of the Federal Government to result in a deficit of N10.78 trillion Naira. This represents 4.78% of the estimated GDP, above the 3% threshold set by the Fiscal Responsibility Act 2007.
“Countries around the world have of necessity over-shoot their fiscal thresholds for their economies to survive and thrive.
“There is a need to exceed the threshold considering the administration’s collective desire to continue tackling the existential security challenges facing the country.
“It is important to point out that issues of revenue shortfall and meeting unexpected emergencies can only be tackled either by borrowing or cutting expenditure, shrinking the economy and government and social services, rationalisation, job cuts etc.
