This article discusses the implications of the 2023 Appropriation Act on the Nigerian economy.
The 2023 Appropriation Act was signed by His Excellency, President Muhammadu Buhari on Tuesday, 3rd January 2023. The Act, with an aggregate expenditure of N21.83 trillion, is termed "budget of fiscal consolidation and transition" to maintain fiscal viability and ensure a smooth transition to the incoming administration. The Appropriation Act has a budgeted revenue of N10.49 trillion and an aggregate expenditure of N21.83 trillion resulting in a deficit of 11.34 trillion.
This article analyzes the key drivers behind the 2023 Appropriation Act and its far-reaching implications on Nigeria's economy. From fiscal viability to supporting a new administration, discover what this Act means for Nigeria's economy.