Nigeria’s Buhari proposes record $47.3B budget for 2023

Nigerian President Muhammadu Buhari is launching an ambitious plan to grow the West African nation’s economy and end its security woes with record government expenditure during the next fiscal year.

The record 20.5 trillion naira ($47.3 billion) proposed expenditure “reflects the serious challenges” faced by Nigeria and contains “key reforms necessary to address them,” Buhari told lawmakers when presenting the budget in the capital city of Abuja on Friday.

The budget expected to be approved and take effect in January 2023 is 19% higher than this year’s government expenditure and is also Nigeria’s highest ever, prioritizing fiscal sustainability, economic growth and security.

As Nigeria still battles violent extremism in its northeast and armed attacks in the northwest and central regions, resulting in the loss of thousands of lives in the last year, Buhari allocated the most funds to defense and internal security.

At least 5.3 trillion naira ($12.2 billion), or