The Nigerian Senate and the House of Representatives have passed the 2023 budget proposal of N20.5 trillion for second reading.

Both chambers of the national assembly passed the bill on Wednesday after their majority leaders presented reports.

The budget of N20.5trillion which was well debated at plenary by lawmakers has been referred to the Committee on Appropriation for further legislative work.

The upper chamber referred the bill to its Committee on Appropriation for further legislative action and expressed dissatisfaction over the rise in recurrent expenditure which is up from over 6 trillion naira this year to over 8 trillion budgeted for next year.

According to the lawmakers, Nigeria cannot continue to borrow to fund 1 percent of its population. Subsequently, the Senate asked its committee to report back in four weeks.

It adjourned its sitting for the next four weeks to allow its various committees to work on the 2023 budget estimates and will reconvene plenary on November 15, except if there is an emergency.

Similarly, in the lower chamber, the lawmakers questioned the parameters which are to fund the budget, describing them as unrealistic.