Among "brutal" cuts in the budget set by Chris Heaton-Harris are reductions in the baselines for Stormont's economy and finance departments.
Finance will see 17.5 per cent reduction from the previous year, receiving £147.5 million, while the Department for the Economy is to receive £772m, a 1.3 per cent reduction from last year's £781m.
The Department of Finance has said "difficult decisions" will have to be taken across all Stormont departments, with the total reduction of 0.4 per cent not fully reflecting "the extent of the pressures facing individual departments due to inflation, rising costs, increasing demands and pay pressures".
"Following publication of the budget, departments will now work through the implications for their...services they provide," a spokesperson said.
"The UK government’s decision to not impose repayment of the £297m reserve claim in 2023/24 recognises the extremely challenging financial position this would have presented for departments at the beginning of the financial year."
Mr Heaton-Harris said the budget per-person in the north was around 20 per cent higher than equivalent spending by Westminster in other parts of the UK.
"Yet, the level of public services offered are still not affordable and outcomes are not improving. We need the Executive back so that they can progress much-needed and long-promised public service transformation," he added.
Former Stormont finance minister, Sinn Féin's Conor Murphy, said the budget would cause "long-term and irreparable damage to our society and economy".
The Northern Ireland Chamber of Commerce has warned the budget "will pose significant difficulties for our economy both now and in the future".
However, its chief executive, Ann McGregor said: “Despite all the challenges and the reality of our fiscal constraints, our businesses remain resilient and continue to grow."
Meanwhile, the chief executive of Retail NI, Glyn Roberts said there was "no doubt" the budget would be "brutal for public services".
“Executive ministers should be in office producing a multi-year budget and a Programme for Government instead of this unacceptable situation," he said.
“While a restored Executive will not be a silver bullet to the many problems facing Northern Ireland, it would be much better than the current chaotic way of running an administration in Northern Ireland."
