President Muhammadu Buhari has proposed N20.51trillion as budget for the 2023 fiscal year to a joint session of the National Assembly.
National Assembly in the 2023 – 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) earlier passed by both Chambers.
Buhari said the amount included N2.42 trillion spending by Government-Owned Enterprises.
According to the President, the proposed N20.51 trillion 2023 expenditure comprised of Statutory Transfers of N744.11 billion; Non-debt Recurrent Costs of N8.27 trillion; Personnel Costs of N4.99 trillion; Pensions, Gratuities and Retirees’ Benefits of N854.8 billion and Overheads of N1.11 trillion.
Other components of the planned expenditure for 2023 include Capital Expenditure of N5.35 trillion, including the capital component of Statutory Transfers; Debt Service of N6.31 trillion; and Sinking Fund of N247.73 billion to retire certain maturing bonds.
Buhari said other parameters and fiscal assumptions undergirding the 2023 budget included: Oil price benchmark of $70 per barrel; Daily oil production estimate of 1.69 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day); Exchange rate of N435.57 per US Dollar; and projected GDP growth rate of 3.75 per cent and 17.16 per cent inflation rate.
Buhari added: “Based on these fiscal assumptions and parameters, total federally-collectible revenue is estimated at 16.87 trillion Naira in 2023.
“Total federally distributable revenue is estimated at 11.09 trillion Naira in 2023, while total revenue available to fund the 2023 Federal Budget is estimated at 9.73 trillion Naira. This includes the revenues of 63 Government-Owned Enterprises.
Oil revenue is projected at 1.92 trillion Naira, Non-oil taxes are estimated at 2.43 trillion Naira, FGN Independent revenues are projected to be 2.21 trillion Naira.
“Other revenues total 762 billion Naira, while the retained revenues of the GOEs amount to N2.42 trillion Naira.
“The 2023 Appropriation Bill aims to maintain the focus of MDAs on the revenue side of the budget and greater attention to internal revenue generation.
“Sustenance of revenue diversification strategy would further increase the non-oil revenue share of total revenues.”
Out of this, the government is budgeting about N6 trillion for debt servicing in 2023.
He however said that the 2023 proposals reflect the serious challenges facing the country.
He said the policy of government is designed to ensure strategic thinking in government performance in 2023.
The President said the 2022 Finance bill will be submitted to the National Assembly for consideration with the budget.
He said several components of the existing law was being reworked to meet current challenges in the economy.
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