Buhari Presents 2023 Budget Estimate Of N20.51trn To National Assembly

By Ngozi Onyeakusi—President Muhammadu Buhari today presented before a joint session of the national assembly in Abuja  the proposed N20.51 trillion budget estimates for the 2023 financial year .

Tagged, ‘Budget of fiscal consolidation transition,  the president said during the presentation that the  budget was designed to address critical issues and lay a solid foundation for the incoming administration.

In the proposed budget, the total federally-collectible revenue estimate is N16.87 trillion; the total federally distributable revenue is put at N11.09 trillion while total revenue estimate available to fund the budget N9.73 trillion.
Projection for oil revenue is N1.92 trillion, non-oil taxes, N2.43 trillion, and federal government’s independent revenues, N2.21 trillion.
The other revenues total N762 billion while the retained revenues amount to N2.42 trillion.
On the planned expenditure, the president said: “A total expenditure of N20.51 trillion is proposed for the Federal Government in 2023. This includes N2.42 trillion spending by government-owned enterprises. The proposed N20.51 trillion 2023 expenditure comprises
*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; *overheads of N1.11 trillion; *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.
On fiscal balance, the president said: “We expect total fiscal operations of the Federal Government to result in a deficit of N10.78 trillion. This represents 4.78 per cent of estimated GDP, above the 3 percent threshold set by the Fiscal Responsibility Act 2007.
We plan to finance the deficit mainly by new borrowings totalling N8.80 trillion N206.18 billion from privatisation proceeds and N1.77 trillion draw downs on bilateral/multilateral loans secured for specific development projects/programmes.”
The president said the appropriation is the eighth and final budget of his administration.
It reflects the serious challenges currently facing our country, key reforms necessary to address them, and imperatives to achieve higher, more inclusive, diversified and sustainable growth.
“The expenditure policy of government in 2023 is designed to achieve the strategic objectives of the National Development Plan 2021 to 2025, including macroeconomic stability; human development; food security; improved business environment; energy sufficiency; improving transport infrastructure; and promoting industrialization focusing on small and medium scale enterprises.
“Our principal objective in 2023 is to maintain fiscal viability and ensure smooth transition to the incoming administration,” he added.