By Asnau Ahmad
Nigeria’s President Muhammadu Buhari, on Friday presented the 2023 budget proposal to a joint session of the National Assembly (NASS).
President Buhari, addressed the joint session of NASS and unveiled a budget of N20.5 trillion for the 2023 fiscal year.
According to the president, the 2023 budget will be his last budget to be laid before the NASS as the second tenure of his administration expires on May 29, 2023.
He described the 2023 appropriation bill as a budget of fiscal sustainability and transition.
“A total expenditure of N20.51 trillion is proposed for the Federal Government in 2023. This includes 2.42 trillion Naira 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.
“It also includes Overheads of N1.11 trillion and 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.
“We expect total fiscal operations of the Federal Government to result in a deficit of 10.78 trillion Naira,” the president said.
According to him, this represents 4.78 per cent of estimated GDP, above the three per cent threshold set by the Fiscal Responsibility Act 2007.
President Buhari said the principal objective in 2023 was to maintain fiscal stability and ensure a smooth transition to the incoming administration.