Buhari to present N19.76trn 2023 budget to national assembly on Friday

President Muhammadu Buhari will on Friday, present the 2023 appropriation bill of N19.76 trillion to a joint session of the national assembly.

The presentation which will take place in the house of representatives at 10:00 am was communicated in a letter from the president, read by Senate President Ahmad Lawan on Tuesday, October 4, 2022.

An oil benchmark of $70 per barrel and production of 1.69 million barrels per day forms the premise of the proposed budget.

Zainab Ahmed, minister of finance, budget and national planning, had said the government’s budget deficit is expected to exceed N12.42 trillion if the federal government keeps the petroleum subsidy for the entire 2023 fiscal cycle. She said the new borrowings would come from local and international sources.

The minister said N9.32 trillion in new borrowings, comprising N7.4 trillion from domestic sources and N1.8 trillion from foreign sources, adding that the government is expected to generate N206.1 billion from privatisation proceeds and N1.7 trillion in multilateral project-tied loans.