x

Buhari Presents 2023 Budget Proposal To National Assembly

President Muhammadu Buhari on Friday presented before the two chambers of the National Assembly, a record N20.51 trillion proposed budget for the 2023 financial year.

The N20.51 trillion budget which is the highest so far in the nation’s history, is the last to be presented by the president before his tenure elapses.

According to the president, this 8th financial blueprint of his administration is tagged the budget of Fiscal Sustainability and transition.

Buhari while addressing members of the parliament noted that the 2023 transition budget was designed to address critical issues and lay a solid foundation for the incoming administration.

The president said he believes that based Based on these fiscal assumptions and parameters, total federally-collectible revenue is estimated at 16.87 trillion Naira in 2023.

Further stated that the 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 he said includes the revenues of 63 Government-Owned Enterprises.

The president also disclosed that 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.

In his speech, the president stressed that 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,” President Buhari opined.

While N2.42 trillion Naira would be for spending by Government-Owned Enterprises, the proposed 20.51 trillion Naira 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.

The president said the government expects a total fiscal operations of to result in a deficit of 10.78 trillion Naira.

This he noted represents 4.78 percent of estimated GDP, above the 3 percent threshold set by the Fiscal Responsibility Act 2007.

“As envisaged by the law, we need to exceed this threshold considering the need to continue to tackle the existential security challenges facing the country,” Buhari explained.

Speaking further, the president revealed that the government plans to finance the deficit mainly by new borrowings totalling 8.80 trillion Naira, 206.18 billion Naira from Privatization Proceeds and 1.77 trillion Naira drawdowns on bilateral and multilateral loans secured for specific development projects and programmes.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Benue Assembly Suspends 4 Members As Attempt to Impeach Speaker Fails

23-8- By Isaac Kertyo, Makurdi  Benue State House of Assembly has...

Commissioner Pledges Partnership with NDLEA to Curb Drug Abuse in Secondary Schools

By Muhammad Ibrahim, Sokoto The Sokoto State Commissioner for Basic...

Plateau Commissioner Usman Rates Mikang LGA Boss High on Performance

By Israel Adamu, Jos The Plateau State Commissioner for Local...

FEA, KEDCO and Bagaja Announce Commissioning of First 10MW Mini-Grids in Jigawa

By Jabiru Hassan Future Energies Africa (FEA), the core investor...

FG Rejigs Project Delivery Roadmap for Lokoja-Ayingba, Okene-Itobe Roads

By Jabiru Hassan The Federal Government has reviewed the delivery...

Gov. Ododo Enjoins Kogi People to Embrace Peace, Support His Administration

By Noah Ocheni, Lokoja Kogi State Governor, Ahmed Usman Ododo,...

Peter Obi: Obidients launch GO-MERD in A’Ibom

By Ogenyi Ogenyi Uyo Supporters of former Labour Party Presidential...
spot_img

Related Articles

Popular Categories

spot_imgspot_img