Nigerian govt plans N19.76trn budget for 2023

The Federal Government of Nigeria is proposing to spend N19.76trillion in 2023.

Minister of Finance, Budget and National Planning, Zainab Ahmed made the disclosure in Abuja on Monday.

She addressed the House of Representatives Committee on Finance on the 2023-2025 Medium Term Expenditure Framework.

Ahmed said the government was projecting revenue of N8.46trillion for 2023; N1.9trillion is expected from oil-related sources, the balance would come from non-oil.

The noted that the budget would be premised on 70 dollars per barrel of crude oil and an exchange rate of N435.57 to the dollar.

For 2023, oil production has been pegged at 1.69 million barrels per day; GDP growth rate of 3.7 percent and inflation rate of 17.16 percent

President Muhammadu Buhari signed the 2022 “Budget of Economic Growth and Sustainability” into law on December 31, 2021.

The National Assembly transmitted the N17.126trillion Appropriation Bill to the President one week earlier.

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