The 2023 Appropriations bill will be presented by President Muhammadu Buhari to a joint meeting of the National Assembly on Friday.
The budget plans for the fiscal year 2023 will be included in the appropriations bill.
He stated this in a letter to Ahmad Lawan, the Senate President, which was read aloud on Tuesday at the beginning of session.
At 10 a.m., the official budget presentation will take place and it will be the last main budget Buhari will be presenting as he will leave office on 29 May 2023 when his second four year term will end.
For the fiscal year 2023, the federal government has already proposed total spending of N19.76 trillion, with a budget deficit of around N12.41 trillion.
The proposal’s primary presumptions include an expected oil benchmark of $70, a crude oil production estimate of 1.69 million barrels per day, an exchange rate of N435.57 to the dollar, and an inflation rate of 17.16%.
Because it anticipates that “growth is projected to be slowed to 3.30% in 2024 before ramping up to 3.46% in 2025,” the Federal Government set the growth rate at 3.75 percent.
According to Zainab Ahmed, Minister of Finance, the federal government will sell off national assets and borrow about N11 trillion to cover the budget deficit in 2023.
