PMB to present N19.76 trillion 2023 budget to NASS Friday
President Muhammadu Buhari (PMB) will on Friday, October 6, formally present the N19.76 trillion 2023 budget estimates before the joint session of the National Assembly (NASS).
The presentation will take place at 10 am, in the temporary chamber of the House of Representatives.
The budget presentation letter was written by President Buhari and read at Plenary Tuesday by the President of the Senate, Senator Ahmad Lawan.
According to the key assumptions for the 2023 Budget, reported by Tribune, the oil benchmark is estimated at $70, crude oil production – 1.69mbpd, exchange rate – N435.57/$; inflation rate – 17.16 per cent, while the growth rate was pegged at 3.75 per cent from a revised projection of 3.55% for the year 2022.
The Federal Government had proposed two options for the National Assembly to consider for the 2023 budget.
According to the Minister of Finance and National Planning, Dr Zainab Ahmed, in the first scenario, the deficit was projected to be N12.41 trillion in 2023, up from N7.35 trillion budgeted in 2022, representing 196 per cent of total revenue or 5.50 per cent of the estimated GDP.
Under the arrangement, the Federal Government projected to spend the sum of N6.72 trillion on fuel subsidies.
In the second scenario, the Federal Government projected a fiscal deficit of N11.30 trillion, which is 5.01 per cent of the estimated GDP.
Under this arrangement, the PMS subsidy for January to June 2023 was estimated at N3.3 trillion, the media reported.
