By; IYOKPO J. EGBODO, Abuja
President Muhammadu Buhari has proposed an aggregate expenditure of N20.51 trillion for the 2023 fiscal year.
This according to the President who laid the estimates before a joint session of the National Assembly on Friday, includes 2.42 trillion Naira spending by government-owned enterprises.
The proposed figure is up by N75 billion from the N19.76 trillion earlier adopted by the National Assembly in the 2024-2025 Medium Term Expenditure Framework, and Fiscal Strategy Paper (MTEF/FSP).
Speaking to the priorities of the proposed budget, the President said “It reflects the serious challenges currently facing our country, key reforms necessary to address them, and imperatives to achieve higher, more inclusive, diversified and sustainable growth”, adding that the expenditure policy of Government in 2023 is designed to achieve the strategic objectives of the National Development Plan 2021 to 2025.
“Against the backdrop of the challenging global and domestic economic environment, it is imperative that we strengthen our macroeconomic environment and address subsisting challenges as a country. The 2023 Appropriation therefore is a Budget of Fiscal Sustainability and Transition. Our principal objective in 2023 is to maintain fiscal viability and ensure smooth transition to the incoming Administration”, he stated.
The estimates was based on Crude Oil price benchmark of 70 US Dollars per barrel; Daily oil production estimate of 1.69 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day); Exchange rate of 435.57 Naira per US Dollar; and Projected GDP growth rate of 3.75 percent and 17.16 percent inflation rate.
In his remarks, the Senate, Ahmad Lawan recalled that the ninth National Assembly has been consistent in passing the Appropriation Bill before the end of the year, so that it can be signed into law, before the beginning of the new year. “It is on record that 2020, 2021, and 2022 Appropriation Bills were considered and passed before the end of the last three years”, he said, giving assurances of early passage.
He however lamented the continuous dwindling of the nation’s revenue, which he said was being threatened more by oil theft. “The large scale and massive stealing of our Oil, is concerning, as this reduces drastically the revenues available to the Government”, he noted.
Also a delivering the vote of thanks after the session, Speaker of the House of Representatives, Femi Gbajabianila pointed out that the budget must reflect the country’s priorities. “I have often said that a budget reflects priorities. National security, healthcare, education, public infrastructure and human capital development are the priorities we have pursued in the 9th Assembly.
Every Appropriation Act we have considered and passed has reflected these priorities to different degrees. The 2023 Appropriation Act will be a budget of consolidation; our last, best opportunity to ensure that ongoing projects across the country are completed before the end of the administration”, he stated.
