The budget proposal is N75 billion above the N19.76 trillion approved by the Senate and House of Representatives in the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) passed on Wednesday and Thursday by both chambers.
President Muhammadu Buhari has presented a proposed N20.51 trillion budget for the 2023 financial year to the joint session of the National Assembly today 7th October 2022.
The N20.51 trillion budget which was presented by the president is the last he will present before his tenure elapses. According to the president, this 8th budget has been tagged the budget of Fiscal Sustainability and transition.
While addressing the lawmakers, the president said 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 on these fiscal assumptions and parameters, total federally-collectible revenue is estimated at 16.87 trillion Naira in 2023. The President further stated that the total federally distributable revenue is estimated at 11.09 trillion Naira in 2023, while the 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, and 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.
