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The proposed 2023–2025 Medium Term Expenditure Framework (and Fiscal Strategy Paper) has caused the Senate’s Committee on Finance to disagree with both Zainab Ahmed, the country’s minister of finance, budget, and national planning, and the leaders of the nation’s revenue-generating agencies.
The proposed N19.76 trillion budget for 2023 would have a deficit of N12.43 trillion, according to the finance minister, who told the committee during the interactive session on Tuesday. This is due to anticipated N6 trillion in tax and import duty waivers, as well as N6 trillion in fuel subsidies, if kept in place for the entire year.
Olamilekan Adeola, the committee’s chairman, expressed concern over the submission and informed the minister that both the projected N12.43 trillion budget deficit and the N6 trillion in tax and import duty waivers needed to be carefully examined before being submitted to the National Assembly for consideration and approval.
He urged the minister to investigate the list of people who were granted waivers for the needed downward revision to N3 trillion, which would result in a decrease in the deficit number of N12.43 trillion.