President Muhammadu Buhari presented the proposed N20.51 trillion budget for the 2023 financial year to a joint session of the National Assembly today October 7.
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 is tagged the budget of Fiscal Sustainability and transition.
The president said the 2023 transition budget was created to address important concerns and set a strong basis for the new administration when speaking to the parliamentarians.
The total amount of federally recoupable money, according to the president’s estimation based on these financial criteria and assumptions, is projected to be 16.87 trillion Naira in 2023. The President added that in 2023, the total revenue available to finance the federal budget is expected to be 9.73 trillion Naira, while the total money that can be distributed by the federal government is expected to be 11.09 trillion Naira. This, according to him, includes the earnings of 63 government-owned businesses.
The president also revealed that the predicted amounts for oil revenue, non-oil taxes, and FGN are 1.92 trillion Naira and 2.43 trillion Naira, respectively. The estimated independent revenue is 2.21 trillion Naira. While the retained revenues of the GOEs are N2.42 trillion Naira, other revenues total 762 billion Naira.
The president emphasized in his speech that the 2023 Appropriation Bill seeks to retain MDAs’ emphasis on the revenue side of the budget and give internal income production more attention.