A budget of N20.51 trillion for the fiscal year 2023 was presented to the National Assembly on Friday for approval.
The budget’s assumptions include an oil price benchmark of 70 US dollars per barrel, an estimate of daily oil production of 1.69 million barrels (including condensates at a rate of 300,000 to 400,000 barrels per day), an exchange rate of 435.57 Naira to the US dollar, a projected GDP growth rate of 3.75 percent, and an inflation rate of 17.16 percent.
The budget estimates that the total federally collectible revenue will be 16.87 trillion Naira in 2023, the total federally distributable revenue will be 11.09 trillion Naira in 2023, and the total revenue that will be available to fund the federal budget for 2023 will be 9.73 trillion Naira, which will include the revenue of 63 government-owned enterprises.
The budget estimates that oil revenue will be worth 1.92 trillion Naira, non-oil taxes will be worth 2.43 trillion Naira, and FGN 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.
Government-owned enterprises will spend 2.42 trillion Naira of the estimated N20.51 billion budget. The proposed 20.51 trillion Naira 2023 expenditure consists of Statutory Transfers, which amount to N744.11 billion, Non-debt Recurrent Costs, which amount to N8.27 trillion, Personnel Costs, which amount to N4.99 trillion, Pensions, Gratuities, and Retirees’ Benefits, which amount to N854.8 billion, Overheads, which amount to N1.11 trillion, Capital Expenditure, which includes the capital component of Statutory
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