President Muhammadu Buhari alongside Vice-President Yemi Osinbajo and other members of the Federal Executive Council on Friday presented the 2023 budget proposal to a joint session of the National Assembly (NASS).
Buhari, who addressed the joint session of NASS at about 10.05 a.m., unveiled a budget of N20.5 trillion for the 2023 fiscal year.
According to the president, the 2023 budget will be his last budget to be laid before the NASS as the second tenure of his administration expires on May 29, 2023.
The News Agency of Nigeria (NAN) reports that the budget will also be the last for the consideration and approval of the 9th NASS.
He described the 2023 appropriation bill as a budget of fiscal sustainability and transition.
The president said: “A total expenditure of N20.51 trillion is proposed for the Federal Government in 2023. This includes N2.42 trillion spending by Government-Owned Enterprises.
“The proposed N20.51 trillion 2023 expenditure comprises:
Statutory Transfers of N744.11 billion;
Non-debt Recurrent Costs of N8.27 trillion;
Personnel Costs of N4.99 trillion;
Pensions, Gratuities and Retirees’ Benefits of N854.8 billion;
Overheads of N1.11 trillion;
Capital Expenditure of N5.35 trillion, including the capital component of Statutory Transfers;
Debt Service of N6.31 trillion; andSinking Fund of N247.73 billion to retire certain maturing bonds.
“We expect total fiscal operations of the Federal Government to result in a deficit of 10.78 trillion Naira,’’
According to him, this represents 4.78 per cent of estimated GDP, above the three per cent threshold set by the Fiscal Responsibility Act 2007.
He said the principal objective in 2023 was to maintain fiscal stability and ensure a smooth transition to the incoming administration.