President Muhammadu Buhari is expected to present a 2023 budget of N19.76 trillion embedded with a N12.43 trillion deficit to lawmakers on Friday, October 7, 2022.
This was disclosed by the Senate President, Ahmed Lawan during Tuesday’s plenary session as he read the letter sent by the president.
Nairametrics reported last month that the Finance Minister, Zainab Ahmed stated that the N12.43 trillion deficit is a result of the projected N6 trillion tax and import duty waivers as well as fuel subsidy of over N6 trillion that was retained for the year.
What the senate president said:
Dr. Ahmad Lawan said the venue for the presentation of the 2023 budget estimates by Buhari would be the temporary chamber of the House of Representatives.
He noted that the budget would be presented to the National Assembly by 10 am on Friday and called for lawmakers to be present
Nairametrics had reported last month that Speaker of the House of Representatives, Femi Gbajabiamila said President Muhammadu Buhari is expected to present the 2023 Budget to the National Assembly in October.
What you should know
- Nairametrics reported earlier that Zainab Ahmed, the Minister of Finance, Budget and Planning has said that the proposed 2023 budget of N19.76 trillion is embedded with an N12.43 trillion deficit.
- She said this in an interactive session with members of the Senate Committee on Finance and heads of revenue-generating agencies in Abuja last month.
- She noted that crude oil price would be pegged at $70 per barrel at N435.57 to a dollar, with oil production put at 1.69 million barrels per day and real gross domestic product (GDP) growth projected at 3.7 %.
- According to her, the N12.43 trillion deficit is a result of the projected N6 trillion tax and import duty waivers as well as fuel subsidy of over N6 trillion that was retained for the year.
