Nigeria’s Federal Executive Council has approved the 2023 Budget which President Buhari is expected to propose to lawmakers on Friday. The 2023 budget of N19.76 trillion was embedded with an N12.43 trillion deficit to lawmakers on Friday, October 7, 2022.
This was disclosed in a press briefing by Mr. Femi Adesina, the President’s Special Adviser on Media and Publicity, on Wednesday. Federal Executive Counci
President Muhammadu Buhari chaired the FEC meeting at the Presidential Villa on Wednesday.
What they said:
Adesina stated that the president will lay the budget proposal before a joint sitting of the National Assembly on Friday.
“It was virtually a one-item Federal Executive Council meeting in which the budget proposals for 2023 were presented and discussed at length.
“That budget proposal would be taken to the National Assembly on Friday morning by the President.’’
He also declined to t discuss the content of what will be officially presented on Friday
“We want to give the National Assembly the honour of receiving it first then there will be a breakdown on a later date by the Minister of Finance” he added.
What you should know
- Nairametrics reported earlier that President Muhammadu Buhari is expected to present a 2023 budget of N19.76 trillion embedded with an N12.43 trillion deficit to lawmakers on Friday, October 7, 2022.
- Senate President, 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
- Recall 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.
