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Home Economy Budget

President Muhammadu Buhari proposes N20.15 trillion transition budget for 2023

The N20.15 trillion Budget was termed a Budget of Fiscal sustainability and transition

William Ukpe by William Ukpe
October 7, 2022
in Budget, Business News, Politics, Spotlight
South-East Governors name Second Niger Bridge after President, Muhammadu Buhari
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President Muhammadu Buhari has presented the proposal for the 8th and final budget of his administration.

The N20.15 trillion Budget was termed a Budget of Fiscal sustainability and transition.

Buhari disclosed this on Friday morning while presenting the budget to the National Assembly.

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What he said:

Buhari noted that the expenditure policy of the budget is to achieve policies set in the National Development Plan, 2021-25, which includes human development, food security, energy efficiency, and others.

He added that his administration will introduce a near-sustainable model to fund tertiary education citing, “we won’t sign any agreement we can’t sustain”.

The details of the Budget include:

The total package of N20.15 trillion.

Recurrent expenditure of N8.27 trillion, capital expenditure of N5.15 trillion, and debt service of N6.31 trillion.

The oil benchmark is pegged at $70 per barrel, with daily production of 1.69 barrels per day, and an exchange rate of N435 to the dollar.

This is a developing story.

 

Tags: Budget of Fiscal sustainability and transitionBuhariFeatured
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

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Comments 1

  1. 9jaRealist says:
    October 7, 2022 at 4:58 pm

    Sad to see that the federal government of Nigeria is spending MORE money on debt servicing than on capital expenditure.

    Reply

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