The Nigerian Government has revealed a total expenditure allocation of N1,25 trillion as its defence budget for 2023.
This was disclosed in the breakdown of expenditures released by the Presidency after President Muhammadu Buhari presented the N20.5 trillion budget proposal on Friday.
The total personnel cost for the Defence Ministry is expected to be N1,000,914,489,725.
What was disclosed:
Defence Ministry: total allocation of N1,248,170,610,116
Defence Headquarters: N84,717,595,133
Defence Research: N3,453,827,664
Nigerian Army: N638,108,156,198
President Buhari while presenting the budget noted that insecurity, especially banditry and kidnapping, will be significantly curtailed before the end of this Administration.
“We will redouble our efforts to ensure we leave the legacy of a peaceful, prosperous and secure nation,” he said.
Meanwhile, total federally-collectable revenue is estimated at N16.87 trillion in 2023.
He also noted that “Total federally distributable revenue is estimated at N11.09 trillion in 2023, while total revenue available to fund the 2023 Federal Budget is estimated at N9.73 trillion. This includes the revenues of 63 Government-Owned Enterprises.
“Oil revenue is projected at N1.92 trillion, non-oil taxes are estimated at N2.43 trillion, FGN Independent revenues are projected to be N2.21 trillion. Other revenues total N762 billion, while the retained revenues of the GOEs amount to N2.42 trillion”.
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