N’assembly passes 2023 budget, raises estimates by N1.33trn

The national assembly has passed N21.83 trillion as budget for the 2023 fiscal year.

The two chambers passed the appropriation bill on Wednesday after committee reports on appropriations were considered.

The budget was also increased by N1.33 trillion.

Out of the figure passed, N6,557,597,611,797 is for debt service; N8,329,370,195,637 is for recurrent (non-debt) expenditure; while the sum of N 5,972,734,929,421 is for contribution to the development fund for capital expenditure.

In October, 2022, President Muhammadu Buhari presented N20.51 trillion 2023 budget proposal to the national assembly.

Buhari had proposed an oil benchmark fixed at $70 per barrel, but the lawmakers while passing the medium-term expenditure framework (MTEF), raised it to $73 per barrel.

Other parameters include daily oil production estimate of 1.69 million barrels (inclusive of condensates of 300,000 to 400,000 barrels daily) at exchange rate of N435.57/$.

Also, the gross domestic product (GDP) growth rate was projected at 3.75 percent, with 17.16 percent inflation rate.

Meanwhile, both chambers of the national assembly passed the 2022 finance bill, which aims to expand the tax net to increase revenue for the federal government.

The legislation seeks to restructure the Federal Inland Revenue Service (FIRS) and appoint a board for it.