Budget 2023: Representatives begin review of proposed spending of N20.51 billion today

MEMBERS of the House of Representatives will today Wednesday begin debate on the general principles of the N20.51 trillion Appropriations Bill presented to the Joint Session of the National Assembly by President Muhammadu Buhari last Friday .

The proposed budget is N750 billion above the N19.760 billion approved by the Senate and House of Representatives in the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) ) passed by the Senate and the House.

A breakdown of the 2023 budget metrics and budget assumptions showed that the oil price benchmark of $70; 1.69 million barrels (including condensate from 300,000 to 400,000 barrels per day) of daily oil production; N435.57/$ Exchange Rate; Projected GDP growth rate of 3.75% and inflation rate of 17.16%.

The proposed expenditure of N20.51 trillion for FY 2023 includes a budget deficit of N10.78 trillion representing 4.78% of estimated GDP, above 3%; statutory transfers of N744.11 billion; non-debt recurrent costs of N8.27 trillion; personnel costs of N4.99 trillion; N854.8 billion retiree pensions, gratuities and benefits; overhead costs of N1.11 trillion; capital expenditure of N5.35 trillion, including the capital component of statutory transfers; debt service of 6.31 trillion naira; and a sinking fund of 247.73 billion naira to retire certain maturing bonds in accordance with the Joint Estimates Session of the National Assembly.

According to him, based on these tax assumptions and parameters, the total federal revenue to be collected is estimated at N16.87 trillion; total federal distributable income is estimated at N11.09 trillion in 2023, while total income available to fund the 2023 federal budget is estimated at N9.73 trillion, including income from 63 state-owned enterprises .

"Oil revenue is estimated at N1.92 trillion, non-oil taxes are estimated at N.2.43 trillion, FGN independent revenue is expected to be N.2.21 trillion; other revenue totals N.762 billion naira, while undistributed government revenue stands at 2.42 trillion naira.

A further breakdown of spending proposals, including recurrent, overhead, and capital spending, showed that the Federal Ministry of Finance, Budget, and National Planning got the highest share N10,101,444,709,834 followed by the Federal Ministry of Defense – N1,248,170,610,116; Federal Ministry of Education - N1 078 421 185 229; and Federal Ministry of Health - N1 097 703 830 504, respectively.

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The Presidency proposed the sum of N133,730,697,750; National Assembly - N169 billion; Judiciary - N150 billion; Ministry of Foreign Affairs – N98 114 501 448; Federal Ministry of Information and Culture - N64 239 951 994; Home Office - N304 395 280 926; Office of the Head of the Federation Civil Service - N12 698 620 521; Auditor General of the Federation - N5 112 583 323; Public Complaints Commission - N10.690 billion; Federal Civil Service Commission (FCSC) - N1 481 847 233; Independent National Electoral Commission (INEC) - N50 billion; Federal Character Commission - N3 762 247 406; and Federal Ministry of Police Affairs – N813 912 057 660. Federal Ministry of Communications and Digital Economy – N46 480 627 751; National Security Advisor - N195 018 151 836; Code of Conduct Tribunal – N902,756,502; Infrastructure Concession Regulation - N1,437,973,172; Police Services Board - N1 026 626 250; Secretary to the Federation Government (SGF) - N90,506,027,316; Federal Ministry for Special Tasks and Intergovernmental Affairs - N5 522 291 222; Federal Ministry of Agriculture and Rural Development - N228 428 688 402; Federal Ministry of Industry, Trade and Investment - N42 738 715 093; Federal Ministry of Labor and Employment - N21 321 652 639 and Federal Ministry of Science, Technology and Innovation - N76 274 953 833. Federal Ministry of Transport offered N126 532 023 138; Federal Ministry of Aviation - N96 398 200 287; Federal Ministry of Energy - N239 506 204 145; Federal Ministry of Petroleum Resources – N34 207 414 787; Federal Ministry of Mining and Steel Development - N37 201 780 977; Federal Ministry of Works and Housing - N356 031 701 295; National Commission for Wages, Incomes and Wages - N986 087 338; Revenue Mobilization, Allowance and Tax Commission - N2 709 794 428; Tax Liability Commission - N827 392 367; Federal Ministry of Water Resources - N212,140,279,334; Independent Corrupt Practices and Related Offenses Commission - N13 765 467 681; Code of Conduct Office – N2 695 695 014; Federal Capital Territory Administration (FCTA) - N13,474,499,132; and Federal Ministry of the Niger Delta – N127 041 796 001.

Federal Ministry of Youth Development and Sports – N191 924 649 082; Federal Ministry of Women's Affairs – N17 183 710 715; Federal Ministry of...