Buhari to present 2023 budget to NASS on Friday

Barring last-minute changes, President Muhammadu Buhari will officially present the 2023 budget estimates on Friday ahead of the joint session of the National Assembly, Tribune Online authoritatively collected.

Based on key assumptions for 2023 in documents presented to the House of Representatives and seen by Tribune Online, the oil benchmark is estimated at $70, crude oil production - 1.69 mbpd, exchange rate - 435.57 N/$; Inflation rate - 17.16%, while the growth rate was set at 3.75% against a revised projection of 3.55% for the year 2022.

"Growth is expected to moderate to 3.30% in 2024 before picking up to 3.46% in 2025.

"The inflation rate is expected to average 17.16% in 2023, up from the revised average of 16.11% for 2022.

"Upward pressure on prices is expected to come from the current and lagged effect of global price spikes due to the Russian-Ukrainian war, domestic insecurity, rising import costs, to the depreciation of the exchange rate, as well as to other supply factors - ancillary constraints."

The federal government has proposed two options to the National Assembly for the 2023 budget.

According to the Minister of Finance and National Planning, Dr. Zainab Ahmed, in the first scenario, the deficit was projected to be N12.41 trillion in 2023 from the budgeted N7.35 trillion in 2022, or 196% of total revenue or 5.50% of estimated GDP.

Under this agreement, the federal government planned to spend the sum of N6,720,000,000,000,000 on fuel subsidies.

In the second scenario, the federal government projected a budget deficit of N11.3 trillion, or 5.01% of estimated GDP.

Under this agreement, the PMS subsidy from January to June 2023 has been estimated at N3.3 trillion.

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