President Muhammadu Buhari has presented the 2023 budget estimate to a joint session of the National Assembly.
The proposed total expenditure for the coming year is N20.51 trillion with a crude oil benchmark price of $70 per barrel and a daily oil production estimate of 1.69 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day).
The exchange rate is projected at N435.57 per dollar and a projected GDP growth rate of 3.75 percent with a 17.16 percent inflation rate.
The total federally collected revenue is estimated at 16.87 trillion in 2023, the total federally distributable revenue is estimated at N11.08 trillion, while the total revenue available to fund the 2023 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 revenue is estimated at N2.43 trillion.
The government-independent revenue is projected to be N2.21 trillion.
The president said the 2023 appropriation bill "aims to maintain the focus of MDAs on the revenue side of the budget and greater attention to internal revenue generation."
