President Muhammadu Buhari has presented N20.51 trillion 2023 budget to the National Assembly on Friday. He revealed that the budget, which was increased from N19.76 trillion, reflects the serious challenges currently facing Nigeria.
According to President Buhari, the budget comes with N10.78 trillion deficit, and the Nigerian government would need to borrow a total of N8.80 trillion to finance the deficit.
The breakdown of the budget shows that new borrowings of N206.18 billion would come from Privatization Proceeds, while N1.77 trillion would be obtained from bilateral/multilateral creditors, which would be for specific development projects or programmes.
He explained that budget deficit of N10.78 trillion is 4.78 per cent of estimated gross domestic product (GDP). This is above the three per cent threshold set by the Fiscal Responsibility Act 2007.
READ ALSO: Budget Office Says Buhari’s Administration Wasting Resources
During his presentation at the National Assembly, Buhari said, “The expenditure policy of Government in 2023 is designed to achieve the strategic objectives of the National Development Plan 2021 to 2025, including macroeconomic stability; human development; food security; improved business environment; energy sufficiency; improving transport infrastructure; and promoting industrialization focusing on Small and Medium Scale Enterprises.
“Against the backdrop of the challenging global and domestic economic environment, it is imperative that we strengthen our macroeconomic environment and address subsisting challenges as a country. The 2023 Appropriation therefore is a Budget of Fiscal Sustainability and Transition. Our principal objective in 2023 is to maintain fiscal viability and ensure smooth transition to the incoming Administration.”
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