2023 budget presentation: Nigeria’s debt within limit compared to other countries – Buhari

PRESIDENT Muhammadu Buhari has described Nigeria’s debt position as still within acceptable limits.

Buhari made the remark today while presenting the proposed 2023 budget to the leadership of the National Assembly for approval.

The ICIR had reported that Buhari would be appearing before a joint session of the Senate and House of Representatives today, October 7, 2022, to present the 2023 appropriation bill.

This development followed the passing of the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) by the National Assembly during the week.

The MTEF/FSP is a document that contains parameters with which the annual budget is prepared.

The estimated expenditure for the 2023 fiscal year is N19.7 trillion with Total Recurrent (Non-Debt) of N8.53 trillion, Personnel Costs (Ministires, Departments and Agencies) of N827.8 billion; and Capital Expenditure (exclusive of transfers) of N3.96 trillion, according to the MTEF/FSP document.

The benchmark for crude oil price was put at $73 per barrel for 2023, the exchange rate at N437.57 and daily oil production of 1.69 million barrels per day (mbp/d), 1.83mbpd, and 1.83mbpd for 2023, 2024 and 2025 respectively.

During the budget presentation, which was aired live on major national television stations and monitored by The ICIR, President Buhari said the government was monitoring the internally generated revenue (IGR) of MDAs.






     

     

    He noted that the revenue and debt ratios needed close monitoring, adding that revenue shortfall remained the biggest risk.

    Buhari, who urged individuals and corporate entities to pay taxes, stated that reducing government spending drastically could affect Nigerians.

    Buhari further stated that the low performance of the nation’s oil sector affected the revenue drive in fiscal 2022.

    He disclosed that as of July this year, N8.2 trillion had been spent out of the N17.69 trillion budget, adding that Nigeria met its debt obligations despite the challenges.

    Join the ICIR WhatsApp channel for in-depth reports on the economy, politics and governance, and investigative reports.

    Support the ICIR

    We invite you to support us to continue the work we do.

    Your support will strengthen journalism in Nigeria and help sustain our democracy.

    If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here


    Support the ICIR

    We need your support to produce excellent journalism at all times.

    - Advertisement

    Recent

    - Advertisement