President Muhammadu Buhari, on Friday in Abuja, presented the 2023 budget proposal of N20.5 trillion to a joint session of the National Assembly (NASS).
Buhari, accompanied by Vice-President Yemi Osinbajo and other members of the Federal Executive Council addressed the joint session of NASS at about 10.05 a.m. to unveil the 2023 fiscal year.
According to the president, the budget will be his last budget to be laid before the NASS as the second tenure of his administration expires on May 29, 2023.
The budget will also be the last for the consideration and approval of the ninth NASS.
He described the 2023 appropriation bill as a budget of fiscal sustainability and transition.
The president said: “A total expenditure of N20.51 trillion is proposed for the Federal Government in 2023. This includes 2.42 trillion Naira spending by Government-Owned Enterprises.
“The proposed N20.51 trillion 2023 expenditure comprises Statutory Transfers of N744.11 billion; Non-debt Recurrent Costs of N8.27 trillion; Personnel Costs of N4.99 trillion; Pensions, Gratuities and Retirees’ Benefits of N854.8 billion.
“It also includes Overheads of N1.11 trillion and Capital Expenditure of N5.35 trillion, including the capital component of Statutory Transfers; Debt Service of N6.31 trillion, and sinking Fund of N247.73 billion to retire certain maturing bonds.
“We expect total fiscal operations of the Federal Government to result in a deficit of 10.78 trillion Naira,’’ the President said.
According to him, this represents 4.78 per cent of the estimated GDP, above the three per cent threshold set by the Fiscal Responsibility Act 2007.
He said the principal objective in 2023 was to maintain fiscal stability and ensure a smooth transition to the incoming administration.