{"id":2951,"date":"2022-10-12T14:56:59","date_gmt":"2022-10-12T14:56:59","guid":{"rendered":"https:\/\/placng.org\/Legist\/?p=2951"},"modified":"2022-10-12T14:57:03","modified_gmt":"2022-10-12T14:57:03","slug":"buhari-presents-end-of-tenure-budget-to-nass","status":"publish","type":"post","link":"https:\/\/placng.org\/Legist\/buhari-presents-end-of-tenure-budget-to-nass\/","title":{"rendered":"Buhari Presents End of Tenure Budget to NASS"},"content":{"rendered":"\n

President Muhammadu Buhari\u00a0 on Friday, 7th<\/sup> October 2022, presented the 2023 Appropriation Bill to a joint session of the Senate and House of Representatives. The proposal is termed the \u201cBudget of Fiscal Sustainability and Transition\u201d and is aimed at maintaining fiscal viability. The projected revenue in the budget is put at N9.73 trillion, while the deficit stands at N10.78 trillion. <\/p>\n\n\n\n

The\nproposed N20.51 trillion expenditure comprises the following:<\/p>\n\n\n\n

  1. Statutory Transfers \u2013 N744.11 billion\n<\/li>
  2. Non-debt Recurrent Costs \u2013 N8.27 trillion <\/li>
  3. Personnel Costs \u2013 N4.99 trillion <\/li>
  4. Pensions, Gratuities and\nRetirees\u2019 Benefits \u2013 N854.8\nbillion<\/li>
  5. Overheads \u2013 N1.11 trillion <\/li>
  6. Capital Expenditure – N5.35 trillion (including the capital\ncomponent of Statutory Transfers) <\/li>
  7. Government Owned Enterprises (GOE) spending \u2013 N2.42\ntrillion <\/li>
  8. Debt Service \u2013 N6.31 trillion <\/li>
  9. Sinking Fund \u2013 N247.73 billion (for the retirement of certain\nmaturing bonds)<\/li><\/ol>\n\n\n\n

    The\nparameters and fiscal assumption for the budget are as follows: <\/p>\n\n\n\n

    1. Oil benchmark price is $70 per barrel <\/li>
    2. Daily oil production rate of 1.69 million barrels per\nday <\/li>
    3. Foreign exchange rate of N435.57 to US $1<\/li>
    4. Projected Gross Domestic Product (GDP) growth rate of\n3.75% <\/li>
    5. Inflation rate of 17.16% <\/li><\/ol>\n\n\n\n

      The\nSenate and House of Representatives had approved the 2023-2025 Medium Term\nExpenditure Framework and Fiscal Strategy Paper (MTEF\/FSP) ahead of the 2023\nbudget presentation. It will be recalled that petrol subsidy was one of the\nmajor contentions regarding the 2023 budget following the Finance Minister\u2019s\npresentation of the 2023 MTEF\/FSP and budget estimates to the National\nAssembly, which put petrol subsidy between N3.36 trillion and N7.72 trillion,\nfor a six-month and full year period, respectively. The Senate approved the sum\nof N3.36 trillion for petrol subsidy while the House approved the sum of N1.7\ntrillion, both for a six-month period. <\/p>\n\n\n\n

      Following\npresentation of the 2023 Appropriation bill, both houses of the National\nAssembly are expected to pass the bill for Second Reading and refer it to their\nrespective Committees on Appropriation for further legislative action. <\/p>\n\n\n\n

      It is\nexpected that as happened in recent years, the National Assembly will pass the\nbudget before the end of the current fiscal year. <\/p>\n","protected":false},"excerpt":{"rendered":"

      President Muhammadu Buhari\u00a0 on Friday, 7th October 2022, presented the 2023 Appropriation Bill to a joint session of the Senate and House of Representatives. The proposal is termed the \u201cBudget of Fiscal Sustainability and Transition\u201d and is aimed at maintaining fiscal viability. The projected revenue in the budget is put at N9.73 trillion, while the […]<\/p>\n","protected":false},"author":2,"featured_media":2957,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-2951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/2951","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/comments?post=2951"}],"version-history":[{"count":1,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/2951\/revisions"}],"predecessor-version":[{"id":2958,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/2951\/revisions\/2958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media\/2957"}],"wp:attachment":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media?parent=2951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/categories?post=2951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/tags?post=2951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}