Business News Nigeria

Buhari Presents N19.76tn 2023 Budget to National Assembly

Security is tight in and around the National Assembly Complex Abuja as President Muhammadu Buhari lays the 2023 Appropriation Bill before a joint session of the National Assembly on Friday.

The President entered the temporary chamber of the House of Representatives, venue of the ceremony at 10:07am.

Buhari is to present the N19.76tn budget of the Federal Government to the parliament at a ceremony scheduled to commence at 10am.

There is heavy presence of personnel from military, paramilitary and safety agencies on the premises. Men of the Nigerian Army, Nigeria Police Force, Nigerian Security and Civil Defence Corps, Department of State Services, Federal Road Safety Corps, Federal Fire Service and sergeants-at-arms were deployed for the special duty.

According to the document approved by the lawmakers, the estimated expenditure for the 2023 fiscal year is N19.7 trillion with Total Recurrent (Non-debt) of N8.53 trillion; Personnel Costs (MDAs) of N827.8 billion; and Capital expenditure (exclusive of Transfers) N3.96 trillion.

The benchmark for the price of crude oil is put at $73 per barrel for 2023, the exchange rate at N437.57 and daily oil production of 1.69mbpd, 1.83mbpd, and 1.83mbpd for 2023, 2024 and 2025 respectively.

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