JUST IN: Nigeria Needs N6.31trn to Service Debts in 2023 as President Presents Budget

Nigeria's President Muhammadu Buhari

President Muhammadu Buhari has the country needs N6.31 trillion to service its debts in 2023.


He made this known while presenting to the joint session of the national assembly, the 2023 Appropriation Bill for Parliament approval.

The N20.51 trillion budget which is the highest so far in the nation’s history, is the last to be presented by the president before his tenure elapses.

The 2023 budget he said is a budget of Fiscal sustainability and transition adding that oil benchmark is pegged at 70 dollars per barrel
Buhari said the 2023 budget reflects the challenges facing Nigeria and he added that the key reforms areas are sustainable growth, inclusivity diversity among others.

The expenditure policy of government he disclosed is designed to achieve food security, transport infrastructure, energy sufficiency, strengthen Micro economic environment.

He said that government is committed to the security of lives and properties across the country and so Defence and Security remains a priority.

The 2023 budget is to address critical issues and lay a solid foundation for the incoming administration.

President Buhari said fuel subsidy will end by the end of June 2023.

A breakdown of the budget shows that recurrent expenditure is pegged at N8.21 trn while capital expenditure is N5.15trn.

Other revenues total 762 billion Naira, while the retained revenues of the GOEs amount to N2.42 trillion Naira.

In his speech, the president stressed that the 2023 Appropriation Bill aims to maintain the focus of MDAs on the revenue side of the budget and greater attention to internal revenue generation.

“Sustenance of revenue diversification strategy would further increase the non-oil revenue share of total revenues,” President Buhari opined.


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