The Federal Government is planning to spend N19.76 trillion in 2023, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has said.
She revealed this in Abuja on Monday while addressing a sitting of the House of Representatives Committee on Finance on the 2023-2025 Medium Term Expenditure Framework.
The minister said the government was projecting revenue of N8.46 trillion for 2023; N1.9 trillion of which would come from oil-related sources while the balance would come from non-oil sources.
She said the 2023 budget had a proposed deficit of N11.3 trillion.
The budget would be premised on 70 dollars per barrel of crude oil and an exchange rate of N435.57 to the dollar.
She said oil production for 2023 was pegged at 1.69 million barrels per day; a real GDP growth rate of 3.7 percent and inflation rate of 17.16 percent for the year.
Mrs Ahmed said petrol subsidy would remain up to mid-2023 sequel to the 18-month extension announced early in 2021.
About N3.36 trillion would be provided to pay the subsidy in 2023, she said.
She said there would be tighter enforcement of performance management framework for Government-owned Enterprises that would significantly increase operating surplus/dividend remittances in 2023.
The finance minister also assured that while the amount currently used in debt servicing had overshot appropriation in the 2022 budget, systems had been put in place to manage the situation.
“We planned that 60 percent of revenue would be spent on debt servicing, but in some months, the ratio went up to 90 percent,” she said.
