President Muhammadu Buhari on Tuesday, January 3, 2023, signed the N21.83 trillion 2023 Appropriation Bill into law. The budget which is possibly Nigeria’s largest budget in history as well as Buhari’s last budget as the President is based on a N10.49 trillion revenue, N11.34 trillion deficit and N6.31 trillion budgeted for debt servicing.
Breakdown Of 2023 Nigerian Budget Presented By Buhari Shows N11.34trillion Deficit, N6.31trillion For Debt ServicingAlso, of the N21.83 trillion total budget, recurrent expenditure has the highest allocation of N8.33 trillion, representing nearly 40% of the budget.
The budget which is possibly Nigeria’s largest budget in history as well as Buhari’s last budget as the President is based on a N10.49 trillion revenue, N11.34 trillion deficit and N6.31 trillion budgeted for debt servicing. Also, of the N21.83 trillion total budget, recurrent expenditure has the highest allocation of N8.33 trillion, representing nearly 40% of the budget. This according to the budget includes a personnel cost of N5.02 trillion, overhead cost of N1.11 trillion, statutory deductions of N967.49 billion and pension, gratuity and retirees benefit at N854.81 trillion.
It could be noted that the 2023 budget is based on oil production of 1.69 million barrels per day at $75 per barrel. The projected GDP growth will be at 3.75%, with an exchange rate of N435.57/$ and an inflation rate of 17.16%. 5/5.
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