President Muhammadu Buhari resumed office this year with his imprimatur on the Appropriation Bill, which should, in a normative sense, confer enthusiasm on his administration’s last fiscal cycle...
President Muhammadu Buhari resumed office this year with his imprimatur on the Appropriation Bill, which should, in a normative sense, confer enthusiasm on his administration’s last fiscal cycle and set the tone for a positive 2023.
“As envisaged by the law, we need to exceed this threshold considering the need to continue to tackle the existential security challenges facing the country. The blatant disregard for sobriety was to be extended several miles by the National Assembly, an institution held in high esteem in other democracies as the defender of public essence and antidote for executive recklessness.
But sadly, and fortunately so, easy money is going away. From January to November 2022, The Federal Government earned a total of N586.71 billion from the sale of crude. The earnings were 64.3 per cent short of the prorata target for the period – a telling reflection of the weakening performance of the hydrocarbon sector, which has buckled under the heavy burden of crude theft and rising divestment.
“We have examined the changes made by the National Assembly to the 2023 Executive Budget proposal. The amended fiscal framework for 2023 as approved by the National Assembly shows additional revenues of N765.79 billion and an unfunded deficit of N553.46 billion. But the trouble with the 2023 budget , is deeper than its many imbalances and desperate routes the government has taken to make up. With the deficit of the contrived version now standing at N11.34 trillion or 5.03 per cent of the GDP, the government intends to increase the existing debt burden with N8.8 trillion. The proposed fresh loan is split in the ratio of N1.76 trillion and N7.04 trillion . The foreign portion is understandably small, yet there could be a problem sourcing it.
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