For the 2023 budget, the federal government is estimating a lower oil price of $70 per barrel, daily oil production estimate of 1.69 million barrels, exchange
The N20.15 trillion budget estimates presented by the president on Friday assume that Nigeria will produce 1.69 million barrels of crude oil daily and without interruptions from vandals, to realize a total of N1.92 trillion in revenue from oil. Also, it is expected that revenue from non-oil sources will be at N2.43 trillion, FGN independent revenue at N2.21 trillion.
With this level of deficits, the government is expected to seek N1.77 trillion as drawdowns from bilateral and multilateral lenders as well as N266.1 billion for grants/donor-funded project and raise the rest from local and external debt markets. “A look at Nigeria’s revenue generation power over the years has shown how important it is to cut the cost of governance as it plans to introduce the payroll system in the area of personnel cost as means to monitor ghost workers. Also, efforts must be implemented to bring about an improved and enabling business environment.”
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