Highlights: Federal Government of Nigeria Budget proposal for 2023 fiscal year
His Excellency, President Muhammadu Buhari, GCFR, has presented the 2023 Federal Government Budget Proposals at the joint session of the National Assembly in Abuja. The proposed Revenue and Expenditure budgets for 2023 are ₦9.73 trillion and ₦20.51 trillion, respectively, resulting in ₦10.78 trillion fiscal deficit, which represents 4.78% of GDP.
The key assumptions behind the budget and movements in the proposed fiscal parameters between the approved 2022 and 2023 Budgets are shown below:
The 2023 Budget, which has been themed the "Budget of Fiscal Sustainability and Transition", is designed to achieve the following strategic objectives of the National Development Plan 2021 - 2025:
- Facilitate macroeconomic stability, human capital development, and food security
- Boost manufacturing performance
- Improve defence and internal security
- Improve business environment and transport infrastructure
- Ensure energy sufficiency
- Promote industrialization focusing on Small and Medium Scale Enterprises
The President used the opportunity of the 2023 Budget presentation to announce the preparation of the Finance Bill, 2022 by the Honourable Minister of Finance, Budget and National Planning for passage along with the 2023 Appropriation Bill.
We will publish our 2023 Budget Newsletter after the Honourable Minister of Finance, Budget and National Planning submits the approved detailed budget.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.