December 3, 2022

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President Muhammadu Buhari will on Friday, October 6, present the N19.76 trillion 2023 budget to the National Assembly in Abuja.
The presentation which will be to a joint session of the National Assembly will take place 10am at the temporary chamber of the House of Representatives, The Nation Newspaper reports.
Senate President Ahmad Lawan read Buhari’s letter of request to present the budget at plenary.
Read also
Nigeria subsidy budget hits N3.92 trillion above health, education and defence
The federal government plans to spend N19.76 trillion in 2023, according to the Medium Term Expenditures Framework (MTEF) earlier presented to the National Assembly.
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According to the key assumptions for 2023 in the documents presented to the House of Representatives, the oil benchmark is estimated at $70, crude oil production – 1.69mbpd, exchange rate – N435.57/$; Inflation rate – 17.16 per cent, while the growth rate was pegged at 3.75 per cent from a revised projection of 3.55% for the year 2022, Tribune Newspaper added.
Meanwhile, Legit.ng had earlier reported that the Nigerian government has spent about N3.92 trillion on subsidising Premium Motor Spirit, also known as petrol, from January 2020 to June 2022.
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The amount is far higher than spent on defence, health and education, the three critical sectors of Nigeria’s economy. According to reports, in the last 30 months, the country has paid more attention to paying subsidies than the three critical sectors.
A study of petrol subsidy expenditure and budgets for ministries from January 2020 to the first half of this year shows that the Nigerian government spent over N3 trillion to support petrol imports during the 30 months.
Recall that Legit.ng reported that according to the NNPC, the average daily importation of fuel between January and August 2022 was 68 million litres which it pays N297 per litre to subsidise.
A statement by the company said the total volume of petrol imported into Nigeria was 16.46 billion litres since January 2022 and translated to a supply of 68 million, a BusinessDay report said.
The company stated that it imported about 22.35 billion litres in 2021, reaching 61 million litres per day.
Source: Legit.ng
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