President Muhammadu Buhari presented the proposed N20.51 trillion budget for the 2023 financial year to a joint session of the National Assembly today October 7.
The N20.51 trillion budget which was presented by the president is the last he will present before his tenure elapses. According to the president, this 8th budget is tagged the budget of Fiscal Sustainability and transition.
While addressing the lawmakers, the president said the 2023 transition budget was designed to address critical issues and lay a solid foundation for the incoming administration.
The president said he believes that based on these fiscal assumptions and parameters, total federally-collectible revenue is estimated at 16.87 trillion Naira in 2023. The President further stated that the total federally distributable revenue is estimated at 11.09 trillion Naira in 2023, while the total revenue available to fund the 2023 Federal Budget is estimated at 9.73 trillion Naira. This he said includes the revenues of 63 Government-Owned Enterprises.
The president also disclosed that oil revenue is projected at 1.92 trillion Naira, Non-oil taxes are estimated at 2.43 trillion Naira, FGN Independent revenues are projected to be 2.21 trillion Naira. Other revenues total 762 billion Naira, while the retained revenues of the GOEs amount to N2.42 trillion Naira.
In his speech, the president stressed that the 2023 Appropriation Bill aims to maintain the focus of MDAs on the revenue side of the budget and greater attention to internal revenue generation.