*Budgets N470bn To Address One Of ASUU’s Demands
*Says Nigeria’s Debt Within Limit Compared To Other Countries
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President Muhammadu Buhari has proposed N20.51trillion as budget for the 2023 fiscal year to a joint session of the National Assembly.
Presenting his last budget to the National Assembly, the President said part of efforts at achieving that is the signing into law several bills passed by the National Assembly that has led to reform in several aspects of the economy.
While presenting the N20.15 trillion 2023 budget estimates to the joint session of the National Assembly, on Friday, Buhari renewed his appealed to university lecturers to show a better appreciation of the country’s current economic situation and return to the classroom.
The president, however, said universities must find means of funding instead of solely relying on government budget.
Also Buhari described Nigeria’s debt position as still within acceptable limits.
Buhari made the remark today while presenting the proposed 2023 budget to the leadership of the National Assembly for approval.
During the budget presentation, which was aired live on major national television stations and monitored, President Buhari said the government was monitoring the internally generated revenue (IGR) of MDAs.
He noted that the revenue and debt ratios needed close monitoring, adding that revenue shortfall regained the biggest risk.
Buhari, who urged individuals and corporate entities to pay taxes, stated that reducing government spending drastically could affect Nigerians.
Buhari further stated that the low performance of the nation’s oil sector affected the revenue drive in fiscal 2022.
He disclosed that as of July this year, N8.2 trillion had been spent out of the N17.69 trillion budget, adding that Nigeria met its debt obligations despite the challenges.
However, ASUU, which is demanding N1.2 trillion, had earlier rejected a proposal of N150 billion by the federal government for the first quarter of 2023.
This represents an increase of over N2trillion in the sum of N17.76 trillion approved by the National Assembly in the 2023 – 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) earlier passed by both Chambers.
Buhari said the amount included N2.42 trillion spending by Government-Owned Enterprises (GOEs).
According to the President, the proposed N20.51 trillion 2023 expenditure comprised of Statutory Transfers of N744.11 billion; Non-debt Recurrent Costs of N8.27 trillion; Personnel Costs of N4.99 trillion; Pensions, Gratuities and Retirees’ Benefits of N854.8 billion and Overheads of N1.11 trillion.
Other components of the planned expenditure for 2023 include Capital Expenditure of N5.35 trillion, including the capital component of Statutory Transfers; Debt Service of N6.31 trillion; and Sinking Fund of N247.73 billion to retire certain maturing bonds.
Buhari said other parameters and fiscal assumptions undergirding the 2023 budget included: Oil price benchmark of $70 per barrel; Daily oil production estimate of 1.69 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day); Exchange rate of N435.57 per US Dollar; and projected GDP growth rate of 3.75 per cent and 17.16 per cent inflation rate.
Buhari added: “Based on these fiscal assumptions and parameters, total federally-collectible revenue is estimated at 16.87 trillion Naira in 2023.
“Total federally distributable revenue is estimated at 11.09 trillion Naira in 2023, while total revenue available to fund the 2023 Federal Budget is estimated at 9.73 trillion Naira. This includes the revenues of 63 Government-Owned Enterprises.
“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.
“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.
“Sustenance of revenue diversification strategy would further increase the non-oil revenue share of total revenues.”
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