Reps pass 2023 budget, raise estimates by N1.33trn

The house of representatives has passed N21.83 trillion as budget for the 2023 fiscal year.

 

The appropriation bill was passed by the lower legislative chamber on Wednesday after Muktar Betara, chairman of the committee on appropriations, presented a report.

 

The budget was also increased by N1.33 trillion.

 

Out of the figure passed, N6,557,597,611,797 is for debt service; N8,329,370,195,637 is for recurrent (non-debt) expenditure; while the sum of N 5,972,734,929,421 is for contribution to the development fund for capital expenditure.

 

In October, 2022, President Muhammadu Buhari presented N20.51 trillion 2023 budget proposal to the national assembly.

 

Buhari had proposed an oil benchmark fixed at $70 per barrel, but the lawmakers while passing the medium term expenditure framework (MTEF), raised it to $73 per barrel.

 

Other parameters include daily oil production estimate of 1.69 million barrels (inclusive of condensates of 300,000 to 400,000 barrels daily) at exchange rate of N435.57/$.

 

The gross domestic product (GDP) growth rate is projected at 3.75 percent, with 17.16 percent inflation rate.