President Buhari to Present N19.76 Trillion Budget Proposal Next Month

President Muhammadu Buhari will present the 2023 budget proposal of N19.76 to the National Assembly in October. 

Investors King learnt that barring any change, the president will present the 2023 budget proposal to a joint session of the National Assembly within the first two weeks of October. 

The Speaker of the House of Representatives, Rt Hon Femi Gbajabiamila disclosed the time for the 2023 budget presentation during the inspection of the ongoing renovation work on the House’s main chamber.

Federal Government aims to spend N19.76 trillion in 2023 which is a 15.37 percent increase from 2022. The projected deficit for the 2023 budget stood at N12.43 trillion. This represents a 54 percent increase from the 2022 budget deficit. 

Meanwhile the Senate, through its Committee on Finance, has disagreed with the Minister of Finance, Budget and National Planning,  Zainab Ahmed, as well as heads of revenue generating agencies in the country on the 2023 budget deficit of N12.43 trillion. 

The Senate Committee frowned that about N6 trillion was projected as tax and import duty waiver when the budget is having a deficit of N12.43 trillion. 

The Senate Committee Chairman, therefore urge the minister to look into the list of beneficiaries of the waivers for the required downward review to N3 trillion with an attendant reduction of a N12.43 trillion deficit figure.

In his word, “ The proposed N12.43trillion deficit for the 2023 budget and N6 trillion waivers are very disturbing and must be critically reviewed.  

“Many of the beneficiaries of the waivers are not injecting accrued gains made into expected projects as far as infrastructural developments are concerned”

“The same goes for the tax credit window offered by FIRS to some companies. Billions and trillions of naira can be generated by the government as revenue if such windows are closed against beneficiaries abusing them and invariably provide required money for budget funding with fewer deficits cum borrowings” He concluded.