President Muhammadu Buhari is set to present the N19.76 trillion 2023 Budget to the National Assembly in Abuja on Friday.
The presentation will take place 10am at the temporary chamber of House of Representatives.
Buhari had in December 2021 signed the 2022 Appropriation Bill into law with an aggregate expenditures of N17.127 trillion, an increase of N735.85 billion over the initial Executive Proposal for a total expenditure of N16.391 trillion.
According to the key assumptions for 2023 Budget, the oil benchmark is estimated at $70, crude oil production – 1.69mbpd, exchange rate – N435.57/$; Inflation rate – 17.16 percent, while the Growth rate was pegged at 3.75 percent from a revised projection of 3.55% for the year 2022.
“Growth is expected to moderate to 3.30% in 2024 before picking up to 3.46% in 2025.
“The inflation rate is projected to average 17.16% in 2023, up from the revised average of 16.11% for 2022.
“Upward pressure on prices is expected to be driven by the current and lag effect of the global price surge due to the Russian-Ukraine war, domestic insecurity, rising costs of imports, exchange rate depreciation, as well as other supply-side constraints.
The Federal Government had proposed two options for the National Assembly to consider for the 2023 budget.