The heavy borrowings to fund the country’s budget will be reduced considerably this year with the removal of fuel subsidy payments by June.
Finance Minister Zainab Ahmed made this known at the public presentation and breakdown of the 2023 budget.
The Minister is also positive that the budget’s early passage will boost effective implementation of projects and aid the incoming administration’s take off.
It’s the day after the president gave his assent to the 2023 budget.
A breakdown is now being presented to the public. Recurrent non-debt spending, is estimated at N8.33tn, and this includes N200 billion for the social investment programme.
Capital Expenditure of N6.46tn, which is 30% of total expenditure is 3.5% lower than that of the preceding year.
Debt service of N6.31tn, is 29% of total expenditure, which is 71% higher than 2022’s figures including interest payment of N1.2 trillion for Ways & Means, which is the Federal government’s borrowing from the apex bank.
Revenue totalling N10.49 trillion is available to fund the budget.
The budget has a deficit of N11.34tn , representing 5.03% of GDP. The deficit is to be financed majorly through loans.
22% of projected revenues is expected from oil-related sources, while 78% from non-oil sources.
The fiscal authorities says oil revenue projections for the 2023 budget are feasible.
The payment of fuel subsidy is expected to end by the end of June this year
Highlights of the presentation show 1.88b was released as capital vote in the 2002 budget, while 12.87 trillion was the total actual spend.
Defence gets 2.98 trillion of the 2023 budget spending, education 1.79trillion and infrastructure 1.24 trillion.
BUHARI ADMINISTRATION HAS NOT MANAGED OUR RESOUCES, FINANCES WELL -PDP
As political parties continue to reel out their manifestos in an attempt to canvass for votes during the forthcoming elections, Nigeria’s main opposition party is asking Nigerians to vote for the PDP during the elections.
This is because the PDP campaign council in Delta State is alleging that the ruling party has mismanaged the nation’s national resources and has incurred a debt profile of N77 trillion.
The campaign management Committee Spokesman, Latimore Oghenesivbe said the APC national government has failed to fulfil all promises made to Nigerians especially the inability to solve the problems of insecurity, downward review of petrol pump price and electricity tariff which formed the very basis of electoral victory in 2015 and 2019.
Mr Oghenesivbe is of the view that the atiku/okowa ticket is a trusted leadership combination with wealth of experience required to rebuild the nation’s economy, fight insecurity.
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