President Muhammadu Buhari will today, Friday October 6, 2022 present the National Assembly with the 2023 budget proposal.
It will be his final budget address to the lawmakers before stepping down in May 2023.
The presentation will take place before a joint session of the Senate and the House of Representatives.
Mr. Buhari informed the lawmakers of his intention to appear before them to introduce the Appropriations Bill in a letter to both Chambers on Tuesday.
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The president is expected to arrive at the legislative complex at about 10 a.m for the session that may likely last for an hour.
Both the Senate and the House, within the week, passed the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), in preparation for the presentation.
The MTEF/FSP is a document that contains parameters upon which the annual budget is prepared.
According to the document approved by the lawmakers, the estimated expenditure for the 2023 fiscal year is N19.7 trillion with Total Recurrent (Non-debt) of N8.53 trillion; Personnel Costs (MDAs) of N827.8 billion; and Capital expenditure (exclusive of Transfers) N3.96 trillion.
The benchmark for the price of crude oil is put at $73 per barrel for 2023, the exchange rate at N437.57 and daily oil production of 1.69mbpd, 1.83mbpd, and 1.83mbpd for 2023, 2024 and 2025 respectively.
Mr Buhari is expected to address, in his speech, the federal government’s plan for fuel subsidy in the coming year as well as preparations for the general election.
The National Assembly complex has been undergoing renovation for over two months and lawmakers have used hearing rooms for plenary since they resumed from their recess. It is in one of these rooms at the House wing that the budget presentation will hold.
Security has been beefed up at the complex ahead of the president’s arrival and access to visitors has been restricted.
Both chambers will carry on with their plenary sessions from 9:00 a.m. until about 10:00 a.m. and thereafter converge at the lower chamber to await the president’s arrival.
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