President Muhammadu Buhari will present the 2023 budget estimates to the joint session of the National Assembly (NASS) by 10 am on Friday.
This is contained in a letter Buhari wrote to the President of Senate, Dr Ahmad Lawan and read at plenary on Tuesday.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed said the federal government was proposing an aggregate expenditure of N19.76 trillion for the 2023 fiscal year.
The Senate President also said the budget deficit for the 2023 fiscal year may be between N11.30 trillion and N12.41 trillion, depending on the choice that would be made by the federal government on the issue of fuel subsidy payment.
The Minister while stressing on the matter said petrol subsidy would remain up to mid-2023, based on the 18-month extension announced early 2021, in which case only N3.36 trillion would be provided for it in next financial year.
Speaking further, Ahmed said although the amount currently used to service the country’s debt had overshot what was appropriated for in the budget, measures have been put in place to manage the situation.
