BREAKING: Buhari presents Nigeria’s 19.76trn 2023 budget to National Assembly

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President Muhammadu Buhari has stormed the National Assembly to present the N19.76trn 2023 budget.

Buhari arrived early on Friday, October 7, 2002, amid heavy security presence.

It would be his last budget presentation to the lawmakers as his administration leaves office in May next year.

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The presentation will be done before a joint session of the Senate and the House of Representatives.

In a letter to both Chambers on Tuesday, Buhari informed the lawmakers of his intention to appear before them to present the Appropriation Bill.

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) of N3.96 trillion.

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.

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