House Of Reps Passes 2023 Budget, Raises Estimate To N21.83trn

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The House of Representatives has passed the N21.83 trillion budget for the 2023 fiscal year.

House Of Reps Passes 2023 Budget, Raises Estimate To N21.83trn

The appropriation bill was passed by the lower legislative chamber on Wednesday after Muktar Betara, chairman of the committee on appropriations, presented a report.

The budget was also increased by N1.33 trillion from the N20.51 trillion budget proposal of President Muhammadu Buhari.

A breakdown of the budget indicates an allocation of N967.5 billion for statutory transfers, N6.6 trillion for debt servicing, N8.3 trillion for recurrent expenditure, and N5.9 trillion for capital expenditure.

In October 2022, President Muhammadu Buhari presented the N20.51 trillion 2023 budget proposal to the national assembly.

Buhari had proposed an oil benchmark fixed at $70 per barrel, but the lawmakers while passing the medium-term expenditure framework (MTEF), raised it to $73 per barrel.

Other parameters include a daily oil production estimate of 1.69 million barrels (inclusive of condensates of 300,000 to 400,000 barrels daily) at an exchange rate of N435.57/$.

The gross domestic product (GDP) growth rate is projected at 3.75 per cent, with a 17.16 per cent inflation rate.

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