Federal Government Proposes to Spend N19.76 trillion in 2023

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Osaretin Balogban

The Federal Government has revealed its plan for a budget of 19.76 trillion to be spent from 2023 as disclosed by the Minister of Finance.

Zainab Ahmed, the Minister of Finance, Budget, and National Planning, made the revelation in Abuja on Monday.

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The Minister briefed the House of Representatives Committee on Finance concerning the 2023-2025 Medium Term Expenditure Framework.

She said the government was protruding revenue of N8.46 trillion for 2023 as N1.9 trillion is expected from oil-related sources while 6.56 trillion would be generated from non-oil sources.

Ahmed noted the budget was based on the exchange rate of N435.57 per dollar and 70 dollars per barrel of crude oil.

The oil production rate of 1.69 million barrels per day and a GDP growth rate of 3.7 percent with an inflation rate of 17.16 percent has been fixed for 2023.

Source: Daily Post

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