His Excellency, President Muhammadu Buhari, GCFR, has presented the 2023 Federal Government Budget Proposals at the joint session of the National Assembly in Abuja.  The proposed Revenue and Expenditure budgets for 2023 are ₦9.73 trillion and ₦20.51 trillion, respectively, resulting in ₦10.78 trillion fiscal deficit, which represents 4.78% of GDP.

The key assumptions behind the budget and movements in the proposed fiscal parameters between the approved 2022 and 2023 Budgets are shown below:

Source:   Budget Office of the Federation: HMFBNP Public Presentation of Approved 2022 FGN Budget Final 

  2023 Budget Speech: Budget of Fiscal Consolidation and Transition

The 2023 Budget, which has been themed the “Budget of Fiscal Sustainability and Transition”, is designed to achieve the following strategic objectives of the National Development Plan 2021 - 2025:

1. Facilitate macroeconomic stability, human capital development, and food security
2. Boost manufacturing performance 
3. Improve defence and internal security
4. Improve business environment and transport infrastructure
5. Ensure energy sufficiency
6. Promote industrialization focusing on Small and Medium Scale Enterprises

The President used the opportunity of the 2023 Budget presentation to announce the preparation of the Finance Bill, 2022 by the Honourable Minister of Finance, Budget and National Planning for passage along with the 2023 Appropriation Bill.

Credits

* This statement was first published in the Issue 10.1/ October 2022 Newsletter of KPMG of Saturday October 08, 2022. For further enquiries, please contact the author, Adewale Ajayi via [email protected]