At the joint session of the National Assembly today, President Muhammadu Buhari, GCFR, presented the 2023 budget, which is his last as President. Tagged the budget of "Fiscal Sustainability," the President stated the total expenditure appropriation for 2023 is N20.15trn.

According to the President, the breakdown of the expenditure showed that recurrent expenditure would be N8.21trn, while the proposed capital expenditure would be N5.15trn.

Speaking further, he said debt servicing for the year would gulp N6.31trn, while the budget assumptions were as follows:

• Oil Price Benchmark - US$70 per barrel
• Crude Oil Production- 1.69mbpd  
• Exchange Rate – N435/US$

The President also pointed out that the budget's focus would be completing major infrastructure projects, covering roads, rail and bridges. He pledged to step up the fight against insecurity in the country and ensure the defence of the country's territory. The Senate President, Dr. Ahmed Lawan, and Speaker of the House of Representatives, Rt. Hon Femi Gbajiabamila, in their separate remarks, harped on the need for the President to be decisive in tackling the menace of crude oil theft.

  According to them, crude oil theft is undermining Nigeria's economic stability and national security and needs urgent attention from the Presidency. 

They pledged the commitment of the National Assembly to the speedy deliberations and passage of the 2023 appropriation bill. The leaders of the 9^th Federal legislature urged all Ministries, Departments and Agencies (MDAs) to prepare for thorough scrutiny of their respective allocations.