{"id":13144,"date":"2022-10-04T12:33:36","date_gmt":"2022-10-04T12:33:36","guid":{"rendered":"https:\/\/newsreservoir.com\/?p=13144"},"modified":"2022-10-04T12:33:36","modified_gmt":"2022-10-04T12:33:36","slug":"friday-buhari-presents-2023-budget-to-nass","status":"publish","type":"post","link":"https:\/\/newsreservoir.com\/?p=13144","title":{"rendered":"FRIDAY, BUHARI PRESENTS 2023 BUDGET TO NASS"},"content":{"rendered":"<div dir=\"auto\"><\/div>\n<div dir=\"auto\">FRIDAY, BUHARI PRESENTS 2023 BUDGET TO NASS<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The 2023 budget estimates will be presented to the joint session\u00a0 of the National Assembly, Friday. It\u2019s the last budget of the administration.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u00a0Key assumptions for 2023 estimates show that the oil benchmark is estimated at $70, crude oil production \u2013 1.69mbpd, exchange rate \u2013 N435.57\/$; Inflation rate \u2013 17.16 per cent, while the Growth rate was pegged at 3.75 per cent from a revised projection of 3.55% for the year 2022.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cGrowth is expected to moderate to 3.30% in 2024 before picking up to 3.46% in 2025.<\/div>\n<div dir=\"auto\">\u201cThe inflation rate is projected to average 17.16% in 2023, up from the revised average of 16.11% for 2022.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cUpward pressure on prices is expected to be driven by the current and lag effect of the global price surge due to the Russian-Ukraine war, domestic insecurity, rising costs of imports, exchange rate depreciation, as well as other supply-side constraints.\u201d<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The Nigeria Federal Government had proposed two options for the National Assembly to consider for the 2023 budget.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">According to the Minister of Finance and National Planning, Dr Zainab Ahmed, in the first scenario, the deficit was projected to be N12.41 trillion in 2023, up from N7.35 trillion budgeted in 2022, representing 196 per cent of total revenue or 5.50 per cent of the estimated GDP.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Under the arrangement, Federal Government projected to spend the sum of N6.72 trillion on fuel subsidies.<\/div>\n<div dir=\"auto\">In the second scenario, Federal Government projected a fiscal deficit of N11.30 trillion, which is 5.01 per cent of the estimated GDP.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Under this arrangement, the PMS subsidy for January to June 2023 was estimated at N3.3 trillion.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Kunnengari<\/div>\n","protected":false},"excerpt":{"rendered":"<p>FRIDAY, BUHARI PRESENTS 2023 BUDGET TO NASS The 2023 budget estimates will be presented to the joint session\u00a0 of the National Assembly, Friday. It\u2019s the last budget of the administration. \u00a0Key assumptions for 2023 estimates show that the oil benchmark is estimated at $70, crude oil production \u2013 1.69mbpd, exchange rate \u2013 N435.57\/$; Inflation rate [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":13151,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[7],"tags":[],"class_list":["post-13144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FRIDAY, BUHARI PRESENTS 2023 BUDGET TO NASS -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newsreservoir.com\/?p=13144\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRIDAY, BUHARI PRESENTS 2023 BUDGET TO NASS -\" \/>\n<meta property=\"og:description\" content=\"FRIDAY, BUHARI PRESENTS 2023 BUDGET TO NASS The 2023 budget estimates will be presented to the joint session\u00a0 of the National Assembly, Friday. 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