Nigeria to sell national assets, borrow more to fund 2023 budget - Buhari

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Nigeria to sell national assets, borrow more to fund 2023 budget – Buhari

By Steve Oko

President Muhammadu Buhari has said that he would sell some of Nigeria’s national assets, and borrow more money to be able to fund the 2023 budget deficit of N10.78 trillion.

Wawa News Global, reports that President

Buhari dropped the shocker on Friday, while presenting the Appropriation Bill of N20.51 trillion at a joint session of the National Assembly.

Analysis of the budget shows N2.42 trillion spending by government-owned enterprises.

The budget is also about N3 trillion higher than the 2022 Appropriation.

It further shows that N3 trillion will be spent on fuel subsidy.

President Buhari described the 2023 appropriation as a budget of “fiscal sustainability and transition”.

He explained that the principal objective in 2023 was to maintain fiscal stability and ensure a smooth transition to the incoming administration.

“We plan to finance the deficit mainly by new borrowings totalling N8.80 trillion; N206.18 billion from privatisation proceeds and N1.77 trillion drawdowns on bilateral/multilateral loans secured for specific development projects/programmes.”

There is oil price benchmark of $70 per barrel, daily oil production estimate of 1.69 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day), exchange rate of N435.57 per US Dollar and projected GDP growth rate of 3.75 percent and 17.16 percent inflation rate.

Other critical components of the budget are N744.11 billion for Statutory Transfers, N8.27trillion for non-debt recurrent costs, N4.99 trillion for personnel costs, N854.8 billion for pensions and gratuities of retirees.

Buhari budgeted N1.11 trillion for overhead cost , and N5.35 trillion for capital expenditure.

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Steve Oko, Publisher/C.E.O, WaWa News Global. For more information on advert placement and news coverage, contact us on: 08038725600, or via email stevemanofgod2000@yahoo.com; wawanewsglobal@gmail.com Always read WaWa News Global - Your most dependable online news platform for the latest breaking news in Nigeria.