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2023 Budget: FG targets N1.92tn from oil revenue

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2023 Budget: FG targets N1.92tn from oil revenue

by Usama OLAGUNJU
October 7, 2022
A A
2023 Budget: FG targets N1.92tn from oil revenue
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The President, Major General Muhammadu Buhari (retd.), on Friday, said the federal government targets N1.92tn in oil revenues in 2023.

Buhari revealed this while presenting the 2023 appropriation bill to a joint session of the National Assembly in Abuja.

Explaining further, he said the government would spend N20.15tn for the 2023 fiscal year.

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N6.31tn and N2.42tn of that amount will go to debt servicing and government owned enterprises, respectively.

The rest include statutory transfers, non-debt recurrent costs, personnel cost, pensions, gratuities and overheads, sinking fund, amongst others.

He cautioned the lawmakers against budget padding and interference of some committees in the budget approval process. A practice he said “must stop.”

Buhari, therefore, directed the lawmakers to thoroughly consider the submitted copy of the appropriation bill and revert to the Presidency within the shortest probable time.

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