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

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.

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.