Tuesday, November 29, 2022
Home EXPLORATIONS 2023 Budget: FG targets N1.92trn oil revenue at 1.62mb/d

2023 Budget: FG targets N1.92trn oil revenue at 1.62mb/d

.To implement several power projects

President Muhammadu Buhari has presented the proposed N19.76 trillion budget for the 2023 financial year to the National Assembly with a targeted N1.92 trillion from crude oil revenues in 2023.

The budget, which is the last presented by the Buhari administration, is about 15.37 per cent higher than the amount budgeted in 2022 Buhari revealed this while presenting the 2023 appropriation bill to a joint session of the National Assembly in Abuja that the federal government targets N1.92tn in oil revenues in 2023.

The parameters for the 2023 Budget, according to the President are as follows:
a. Oil price benchmark of $70 per barrel;
b. Daily oil production estimate of 1.69 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day);
c. Exchange rate of 435.57 Naira per US Dollar; and
d. Projected GDP growth rate of 3.75 percent and 17.16 percent inflation rate.

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

N6.31trillion and N2.42trillion 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.

The President noted that government would be implementing several power generation, transmission, and distribution projects, as well as off-grid solutions, all aimed towards achieving the national goal of optimizing power supply by 2025.
“In the determination to ramp up grid electricity supply to at least 7,000 megawatts by 2024, we have procured purpose-built critical power equipment under the Presidential Power Initiative with Siemens as we promised. These projects will have multiplier effects on the economy”.

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