President Muhammadu Buhari will present the 2023 appropriation bill of N19.76 trillion to a joint session of the national assembly on Friday.
This was contained in a letter from the president read by Senate President Ahmad Lawan on Tuesday.
The presentation will take place in the house of representatives at 10:00 am.
The budget proposal is premised on an oil benchmark of $70 per barrel and the production of 1.69 million barrels per day.
Zainab Ahmed, minister of finance, budget and national planning, had said the government’s budget deficit is expected to exceed N12.42 trillion if the federal government keeps the petroleum subsidy for the entire 2023 fiscal cycle.
She said the new borrowings would come from local and international sources.
The minister said N9.32 trillion in new borrowings, comprising N7.4 trillion from domestic sources and N1.8 trillion from foreign sources, adding that the government is expected to generate N206.1 billion from privatisation proceeds and N1.7 trillion in multilateral project-tied loans.
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