FEC okays N19.76tln for 2023 budget, to be presented on Oct. 7

Ahead of its presentation before the National Assembly on October 7, the Federal Executive Council (FEC) approved the 2023 budget estimates.

The federal government, Persecondnews gathered, is proposing an aggregate expenditure of N19.76 trillion for the 2023 fiscal year with a budget deficit of about N12.41 trillion.

In the current fiscal year, the Appropriation Act is N17. 127 trillion, an increase of N735. 85 billion over the initial proposal by the Executive for a total expenditure of N16. 391 trillion.

Mr Femi Adesina, the Special Adviser to the President on Media and Publicity,  disclosed this to State House correspondents at the end of Wednesday’s FEC meeting chaired by President Muhammadu Buhari.

Adesina confirmed that Buhari will lay the budget proposal before a joint session of the National Assembly on Friday.

He said: “It was virtually a one item Federal Executive Council meeting in which the budget proposals for 2023 was presented and discussed at length.

“That budget proposal would be taken to the National Assembly on Friday morning by the President.”

Adesina, however, did not give details of the budget as “a mark of respect” for the National Assembly.

“It will not be proper to begin to discuss the content of what will be officially presented on Friday.

“We want to give the National Assembly the honour of receiving it first then there will be a breakdown on  a later date by the Minister of Finance,” said the presidential spokesman.