2023 budget: Reps begin consideration of N20.51trn proposed expenditure today

MEMBERS of the House of Representatives will today Wednesday commence debate on the general principles of the N20.51 trillion Appropriation Bill presented to the joint session of the National Assembly by President Muhammadu Buhari last Friday. 

The budget proposal is N750 billion above the N19.76 trillion approved by the Senate and House of Representatives in the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) passed by the Senate and House. 

A breakdown of the 2023 budget parameters and fiscal assumptions showed that $70 oil price benchmark; 1.69 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day) daily oil production; N435.57/$ Exchange rate; 3.75 per cent Projected GDP growth rate and 17.16 per cent inflation rate. 

The proposed N20.51 trillion expenditure for the 2023 fiscal year, comprises of N10.78 trillion fiscal deficit representing 4.78 per cent of estimated GDP, above the three per cent; statutory transfers of N744.11 billion; non-debt recurrent costs of N8.27 trillion; personnel costs of N4.99 trillion; pensions, gratuities and retirees’ benefits of N854.8 billion; overheads of N1.11 trillion; capital expenditure of N5.35 trillion, including the capital component of statutory transfers; debt service of N6.31 trillion; and sinking fund of N247.73 billion to retire certain maturing bonds according to the budget estimates joint session of the National Assembly. 

According to him, based on these fiscal assumptions and parameters, total federally-collectible revenue is estimated at N16.87 trillion; total federally distributable revenue is estimated at N11.09 trillion in 2023, while total revenue available to fund the 2023 Federal Budget is estimated at N9.73 trillion including the revenues of 63 government-Owned Enterprises. 

“Oil revenue is projected at N1.92 trillion, non-oil taxes are estimated at N2.43 trillion, FGN Independent revenues are projected to be N2.21 trillion; other revenues total N762 billion, while the retained revenues of the GOEs amount to N2.42 trillion.” 

Further breakdown of the expenditure proposals including recurrent, overhead and capital expenditures showed that Federal Ministry of Finance, Budget & National Planning got the highest share of N10,101,444,709,834 followed by Federal Ministry of Defence – N1,248,170,610,116; Federal Ministry of Education – N1,078,421,185,229; and Federal Ministry of Health – N1,097,703,830,504, respectively. 

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The presidency proposed the sum of N133,730,697,750; National Assembly – N169 billion; Judiciary – N150 billion; Ministry of Foreign Affairs – N98,114,501,448; Federal Ministry of Information and Culture – N64,239,951,994; Ministry of Interior – N304,395,280,926; Office of the Head of Civil Service of the Federation – N12,698,620,521; Auditor-General for the Federation – N5,112,583,323; Public Complaints Commission – N10,690 billion; Federal Civil Service Commission (FCSC)- N1,481,847,233; Independent National Electoral Commission (INEC) – N50 billion; Federal Character Commission – N3,762,247,406; and Federal Ministry of Police Affairs – N813,912,057,660. Federal Ministry of Communications and Digital Economy – N46,480,627,751; National Security Adviser – N195,018,151,836; Code of Conduct Tribunal – N902,756,502; Infrastructure Concession Regulatory – N1,437,973,172; Police Service Commission – N1,026,626,250; Secretary to the Government of the Federation (SGF)- N90,506,027,316; Federal Ministry of Special Duties and Inter-Governmental Affairs – N5,522,291,222; Federal Ministry of Agriculture And Rural Development – N228,428,688,402; Federal Ministry of Industry, Trade and Investment – N42,738,715,093; Federal Ministry of Labour and Employment – N21,321,652,639 and Federal Ministry of Science, Technology and Innovation – N76,274,953,833. Federal Ministry of Transport proposed the sum of N126,532,023,138; Federal Ministry of Aviation – N96,398,200,287; Federal Ministry of Power – N239,506,204,145; Federal Ministry of Petroleum Resources – N34,207,414,787; Federal Ministry of Mines and Steel Development – N37,201,780,977; Federal Ministry of Works and Housing – N356,031,701,295; National Salaries, Incomes and Wages Commission – N986,087,338; Revenue Mobilisation, Allocation and Fiscal Commission – N2,709,794,428; Fiscal Responsibility Commission – N827,392,367; Federal Ministry of Water Resources – N212,140,279,334; Independent Corrupt Practices and Related Offences Commission – N13,765,467,681; Code of Conduct Bureau – N2,695,695,014; Federal Capital Territory Administration (FCTA)- N13,474,499,132; and Federal Ministry of Niger Delta – N127,041,796,001. 

Federal Ministry of Youth & Sports Development – N191,924,649,082; Federal Ministry of Women Affairs – N17,183,710,715; Federal Ministry of Justice – N71,291,012,971; Federal Ministry of Environment – N79,375,746,176; National Population Commission – N10,326,055,574; and Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development proposed the sum of N355,093,601,378. 

The Deputy Speaker, Honourable Idris Wase, who announced the date for the debate, said it would have been done today but it was not listed in the order paper. In his remarks, chairman Committee on Rules and Business, Honourable Abubakar Fulata, reminded the deputy speaker that they did not have copies of the main budget yet. 

While responding, the Majority Leader, Honourable Alhassan Ado-Doguwa said the chairman, House Committee on Appropriation, Honourable Muktar Betara should take note and do the needful. 

While ruling, Honourable Wase, who observed that the House is passing the budget for Nigerians, urged Fulata to ensure everyone gets at least a copy of President Buhari’s speech even if the budget copy is not ready.