President Muhammadu Buhari is to present the N19.76 2023 budget proposal to the joint session of the National Assembly this Friday.
This development was contained in a letter from the president read by the senate president, Ahmad Lawan on Tuesday.
The president is expected to be in the house of representatives by 10.00 am for the presentation.
According to the letter, the federal government is proposing $70 per barrel as a benchmark and pegging production at 1.69 million barrels per day.
Speaking on the proposed budget for 2023, 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 government would access new borrowings 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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