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House of Reps passes 2023 budget of N21.83trn

The lower chamber of the National Assembly has passed N21.83 trillion as the 2023 budget.

By TechnocratMedia

The lower chamber of the National Assembly has passed N21.83 trillion as the 2023 budget.

The 2023 appropriation bill was passed on Wednesday after Muktar Betara, chairman of the committee on appropriations, presented a report on the budget proposal.

The lower house increased the budget by N1.33 trillion.

In the passed budget, N6,557,597,611,797 is for debt service; N8,329,370,195,637 is for recurrent (non-debt) expenditure; while the sum of N5,972,734,929,421 is for contribution to the development fund for capital expenditure.

In October, the president presented an N20.05 trillion budget proposal to the joint session of the National Assembly.

The federal government had proposed an oil benchmark fixed at $70 per barrel, but the lawmakers while passing the Medium Term Expenditure Framework (MTEF), raised the oil benchmark to $73 a barrel.

The executive also put the daily oil production estimate of 1.69 million barrels (inclusive of condensates of 300,000 to 400,000 barrels daily) at an exchange rate of N435.57/$.

The gross domestic product (GDP) growth rate is projected at 3.75 per cent, with a 17.16 per cent inflation rate.

The Senate is expected to pass the 2023 budget proposal this week and the final version passed by both chambers will be transmitted to the president for assent on or before December 31. 

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