FEC approves N19.76trn budget for 2023

The Federal Executive Council (FEC) has approved N19.76 trillion as budget estimate for the 2023 fiscal year.

The estimate has a deficit of about N12.41 trillion.

The budget estimate is to be presented to the National Assembly on Friday, October 7.

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

Adesina confirmed that Buhari would 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.

The presidential spokesperson said: “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.”

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.

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