2023 Budget: Federal Government Plans to Borrow More
President Mohammadu Buhari

The federal government of Nigeria has said that 10.49 trillion naira is available to fund the 2023 budget of 21.82 trillion naira.

The ministry of finance budget and national planning also said that it has been able to sustain high percentage of 78 per cent from the non oil revenue sources against 22 percent from the oil sector.

The minister of finance, budget and national planning Dr. Zainab Ahmed started this during public presentation and break down of the 2023 Appropriation Bill in Abuja.

According to the Debt Msmagment Office of Nigeria, the Total Public Debt Stock, representing the Domestic and External Debt of the Federal Government of Nigeria (FGN) and the (36) State Governments and the FCT as at 30th of June 2022 was N42.84 trillion this figure is expected to increase this year due to additional borrowing to fund the 2023 budget.

Mrs Zainab Ahmed in her presentation said the physical deficit for 2023 budget stood at 11.34 trillion and will be financed by borrowings of 7.04 trillion from domestic sources 1.76 trillion from foreign sources and 1.77 trillion from multilateral bilateral loans drawdowns. While speaking on the debt management strategy of the government she said the Nigeria is committed to utilize it debt management tools to streamline the cost and risk profile through concessional borrowings.

She said the tradition of the finance bill signed into law is targeted to implement the budget which will ensure tax equity and that 35 percent of the electronic money transfer levy is also to be shared with the local government.

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