Budget 2023

the defense and security sectors have received N2.98 trillion or 13.4 percent of the 2023 budget.

Ms. Zainab Ahmed, the Minister of Finance, Budget and National Planning, made this statement during a public presentation and distribution of the approved Federal Government of Nigeria Budget 2023 on Wednesday in Abuja.

The amount, including recurring and capital expenditures, is earmarked for the military, police, intelligence and paramilitaries.

As per the approved budget of the Federal Government of Nigeria for 2023, the allocations in the 2023 budget are referred to as critical sectoral allocations.

The second largest allocation went to the education sector with N1.79 trillion, representing 8.2 percent of the federal government budget.

The amount provided for the Federal Ministry of Education and its agencies, including recurring and capital expenditures, is N972.93 billion.

Also, the amount provided for the Universal Basic Education Commission (UBEC) is N103.29 billion.

In addition, transfers to the Tertiary Education Trust Fund (TETFUND) for infrastructure projects in tertiary institutions amount to N248.27 billion.

Moreover, the amount provided for tertiary education revitalization and salary increase is N470 billion.

Infrastructure was also allocated N1.24 trillion, representing 5.7 percent of the budget.

This includes working and housing facilities, energy, transportation, water resources and aviation.

However, the health sector received N1.15 trillion, representing 5.3 percent of the budget.

The amount provided for the Ministry of Health and its agencies is N1.02 trillion.

The amount includes recurring and capital expenses and risk compensation.

Also, the sum of N76.99 billion was allocated to Gavi/Immunization funds, including counterpart funding for donor-supported programs and Global Fund.

In addition, N51.64 billion was allocated as a transfer to the Basic Health Care Fund (BHCPF).

In addition, the social development and poverty alleviation programs were allocated N809.32 billion or 3.7 percent of the budget.

The amount was foreseen for social investment/poverty reduction programmes.

However, a total amount of N967.5 billion was envisaged for statutory transfers in the 2023 budget, an increase of N223.38 billion over the executive budget proposal.

The oil price benchmark has now been set at USD 75 per barrel.

According to the approved budget, some parameters underlying the projections for 2023 differ from those in the National Development Plan (NDP) 2021 to 2025.

They have been updated based on a combination of current reality and adjusted medium term outlook.

Growth is also expected to moderate to 3.30 percent in 2024, before picking up to 3.46 percent in 2025.

The inflation rate is expected to average 17.16 percent in 2023 and the 14.93 percent projected in the NDP for 2023.

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