Dear Nigerians,
On Jan 3, @MBuhari signed the 2023 Appropriation Bill of N21.83tn into law, Nigeria’s largest budget in history & the last of his administration. The budget is based on a N10.49tn revenue, and N11.34tn deficit.
Where will this money come from? 1/5 #AskQuestion
From the total revenue of N10.49tn, independent revenue has the highest share of N2.62tn, Non-oil Revenue has N2.43tn, while N2.23tn will be gotten from oil revenue. Retained Revenue from GOEs is N2.42tn, and other revenue will generate N794.13bn. 2/5
Of the N21.83tn budget, recurrent expenditure has the highest allocation of N8.33tn, gulping nearly 40% of the budget. This includes a personnel cost of N5.02tn, overhead cost of N1.11tn, statutory deductions of N967.49bn & pension, gratuity & retirees benefit at N854.81tn…3/5
...N6.31tn has been earmarked for debt service, representing approximately 29%, while capital expenditure has 27% of the budget at N6.45tn. 4/5
The 2023 budget is based on oil production of 1.69 million barrels per day at $75 per barrel. The projected GDP growth will be at 3.75%, with an exchange rate of N435.57/$ and an inflation rate of 17.16%. 5/5.
A detailed analysis of the budget is ongoing and will be out soon.
Kindly note that the pension, gratuity and retirees benefit which forms part of the recurrent expenditure is N854.81bn.
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.