USA Africa Dialogue Series - Nigeria’s 2023 Budget

*2023 FEDERAL GOVT PROPOSED BUDGET*

HOW MUCH TO BE SPENT: ₦20.51 trillion
-Statutory Transfers: ₦744.1b
-Debt Service: ₦6.56tn
-Recurrent Exp: ₦8.27tn
-Capital Exp: ₦4.93tn

WHERE THE BUDGETED MONEY WILL COME FROM:
-Revenue: ₦9.73tn
-Surplus/Deficit: ₦10.78tn

SUMMARY EXPLAINER

The FG plans to spend ₦20.51 trillion in 2023.

The ₦20.51 trillion will come from 2 sources:
1) FG generated revenues - ₦9.73 trillion
2) Deficit financing - ₦10.78 trillion

1) Means: money from Oil, taxes, Aids & Grants, MDAs IGRs, etc.

2) Means: money from Debts, Asset sales/privatization, and Multi/Bilateral project-tied loans.

52.5% of 2023 budget will be sourced from 2) above - at least ₦8.80 trillion will be funded through debt and ₦1.77 trillion from project-tied loans.

#StatiSense


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