{"id":98813,"date":"2022-09-01T12:00:51","date_gmt":"2022-09-01T11:00:51","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=98813"},"modified":"2022-09-01T12:00:51","modified_gmt":"2022-09-01T11:00:51","slug":"2023-fg-budgets-n3-36trn-for-six-month-subsidy-payment","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/2023-fg-budgets-n3-36trn-for-six-month-subsidy-payment\/","title":{"rendered":"2023: FG Budgets N3.36trn For Six-month Subsidy Payment\u00a0"},"content":{"rendered":"<div id=\"m#msg-f:1742751898287710615\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\">The Federal Government has proposed to spend N3.36 trillion on fuel subsidy payment in 2023.<\/div>\n<div class=\"mail-message-content collapsible zoom-normal mail-show-images \">\n<div class=\"clear\">\n<div><\/div>\n<div>Petrol subsidy would remain up to mid-2023 sequel to the 18-month extension announced early in 2021.<\/div>\n<div><\/div>\n<div>The government is proposing to spend N19.76 trillion in 2023.<\/div>\n<div><\/div>\n<div>The 2023 budget, however, had a proposed deficit of N11.3 trillion.<\/div>\n<div><\/div>\n<div>Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, made the declaration in Abuja while addressing a sitting of the House of Representatives Committee on Finance on the 2023-2025 Medium Term Expenditure Framework.<\/div>\n<div><\/div>\n<div>Ahmed said the government was projecting revenue of N8.46 trillion for 2023; N1.9 trillion of which would come from oil-related sources while the balance would come from non-oil sources.<\/div>\n<div><\/div>\n<div>She said the budget would be premised on $70 per barrel of crude oil and an exchange rate of N435.57 to the dollar.<\/div>\n<div><\/div>\n<div>The minister said oil production for 2023 was pegged at 1.69 million barrels per day; a real GDP growth rate of 3.7 per cent and inflation rate of 17.16 per cent for the year.<\/div>\n<div><\/div>\n<div>The minister also told the session that there would be tighter enforcement of performance management framework for Government-owned Enterprises that would significantly increase operating surplus\/dividend remittances in 2023.<\/div>\n<div><\/div>\n<div>Ahmed assured that there were no projections that Nigeria would default in her debt services in the nearest future.<\/div>\n<div><\/div>\n<div>She assured also that while the amount currently used in debt servicing had overshot appropriation in the 2022 budget, systems had been put in place to manage the situation.<\/div>\n<div><\/div>\n<div>\u201cWe planned that 60 per cent of revenue would be spent on debt servicing, but in some months, the ratio went up to 90 per cent.<\/div>\n<div><\/div>\n<div>\u201cWe have been able to, consistently without fail, serviced our debt and we do not have any projections even in the near future that we will fail.<\/div>\n<div><\/div>\n<div>\u201cWe actually follow the Medium Term Debt Management Strategy very strictly; the debts are not taken haphazardly and they are planned.<\/div>\n<div><\/div>\n<div>\u201cThey are appropriated and then we borrow against appropriation,\u201d she stressed.<\/div>\n<div><\/div>\n<div>The minister acknowledged, however, that government was under pressure to manage debt servicing following the drop in revenue generation.<\/div>\n<div><\/div>\n<div>She called on the National Assembly and on other stakeholders to join government to increase revenue performance.<\/div>\n<div><\/div>\n<div>Earlier, Chairman of the Committee, Rep. James Faleke (APC-Lagos State) noted that Nigeria was short of revenue, and that so many things suffered when revenue was short.<\/div>\n<div><\/div>\n<div>The Debt Management Office had earlier stated that Nigeria\u2019s debt profile as at December 2021 stood at N39.55 trillion.<\/p>\n<div id=\"m_-2909947551453388137ymail_android_signature\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Federal Government has proposed to spend N3.36 trillion on fuel subsidy payment in 2023. Petrol subsidy would remain up to mid-2023 sequel to the 18-month extension announced early in&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":79718,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-98813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2023: FG Budgets N3.36trn For Six-month Subsidy Payment\u00a0 - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/2023-fg-budgets-n3-36trn-for-six-month-subsidy-payment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2023: FG Budgets N3.36trn For Six-month Subsidy Payment\u00a0 - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The Federal Government has proposed to spend N3.36 trillion on fuel subsidy payment in 2023. 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