President Muhammadu Buhari is proposing the sum of N100bn for the 2023 general election, according to the revised Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
The President also requested that the proposed 2023 budget estimates be raised to N16.4trn.
This was contained in the letter read by Ovie Omo-Agege, Deputy Senate President while he presided over the plenary on Tuesday.
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The Federal Executive Council (FEC) had in July approved N13.98trn for the proposed 2022 budget.
The letter sent to the Senate by the President noted that the adjustment would also reflect “the new fiscal terms in the Petroleum Industry Act (PIA).”
Buhari continued, “The PIA establishes a progressive fiscal framework aimed at encouraging investment in the Nigerian petroleum industry.
“This significantly alters the oil and gas fiscal terms and has necessitated changes in the 2022-2024 Medium Term Fiscal Framework.”
A breakdown further revealed that N50bn was set aside for the Police Operations Fund and N510bn in the Service Wide Votes.
The letter read, “The increase in expenditure is due to; N100bn additional provision to INEC, to cater for the 2023 general election.
“The provision of N54bn to NASENI, which represents one per cent FGN share of federation account.
“Additional provision of N510bn in the Service Wide Votes to cater for National poverty reduction with growth strategy (N300bn), Police Operations Fund (N50bn), Hazard Allowance for Health Workers (N50bn), Public Service Wage Adjustments (additional N80bn), and MDAs’ Electricity Bills Debt (additional N37bn).
“Additional capital provision of N1.7trn, attributed to projected increases in the budget.”
According to the Nigerian President, net oil and gas revenue will decline by N5.42bn in 2022.
