President Muhammadu Buhari will present the 2023 Appropriations bill to a joint session of the National Assembly on Friday.
The Appropriations bill will contain budget proposals for the 2023 fiscal year.
President of the Senate, Ahmad Lawan made this known at the commencement of Tuesday’s plenary, when he read a letter sent by the President.
He said arrangements had been concluded for the venue to accommodate all the lawmakers, the President and his delegation.
The formal budget presentation is scheduled for 10 a.m.
It will be the last main budget Mr Buhari will be present because he will leave office on 29 May 2023 when his second four year term will end.
The federal government is already proposing an aggregate expenditure of N19.76 trillion for the 2023 fiscal year with a budget deficit of about N12.41 trillion.
Some key assumptions in the proposal include an estimated oil benchmark of $70, crude oil production put at 1.69mbpd, exchange rate of N435.57/$ and inflation rate at 17.16 per cent.
The federal government pegged growth rate at 3.75 per cent because it believes that “Growth is expected to be moderated to 3.30% in 2024 before picking up to 3.46% in 2025.”
The Minister of Finance, Zainab Ahmed, had disclosed that the federal government will borrow over N11 trillion and sell national assets to finance the budget deficit in 2023.
The budget deficit, she said, will exceed N12.42 trillion, should it keep the petroleum subsidy for the entire 2023 fiscal cycle.