Oil and Gas

2023 budget: FG projects 1.69m oil barrels daily

Ahead of the presentation of the 2023 budget to lawmakers, a report has revealed that the Federal Government is projecting the production of 1.69 million barrels of oil daily.

This is as the President, General Muhammadu Buhari (retd), is scheduled to present the N19.76 trillion 2023 Budget estimates before lawmakers at a joint session of the National Assembly by 10 am on Friday.

The Nation reported that the projected budget estimates include a 3.7 per cent growth in Nigeria’s Gross Domestic Product and a 17 per cent inflation rate.

According to The Nation, The government is also pegging the oil price at $70 per barrel in the Appropriation Bill has between N11.30 trillion and N12.41 trillion deficit.

The President’s scheduled presentation was contained in a Presidential memo sent to the Senate President, Ahmad Lawan and House of Representatives Speaker, Femi Gbajabiamila, and was read in both chambers of the National Assembly during their plenary sessions on Tuesday.

Lawan made it known that the presentation by the President would be at the temporary chamber of the House of Representatives.

He also said arrangements would be made to accommodate all the senators, who would be present at the presentation venue in the procession.

The choice that would be made by the Federal Government on the subsidy payment would determine the amount of deficit in the proposed Appropriation Bill.

In a report gathered by The Nation, the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper, interaction with the Senate Committee on Finance, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, gave a breakdown of the aggregate expenditure of the N19.76 trillion for the next fiscal year.

According to her, the federal government was projecting total revenue of N8.46 trillion, out of which N1.9 trillion was expected to come from oil-related sources and the balance from non-oil sources.

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