Budget: FG spent N12.87 billion vs. N17.126 billion budgeted for 2022

The Nigerian government revealed that it spent 12.87 trillion naira against the 17.126 trillion naira budgeted for 2022 as of November 30, 2022.

This was revealed by Nigerian Finance Minister Mrs. Zainab Ahmed at the public presentation and breakdown of the federal government’s approved budget for 2023 on Wednesday in Abuja.

The minister noted that the minister said that the fiscal deficit for 2022 was estimated at N8.17 trillion including the supplementary budget.

debt service: The Minister stated that N5.24 billion was spent on debt service during the period.

  • “Actual spending as of November 30 was N12.87 trillion.
  • “Of this amount, N5.24 billion was for debt service; 3.94 trillion naira for staff costs, including pensions; Expenditures from statutory transfers, overhead and votes across the service totaled N1.81 trillion; and N1.88 billion was freed up for capital expenditures.”

Fiscal deficit: He added that the fiscal deficit for the period was N6.37 trillion, citing that the fiscal deficit for 2022 was estimated at N8.17 trillion including the supplementary budget.

“The deficit was financed entirely by borrowing, mostly from internal sources.”

2023 Budget deficit: The Nigerian government revealed that the 2023 budget which was approved at N21.82 trillion will have a budget deficit of N11.34 trillion which would be financed through domestic and foreign sources and also multilateral and bilateral loan withdrawals.

The Minister said that at N6.31 trillion, the debt service is 29% of public spending.

  • “This is 71% higher than the estimate for 2022, including the N1.2 trillion interest payment on CBN overdrafts called ways and means loans.
  • “You will see that the legal transfer is N967 billion, and the debt service is N6.3 billion, higher than the N3.685 billion projected in 2022 budgeted”
  • Ahmed revealed that non-debt recurring spending increased from N7.108 trillion to N8.32 trillion and also aggregate capex decreased from N6.681 trillion to N6.445 trillion..

what you should know

Nairametry reported that Nigerian Finance Minister Ms. Zainab Ahmed revealed that only N3.36 trillion has been earmarked for fuel subsidies in Nigeria’s budget for 2023.

The Minister said that fuel subsidy payments will continue until mid-2023, based on the 18-month extension announced in early 2022. This means that fuel subsidy payments will be suspended in June 2023. , after a new administration has been inaugurated following the result of the general elections in February-March 2023.

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