ABUJA, Oct. 7 (Xinhua) -- Nigerian President Muhammadu Buhari on Friday presented the country's 2023 appropriation bill to the tune of 20.51 trillion naira (around 47 billion U.S. dollars) to a joint session of the bicameral legislature in the capital, Abuja.
The 2023 budget spending, up from 17.32 trillion naira for 2022, according to Buhari, will focus on maintaining financial viability and ensure a smooth transition to the next administration, as the most populous African country prepares for general elections and transfer of power early next year.
"Against the backdrop of the challenging global and domestic economic environment, it is imperative that we strengthen our macroeconomic environment and address subsisting challenges as a country," the Nigerian leader said.
With daily oil production of 1.69 million barrels per day expected, Buhari said the 2023 national budget projected the oil price benchmark of 70 dollars per barrel, a Gross Domestic Product (GDP) growth rate of 3.75 percent, and a 17.16 percent inflation rate.
Based on these fiscal assumptions and parameters, total federally-collectible revenue is estimated at 16.87 trillion naira in 2023, the president said.
"As we seek to grow our government revenues, we must also focus on the efficiency of utilization of our limited resources," he said. "Critical steps we are taking include immediate implementation of additional measures towards reducing the cost of governance and the discontinuation of fuel subsidy in 2023 as announced earlier."
Due to revenue shortfalls, which he described as "the greatest threat to Nigeria's fiscal viability," Buhari said the government was accelerating efforts toward ensuring that all taxable Nigerians declare income from all sources and pay taxes due to the appropriate authorities. ■