Minister of Finance, Dr Zainab Ahmed, says the projected budget deficit for 2023 is N11.30 trillion.
The Minister stated this while presenting the 2023-2025 Medium Term Expenditure Frame work MTEF to the House of Representatives Committee on Finance that if the government stopped funding subsidy in 2023, the deficit would be reduced by N3.35 trillion.
She said that inflation was expected to grow at an average rate of 17.16% in the year under review.
According to the Finance Minister, there was the upward pressure of prices which is expected to be driven by the current effect on global price surge due to the Russia/Ukraine war, the rising cost of imports as well as the exchange rate depreciation.
She noted that investments especially from foreign sources was expected to drag down by interest rate hike in advanced countries, foreign exchange management concerns and other domestic challenges including insecurity.
The Chairman House Committee on Finance, Mr James Faleke, expressed disappointment with the office of the Accountant General of the Federation for failing to provide details of remittances by revenue generating agencies during the public hearing.
Mr Faleke attributed it to the use of analogue method of record keeping by the office of the AGF.
He also directed the Federal Radio Corporation of Nigeria and the fiscal responsibility commission to reconcile their accounts and report back to the House next week.
Agencies that appeared before the committee included the Federal Radio Corporation of Nigeria FRCN, Federal Roads Safety Corps, Nigerian security and civil defense Corps and the Nigeria Customs service among others.
RN
