Federal Government says N3.36tn has been allocated for fuel subsidy in 2023 as Nigeria’s debt profile hits $102bn.
The Minister of Finance, Zainab Ahmed, who made this known on Wednesday in Abuja, also said the 2023 budget proposal had a budget deficit of 10.78 trillion Naira.
She explained that this would be funded through domestic and multilateral borrowings and proceeds from privatization.
According to her, of Nigeria’s $102bn debt, 35% is foreign and 65% is domestic, adding that the current public debt is at 23% of the country’s gross domestic product.
The minister also said the 2023 budget also factored in 17.16% inflation.
‘The draft 2023 budget has been prepared on the background of international challenges such as the Russia-Ukraine war and the COVID-19 pandemic, saying that revenue generation has been a major challenge to national development in the country” she explained.
On the allocations for critical sectors, the Minister said the sum of 2.05 trillion naira was allocated to education and 1.58 trillion naira to health.
Hajiya Zainab added that 2.74 trillion naira was allocated to defense and security, infrastructure got 998.9 billion naira while social development and poverty reduction was 756 billion naira.
Ctv
