2023 Budget: Fed Govt projects 3.7% GDP, 17% inflation

The Federal Government is projecting 3.7% growth in Nigeria’s Gross Domestic Product (GDP), 17% inflation rate and 1.69 million barrel daily oil production in next year’s budget estimate.

President Muhammadu Buhari is scheduled to lay the  N19.76 trillion 2023 Budget estimates before lawmakers at a joint session of the National Assembly by 10 am on Friday.

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

The scheduled presentation is contained in a Presidential memo sent Senate President Ahmad Lawan and House of Representatives Speaker Femi Gbajabiamila.

The memo was read in both chambers of the National Assembly at plenary yesterday.

According to Lawan, the presentation by the President would be at the temporary chamber of the House of Representatives.


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