She painted a gloomy picture on Monday, where she also revealed that budget deficit for the 2023 fiscal year may run between N11.30 trillion to N12.41 trillion depending on the choice that will be made by the government on the issue of subsidy payment on premium motor spirit otherwise known as petrol.
“In this scenario, the budget deficit is projected to be N11.30 trillion in 2023, up from N7.35 trillion in 2022. This represents 5.01 percent of the estimated GDP, above the 3 percent threshold stipulated in the Fiscal Responsibility Act, 2007.” On scenario two she said “in addition to subsidy reform, this scenario assume an aggregate implementation of cost to income limit of Government Owned Companies. With these, the 2023 FGN revenue is projected at N8.46 trillion out of which N.99 trillion or 23 percent is projected to come from oil revenue sources.”
She said investments, especially from foreign sources is expected to be dragged down by interest rate hikes in advanced economies, foreign exchange management concerns and other domestic challenges, including insecurity. She said revenue generation remains the major fiscal constraint of the federation, stressing that the systemic resource mobilization problem has been compounded by recent economic recessions.
“At 39 percent the oil and gas revenue as at April is at very low performance. We need to move oil and gas revenue to the threshold.
I thought they are leaving by 2023 or. . ...
Buh executing ur Stipends nd ur allowances Isn't mysterious aje
Aboki don spend money finish.