Breakdown of the 2023 Federal Government Budget in charts
The National Assembly yesterday passed into law the 2023 Federal Government of Nigeria budget with a total financial allocation of N21.82 trillion.
Below is the chart of the budgetary allocations by the major budget headings of Statutory allocations, Capital Expenditure, Debt Service and Recurrent expenditure respectively
![2023 Federal Government of Nigeria Budget breakdown](https://businesstrumpet.com/wp-content/uploads/2022/12/2023-Federal-Government-of-Nigeria-Budget-breakdown-1024x661.png)
The key assumptions of the 2023 Budget of the Federal Government of Nigeria are:
- Total 2023 budget – N21.82 trillion
- Oil price benchmark – $75 per barrel
- Oil production – 1.69 million barrels barrels per day
- Exchange rate of the Naira – N435.57 to the $1
- Target inflation rate – 17.16%
- Projected economic growth rate – 3.75%
- Expected aggregate Federal revenue – N9.73 trillion
- expected oil revenue – N1.92 trillion
- Non oil taxes – N2.43 trillion
- FGN Independent revenue – N2.21 trillion
- Revenue from Government Owned Enterprises – N2.42 trillion
- Other Revenues – N762 billion
- Budget deficit – N10.78 trillion
- Allocation Recurrent Expenditure – N8.32 trillion
- Allocation to debt Service – N6.55 trillion
- Allocation to Capital Expenditure – N5.97 trillion
- Allocation to statutory transfer – N967.48 billion
![Breakdown of budgetary allocation to debt service in the 2023 Nigeria national Budget](https://businesstrumpet.com/wp-content/uploads/2022/12/Breakdown-of-budgetary-allocation-to-debt-service-in-the-2023-Nigeria-national-Budget-1024x661.png)
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