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
Chart of 2023 Federal Government Budget breakdown

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
Breakdown of budgetary allocation to debt service in the 2023 Nigeria national Budget

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