The president's budget presentation, for N20.51 trillion, is the last one he will make before his term ends. The president claims that this budget's eighth designation is "Fiscal Sustainability and Transition."
The 2023 transition budget, according to the president's remarks to the MPs, was created to address important concerns and prepare the groundwork for the new administration.
In 2023, the president predicted that the total federally collectable revenue would be 16.87 trillion Naira, based on these fiscal hypotheses and factors. The President added that the expected total federally distributable revenue for 2023 is 11.09 trillion Naira, while the estimated total revenue available to cover the federal budget for 2023 is 9.73 trillion Naira. 63 government-owned enterprises' revenues are included in this, according to him.
The president also revealed that the predicted amount for oil revenue is 1.92 trillion Naira, while the estimated amount for non-oil taxes is 2.43 trillion Naira, and FGN 2.21 trillion Naira in independent revenues are anticipated. The other receipts amount to 762 billion Naira, while the GOEs' retained revenues reach N2.42 trillion Naira.
The 2023 Appropriation Bill seeks to retain MDAs' emphasis on the revenue side of the budget and gives internal income generation more priority, the president emphasized in his speech.