Both the Senate and the House, within the week, passed the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), in preparation for the presentation.
All is set for President Muhammadu Buhari to present the 2023 budget to the National Assembly today.
It would be his last budget presentation to the lawmakers as his administration leaves office in May next year.
The presentation will be done before a joint session of the Senate and the House of Representatives.
In a letter to both Chambers on Tuesday, Mr Buhari informed the lawmakers of his intention to appear before them to present the Appropriation Bill.
The president is expected to arrive at the legislative complex at about 10 a.m for the session that may likely last for an hour.
Both the Senate and the House, within the week, passed the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), in preparation for the presentation.
The MTEF/FSP is a document that contains parameters upon which the annual budget is prepared.
According to the document approved by the lawmakers, the estimated expenditure for the 2023 fiscal year is N19.7 trillion with Total Recurrent (Non-debt) of N8.53 trillion; Personnel Costs (MDAs) of N827.8 billion; and Capital expenditure (exclusive of Transfers) N3.96 trillion.
The benchmark for the price of crude oil is put at $73 per barrel for 2023, the exchange rate at N437.57 and daily oil production of 1.69mbpd, 1.83mbpd, and 1.83mbpd for 2023, 2024 and 2025 respectively.
Mr Buhari is expected to address, in his speech, the federal government's plan for fuel subsidy in the coming year as well as preparations for the general election.
The National Assembly complex has been undergoing renovation for over two months and lawmakers have used hearing rooms for plenary since they resumed from their recess. It is in one of these rooms at the House wing that the budget presentation will hold.
Security has been beefed up at the complex ahead of the president's arrival and access to visitors has been restricted.
Both chambers will carry on with their plenary sessions from 9:00 a.m. until about 10:00 a.m. and thereafter converge at the lower chamber to await the president's arrival.
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10.58 am Mr Buhari said the nation's debt position remains within acceptable limit. Adding that debt is within limit compared to other countries
He stated that the revenue and debt ratio need close monitoring. He noted that revenue short fall remains the biggest risk.
He stated that the government is monitoring IGR of MDAs and urged payment of taxes by individual and corporate entities.
Reducing government spending drastically could have effect on the people, he stated.
10.52 am Mr Buharistated that the underperformance of the oil sector affected revenue drive of the country in 2022. He said as of July N8.2 trillion spent out of the N17.69trillion budget. He added that despite the challenges Nigeria met its debt obligations.
10.49am "We have issued 11 presidential executive orders," Mr Buhari disclosed.
He noted that the executive orders have ensured improvement in budget process, local content development and ensure public sanitation.
Mr President said the achievements have only been possible because of the collaboration of the National Assembly.
He said the 2023 budget was prepared amid challenging environment due to the global instability.
He highlighted the 3.5 % GDP growth in the last quarter. Adding that the fiscal policy of the government helped to address inflation.
Mr Buhari acknowledged the high unemployment, noting that ongoing interventions will help youth with skill.
10.41 am He listed the passage of the FCCPC, NFIU BOFIA and other Acts as part of efforts to ensure sustainable public sector.
Mr Buhari also highlighted the PIA as one of the landmark legislations of his administration.
10.39 a.m. The president also spoke about clean and sustainable power interventions in schools and markets.
He noted that in terms of good governance, successive governments failed to drive reforms.
He stated that the government is working to bequeath reforms of public sector on incoming government.
10:38 a.m. President Buhari begins the budget presentation, says 'This is the last time I will be laying the budget.
As I address this session for the last time, let me highlight the progress made so far.
We have made transformation adjustment in infrastructure development.
We have facilitated the completion of Second Niger Bridge, Lagos-Ibadan Express Way and Abuja-Kaduna Kano road.
We have used tax credit to facilitate several roads.
The Central Bank has been very impactful in financing interventions.
10.36 a.m. The economic is still challenged, Mr Lawan says.
He decries the daily loss of oil which is Nigeria's major source of income.
He says the situation has worsened with oil loss going up to 1 million barrels per day - a monumental loss, he says.
He says oil thieves are the worst enemies of Nigeria and have declared war on the country and the government.
"It is time to take drastic and desperate measures against the thieves," he said. "We can reduce deficit by stopping the thieves."
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He suggests that agencies like the NCC, NIMASA, NPA be given power to generate their own revenues.
He urges the president to ensure that the 2023 budget is geared towards completion of ongoing projects.
He commends the security agencies for recording great successes in thier fight against insecurity.
He also calls on the government to help tackle natural disasters like floods - that have been raised by climate change.
10:17 a.m. Senate President, Ahmad Lawan, reads his opening address.
He welcomes the president to the fourth joint session of the ninth National Assembly.
He praises the executive arm for its cooperation in returning the budget cycle to January-December.
The ninth assembly, he said, has been consistent in considering and passing the budget on time.
10:15 a.m. Uyim Idem (PDP, Akwa Ibom) leads the Christian prayer.
10:13 a.m. Senator Sahabi Ya'u leads the Islamic opening prayer.
10:07 a.m. Buhari arrives the chamber for the presentation of the 2023 budget to a joint session of the legislature.
10:09 a.m. Presentation begins with the National Anthem.
9:32 a.m. Senate Leader, Ibrahim Gobir moves that the Senate adjourns to sit in a joint session with the House of Representatives to receive the president on the 2023 Appropriation Bill.
Minority Leader, Philips Aduda seconds.
