The Federal Government of Nigeria has said that 10.49 trillion naira is available to fund the 2023 budget of 21.82 trillion naira.
The Federal Ministry of Finance Budget and National Planning also said that it has been able to sustain higher percentage of 78 percent from the non oil revenue sources against 22 percent from the oil sector.
The Minister of Finance, Budget and National Planning Dr. Zainab Ahmed stated this during the public presentation and break down of the 2023 Appropriation Bill in Abuja.
Mrs Zainab Ahmed in her presentation said the physical deficit for 2023 budget stood at 11.34 trillion and will be financed by borrowings of 7.04 trillion from domestic sources, while 1.76 trillion will be from foreign sources and 1.77 trillion from multilateral bilateral loans drawdowns.
Speaking on the debt management she Nigeria is still going to utilize its debt management tools to streamline the cost and risk profile through consession borrowings.
She said the tradition of the finance bill signed into law is targeted to implement the budget which she noted will ensure tax equity.