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Nigeria’s Buhari to present 2023 budget on Friday, fuel subsidy in focus

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Reuters

Reuters

ABUJA — Nigeria’s President Muhammadu Buhari will present the 2023 national budget to a joint sitting of parliament on Friday, his spokesman said, the last spending plans by his administration ahead of a February election to choose a new leader.

Femi Adesina told reporters that the budget was discussed and adopted at Wednesday’s weekly cabinet meeting but declined to share details as per past practice.

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In its medium term expenditure strategy paper released in July, the ministry of finance said the budget could rise to 20 trillion naira ($46.5 billion), with the fuel subsidy cost soaring if it was retained for the whole of next year.

The market will be watching for the size of the subsidy, which is already becoming a major campaign issue, and how it will impact the budget deficit as well as the administration’s borrowing plans. (Reporting by Felix Onuah; Editing by Alex Richardson)