News
2023 budget amplifies troubling fiscal outlook for Nigeria economy – Expert
By Adeleye Kunle
Reactions have continued to trail the proposed N20.51 trillion 2023 national budget with an oil benchmark fixed at $70 per barrel.
The Chief Executive Officer(CEO), Centre for the
Promotion of Private Enterprise (CPPE), Dr Muda Yusuf in a chat with Daily Post on Friday said the budget has amplified a troubling fiscal outlook for Nigeria economy.
Muda disclosed that the Central Bank of Nigeria(CBN) may likely finance the coming year’s fiscal deficit given the country’s dwindling revenue performance trajectory.
Yusuf who was also the former Director General Lagos Chamber of Commerce and Industry (LCCI) further revealed that Nigeria’s debt profile may hit N70trillion by the end of 2023 if caution is not taken.
He suggested that the government should focus on returns on investment from its assets especially within the maritime, oil and gas enterprises.
“The 2023 federal government budget has further amplified the troubling fiscal outlook for the economy. Expenditure continues to accelerate amid consistent weak revenue performance.
“We have a budget of 20.51 trillion naira and revenue projection of 9.73 trillion naira. This is a deficit of 10.78 trillion. In all probability, the deficit will be much bigger by year end because of the track record of revenue under performance over the last couple of years
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