Prior to the President presenting his proposed budget for 2023, the Senate adopted the Fiscal Strategic Paper and the 23-25 Medium Term Expenditure Framework.
After discussing the report, the Senate agreed to the benchmark oil price of $73 per barrel for 2023 and upheld the N437. 57 to $1 exchange rate that was stated in the MTEF/FSP papers.
The N3.6 trillion petroleum product subsidy authorized by the Senate for 2023. Retained income of N9. 352 trillion due to a rise in the oil benchmark, fiscal deficit of N10. 563 trillion, statutory transfers of N722.11 billion, estimated debt service of N6. 31 trillion, and sinking fund of N247.7 billion.
