President Muhammadu Buhari on Friday presented before the two chambers of the National Assembly.

The total budget for 2023 is estimated at N20.5 trillion.

According to the president, this 8th financial blueprint of his administration is tagged the budget of Fiscal Sustainability and transition.

He said that based on the parameters and fiscal assumptions, the revenue generation should hit about N16.87 trillion.

A breakdown of the budget shows that N744.11 billion was earmarked for statutory transfers, N8.27 trillion for non-debt recurrent costs, N1.1 trillion for overhead costs, and N5.35 trillion for capital expenditure.

“We expect the total fiscal operations of the federal government to result in a deficit of N10.78 trillion,” Buhari said.

“This represents 4.78 percent of estimated GDP, slightly above the 3 percent threshold set by the Fiscal Responsibility Act 2007.

“As envisaged by the law, we need to exceed this threshold considering the need to continue to tackle the existential security challenges facing the country.”

The president explained that the budget deficit will be financed mainly through borrowings.

He said this would include new borrowings totalling N8.80 trillion, N206.18 billion from privatisation proceeds and N1.77 trillion drawdowns on bilateral/multilateral loans secured for specific development projects/programmes.