The Senate yesterday rejected a report by its Committee on Finance to reduce N3.6 trillion proposed for subsidy in the 2023 budget by the executive to
Others are the Federal Inland Revenue Service , Nigeria Customs Service , National Agency for Food and Drug Administration and Control , Nigeria Upstream Petroleum Regulatory Commission and Nigerian Midstream and Downstream Petroleum Regulatory Agency .
The scenario has a proposed total expenditure profile of N19.76 trillion and deficit of N11.30 trillion as against scenario one which has a proposed total expenditure profile of N18.75 trillion with deficit of N12.41 trillion and zero allocation for capital projects for the MDAs. Senator Adeola in his response to the reservation, said the committee attempted to increase the exchange rate from N437 to N550 to a US dollar but threaded caution, in avoiding further devaluation of the Naira.
posals of the 2023 budget scheduled for presentation to the joint session of the National Assembly Friday this week.The federal executive council has approved the 2023 budget proposal in time for presentation to the National Assembly on Friday. He said “It was virtually one item for the executive council meeting in which the budget proposals for 2023 were presented and discussed, at length.
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