Senate Disagrees with Finance Minister Over N12.43trillion Budget Deficit

The Senate has disagreed with the Minister of Finance, Budget and National Planning, Zainab Ahmed, and Heads of Revenue generating agencies in the Country on the proposed 2023–2025   Medium Term Expenditure Framework and Fiscal Strategy Paper.

During an interactive session held on Tuesday, Ahmed informed the Senate Finance Committee that the proposed N19.76trillion budget for 2023 would have a deficit of N12.43trillion as a result of projected N6trillion tax and import duty waivers and fuel subsidy of over N6trillion if retained for the whole year.

Meanwhile, the Committee Chairman on Finance, Olamilekan Adeola, told the Minister that both the projected budget deficit and import duty waivers be reviewed downwards before sending the proposals to the National Assembly for consideration and approval.