The rigmarole in the management of the country’s public finance since 2015 came to its climax with the recent announcement by the Federal Minister of Finance, Zainab Ahmed, that government plans to borrow a whopping N11.3 trillion to finance the 2023 federal budget. This projected budget deficit stands at about 5.5 per cent of the gross domestic product and is way above the three per cent benchmark set in the country’s 2007 Fiscal Responsibility Act.
According to the presentation before the House Committee on Finance, the projections made for the 2023 budget were based on two different scenario: If the fuel subsidy regime is terminated in June 2023 or if it is sustained throughout 2023. The quagmire here is that the level of the deficit, either way, is an outcome of government’s lack of political will to address this lingering economic challenge in the past seven years of it being in power.
The other projected estimates for the 2023 budget are also worrisome. The oil production estimate has been set at 1.69 million barrels per day which is a far cry from the over two million barrels per day usually received as production quota from the Organisation of Petroleum Exporting Countries . Even over the past few months, the country has been producing below its OPEC quota due to an increasing spate of oil theft which the government seemingly appears incapable of arresting.
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