SENATE, MINISTER DISAGREE OVER N12.43TN BUDGET DEFICIT.

The Senate, through its Committee on Finance, has disagreed with the Minister of Finance, Budget and National Planning, Zainab Ahmed, as well as heads of revenue generating agencies in the country on the proposed 2023 – 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper.

The finance minister at the interactive session held on Tuesday informed the committee that the proposed 19.76 trillion naira budget for 2023 would have a deficit of 12.43 trillion naira as a result of projected 6 trillion naira tax and import duty waivers as well as fuel subsidy of over 6 trillion naira if retained for the whole year.

Worried by the submission, the Committee Chairman, Olamilekan Adeola, told the minister that both the projected 12.43 trillion naira budget deficit and N6tn tax and import duty waivers should be critically reviewed downwards before sending the proposals to the National Assembly for consideration and approval.