Minister of Finance, Budget and National Planning, Zainab Ahmed has said that despite the very difficult circumstances caused by COVID-19, the Nigeria’s economy has continued to sustain its growth
The Minister of Finance, Budget and National Planning, stated this when she appeared before the Senate Committee on Finance to speak at a five days interactive session on the 2023-2025 Medium Term Expenditure Framework and the Fiscal Strategy Paper (MTEF/ FSP).
Ahmed said that there was a gradual improvement across sectors of the economy in the country.
She said draft 2023-2025 MTEF/FSP has been prepared against the backdrop of continuing global challenges occasioned by lingering COVID-19 pandemic effects, as well as higher food and fuel prices due to the war in Ukraine.
According to the Minister, the Federal Government is proposing an aggregate expenditure of 19.76 trillion naira for the 2023 financial year, with a projected deficit of 11.30 trillion naira.
Meanwhile, in his opening remarks, Chairman Senate Committee on Finance Senator Adeola Solomon decried the level of proposed deficit of the 2023 Budget.
The Minister of Finance, Budget and National Planning reiterated that petrol subsidy will remain in place until mid-2023.