The proposed N19.76 trillion budget for the 2023 fiscal year was submitted by President Muhammadu Buhari to the two chambers of the National Assembly on Friday.
The president's final budget, for N19.76 trillion, is a 15.37% increase above the amount budgeted for 2022 and is the last one he will present before his term ends.
The president claims that this eighth budget is known as the fiscal sustainability and transition budget.
In his remarks to the house, Buhari stated that the 2023 transition budget was created to deal with pressing concerns and build the groundwork for the upcoming administration.
The president said he believes that based on the parameters and fiscal assumptions, the revenue generation should hit about N16.87 trillion.