Overview

The document is the First Quarter 2023 Budget Implementation Report (BIR) published by the Budget Office of the Federation, Ministry of Finance, Budget and National Planning of Nigeria. It provides detailed information on the distribution and utilization of public resources among various socio-economic needs and by Ministries, Departments and Agencies (MDAs) during the first quarter of 2023. The 2023 Appropriation is titled 'Budget of Fiscal Consolidation and Transition,' with key parameters and assumptions from the 2023-2025 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). Allocation to MDAs was guided by the core objectives of the National Development Plan (NDP) 2021-2025. The principal objective is to maintain fiscal viability, ensure a smooth transition to the incoming administration, and reposition the Nigerian economy on a path of recovery, growth, and resilience. The report is mandated by Sections 30 and 50 of the Fiscal Responsibility Act, 2007, requiring quarterly submission to the Joint Finance Committee of the National Assembly and the Fiscal Responsibility Commission (FRC), and wide circulation to stakeholders and the public. The foreword by the Honourable Minister of Finance, Budget and National Planning, Mrs. (Dr.) Zainab Shamsuna Ahmed, commends the BOF team and acknowledges cooperation from the FRC and National Assembly. The preface notes that the 2023 Budget was prepared amid a challenging global economy with lingering effects of the Covid-19 pandemic, high inflation, high crude oil prices, and the Russia-Ukraine war, resulting in slow global growth and domestic challenges like low revenues, high inflation, exchange rate depreciation, and insecurity. Many ongoing capital projects from the 2022 Budget that could not be completed were rolled over to the 2023 Budget. The first quarter implementation was challenging due to significant global and domestic developments.

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