Overview

The document is the Second Quarter and Half-Year 2023 Budget Implementation Report (BIR) produced by the Budget Office of the Federation (BOF) under the Ministry of Finance, Budget and National Planning in Nigeria. It provides detailed information on the performance of the Federal Government of Nigeria (FGN) budget for the second quarter and first half of 2023. The 2023 Appropriation Act, titled 'Budget of Fiscal Consolidation and Transition', was prepared based on key parameters from the 2023-2025 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). Allocations to Ministries, Departments and Agencies (MDAs) align with the National Development Plan (NDP) 2021-2025. The report complies with Sections 30 and 50 of the Fiscal Responsibility Act (FRA), 2007, which mandates the BOF to prepare and submit quarterly budget implementation reports to the Joint Finance Committee of the National Assembly (NASS) and the Fiscal Responsibility Commission (FRC). The foreword, written by Senator Abubakar Atiku Bagudu, Honourable Minister of Budget and Economic Planning, emphasizes the importance of the budget as a tool for government objectives and acknowledges the efforts of the BOF team and MDAs. The preface highlights that the BOF monitors and evaluates annual federal budgets quarterly, aiming to improve budget transparency and accountability as part of Nigeria's commitment to the Open Government Partnership (OGP). The report notes that the implementation of the 2023 budget has been challenging due to a slowing global recovery and high inflation. Aggregate revenue for the second quarter and half-year fell short of prorated budget estimates, worsening the fiscal position. Despite challenges, the government delivered ₦766.56 billion in capital expenditure in the first half of 2023, continuing its reflationary expenditure program. The document serves as a formal report on budget execution, fiscal performance, and challenges faced during the period.

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