Overview

The document is the Third Quarter Budget Implementation Report (BIR) for 2023, presented by the Budget Office of the Federation, Ministry of Budget and Economic Planning in Nigeria. It provides information on budget performance during the period. The 2023 budget was titled 'Budget of Fiscal Consolidation and Transition' and was prepared considering key parameters and assumptions set out in the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). Allocations to Ministries, Departments, and Agencies (MDAs) were guided by core government objectives in the National Development Plan (NDP). Publication of the report complies with Sections 30 and 38 of the Fiscal Responsibility Act (FRA), requiring the Budget Office of the Federation (BOF) to prepare quarterly BIRs and submit them to the Joint Finance Committee of the National Assembly (NASS) and the Fiscal Responsibility Commission (FRC). The First and Second Quarter BIRs were published earlier. The report is the product of careful planning, monitoring, and analytical work by the BOF in collaboration with MDAs. The Honourable Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, commends the team and appreciates the roles of the FRC and the National Assembly's Joint Finance Committee in promoting best practices in public financial management. The BOF carries out quarterly monitoring and evaluation of annual federal budgets and produces reports in accordance with the FRA. These reports enhance budget transparency, accountability, and credibility as part of Nigeria's commitment to the Open Government Partnership (OGP). The budget preparation, execution, monitoring, and evaluation system has improved. The BOF continues to implement critical reform initiatives that have progressively delivered more purposeful, implementable, comprehensive, and equitable budgets. Appropriate technology and models are being adopted for timely and accurate budget preparation, execution, and evaluation. The third quarter of 2023 was characterized by a weakening global economy, adversely affected by the Russia-Ukraine war and tightening financial conditions, resulting in a downturn of most economic activities and volatility in crude oil demand and price in the international market. Domestically, the macroeconomic environment improved due to government measures to support economic growth. Fiscal performance was below target largely due to revenue shortfalls and rising expenditure pressures. As at the third quarter, the Federal Government's actual aggregate revenue was ₦X trillion, which is X% of the pro-rata target. Of the pro-rated budgeted expenditure of ₦X trillion, ₦X trillion was spent, reflecting a decrease of X%. Government has continued to place emphasis on improving budget preparation, execution, monitoring, and evaluation for improved performance. Critical performance-enhancing initiatives are being introduced towards improving the contributions of the budget to the delivery of government's objectives.

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