Overview

The Fourth Quarter and Consolidated 2023 Budget Implementation Report (BIR) is published by the Budget Office of the Federation (BOF) under the Ministry of Budget and Economic Planning. The report analyzes budget performance for the fiscal year 2023, which was titled 'Budget of Fiscal Consolidation and Transition.' Key parameters and assumptions are based on the 2023-2025 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). Strategic objectives include diversifying the economy with robust MSME growth, investing in critical infrastructure, strengthening security and good governance, enabling a vibrant educated populace, reducing poverty, and minimizing regional disparities. 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 (NASS) and the Fiscal Responsibility Commission (FRC). The 2023 fiscal year faced global economic slowdown, inflationary pressures, cost-of-living crisis, tight financial conditions, and the Russia-Ukraine war. Global growth slowed from 3.2% in 2022 to 3.0% in 2023. Domestically, fiscal performance was below target due to revenue shortfalls and rising expenditure pressures. As of the fourth quarter, Federal Government's actual aggregate revenue was ₦11.20 trillion (not fully stated, likely incomplete). The report emphasizes transparency and accountability as part of Nigeria's commitment to the Open Government Partnership (OGP) and Public Financial Management Reform.

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