The defence and security sectors have been allocated N2.98 trillion or 13.4 per cent of the 2023 budget.
Finance minister, Zainab Ahmed, has however, said fuel subsidy payment by the federal government will be stopped in June 2023.
She said out of the N12.87 trillion, N5.24 trillion was for debt service and N3.94 trillion was for personnel costs.
“I have also noted that the National Assembly introduced new projects into the 2023 budget proposal for which it has appropriated N770.72 billion.”
“We cannot grow the economy by ourselves. We need revenue. We need jobs. We need to be able to do things to encourage and motivate the private sector.”
NEC, presided over by Vice-President Yemi Osinbajo, received briefings on the proposed Finance Bill 2022 at an extraordinary virtual meeting.
She added that the country had recorded significant growth in non-oil revenue, while improving oil revenue that had dwindled in the last few years.
The Northwest women wing of the All Progressives Congress (APC) has promised massive votes and adequate support for presidential candidate Bola Tinubu.
N206 billion is said to have allegedly been inserted in the ministry’s 2023 budget.
The federal government said the Nigeria Agenda 2050 seeks to increase the country’s per capita GDP to 33,000 dollars.
