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Nigeria's Bad Math in Its Budgets

Nigeria’s 2023 Budget to Have N12.43 Trillion Deficit – Finance Minister

This is an intriguing math: you budget N19,760 for an event next year but you need to borrow N12,430 even if that borrowed money is for pure consumption, not to build pillars that would help you avoid borrowing in future, or pay down monies you had borrowed in the past. This is a vicious cycle for a nation when that money runs in trillions! This does not inspire. The 2023 election is coming; hope we leave the ethnic demons and vote for competence.

“Nigeria’s 2023 budget is expected to have a N12.43 trillion deficit due to import duty waivers and fuel subsidy payments, according to the Minister of Finance, Budget and National Planning, Zainab Ahmed. The finance minister had informed the Senate Committee on Finance on Tuesday during an interactive session that the proposed N19.76 trillion budget for 2023 will be greatly undermined by the aforementioned factors, particularly, if fuel subsidy is retained throughout 2023.”