The proposed N19.76 trillion budget for the 2023 fiscal year was presented by President Muhammadu Buhari before the National Assembly's two houses on Friday.
It is the final budget the president will give before his term ends, and the N19.76 trillion it contains is a 15.37% increase above the amount budgeted for 2022.
The president claims that this budget's eighth designation is "Fiscal Sustainability and Transition."
Speaking to members of the legislature, Buhari emphasised that the 2023 transition budget was created to address important concerns and establish the groundwork for the new administration.
The president said he believes that based on the parameters and fiscal assumptions, the revenue generation should hit about N16.87 trillion.