President Muhammadu Buhari has put the total budget estimate for 2023 at N20.5 trillion.
Out of this, the government is budgeting about N6 trillion for debt servicing in 2023.
He however said that the 2023 proposals reflect the serious challenges facing the country.
He said the policy of government is designed to ensure strategic thinking in government performance in 2023.
The President said the 2022 Finance bill will be submitted to the National Assembly for consideration with the budget.
He said several components of the existing law was being reworked to meet current challenges in the economy.