President Buhari has presented a budget of N16.39 trillion for the 2022 fiscal year titled budget of economic growth and sustainability to the National Assembly.
He disclosed this while addressing the joint session of the National Assembly on Thursday at the Green Chamber. According to the president, the government plans to spend a sum of N16.38 trillion as budget in the 2020 fiscal year.
This represents the 7th presentation of the national budget by Buhari to the national assembly, which was hailed by the Senate president, Ahmed Ibrahim Lawan for ensuring timely submission of the budget proposal so that it can be signed and effected before the start of the next year.
Recall that the Federal Executive Council (FEC) recently approved the 2022 Appropriation Bill with an aggregate expenditure of N16.39 trillion, as the Minister of Finance, Budget and National Planning, Zainab Ahmed highlighted that this will help aid the funding of the Federal Government’s infrastructure projects.
The parameters and fiscal assumptions underpinning the 2022 appropriation
- Benchmark oil price of $57 per barrel.
- Daily oil production estimate of 1.88 million barrels (including Condensate of 300,000 to 400,000 barrels per day).
- Exchange rate of N410.5 per US Dollar.
- GDP growth projected at 4.2%
- Inflation closing at 13%.
A total expenditure of N16.39 trillion is proposed for the 2022 fiscal year. The breakdown is given below.
- Statutory transfers of N768.28 billion
- Non-debt Recurrent Costs of N6.8 trillion
- Overheads of N792.79 billion
- Capital expenditure N5.35 trillion
- Debt service of N3.61 trillion
- Sinking Fund of N290.71 billion to retire certain maturing bonds