Presidential Budget of Economic Growth and Sustainability presented to the National Assembly by President Buhari for the fiscal year 2022 amounts to N16.39 trillion.
He made the announcement during his speech to the National Assembly’s joint session on Thursday in the Green Chamber. Government expects to spend N16.38 trillion in fiscal year 2020, according to President Buhari.
As Buhari’s seventh budget presentation to the National Assembly, Ahmed Ibrahim Lawan, the Senate president, praised him for making sure the budget proposal was submitted on time so that it could be signed and implemented before the new year begin.
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