NIGERIA’S 2022 BUDGET PRESENTED TO NATIONAL ASSEMBLY

NIGERIA’S president Muhammadu Buhari, had on Thursday presented the 2022 budget to the National Assembly.

The country’s 2022 budget estimates was presented to a joint session of the Houses of representatives and Senate.

A total expenditure of N16.39 trillion was proposed by Buhari during the 2022 budget presentation. Included are spending by Government Owned Enterprises/Grants and Aid funded expenditure.

The president, in his presentation, is proposing a total expenditure of N16.39 trillion for the coming year.

The dollar to naira exchange rate is projected at N410. And the proposed total expenditure for 2022 budget is put at N16.39 trillion with a crude oil benchmark price of $57 per barrel and a daily oil production estimate of 1.88 million barrels per day.

Recall, Nigerian president Buhari wrote a letter to the National Assembly seeking to increase total expenditure from N13 trillion to 16.45 trillion.

But the National Assembly, on Wednesday, approved N16.39 trillion – in the revised Medium Term Expenditure Framework (MTEF).

The president says the total projected revenue is put at N17.7 trillion.

Some reasons he gave for the increase are the allocation of N100 billion to the electoral umpire, INEC, for preparations for the 2023 general election, N50 billion to health workers for hazard allowance and other allocations to security agencies.♧

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