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2022 Budget to gulp N16.3trn

2022 Budget to gulp N16.3trn

As Buhari presents budget proposal to the National Assembly

President Muhammadu Buhari, has presented the 2022 budget proposal before the National Assembly on Thursday, the president addressed a joint session of the national assembly as he explained the details of the 2022 budget proposal.

Mr President pegged the exchange rate at N410.5 per dollar and the oil benchmark at $57 per barrel, the budget was titled, “Budget of economic growth and sustainability”.

During the presentation, Mr President said that defence and internal security continues to be his administrations major priority, stating that his administration remains committed to the security of life, property and investment nationwide.

He, however, assured that the armed forces, police and paramilitary units will be properly equipped, renumerated and motivated.

President Buhari said for the first time in Nigeria’s history, this will be the first budget based on gender responsive budgeting, which is part of his administration’s critical step to reach vulnerable groups and ensure adequate distribution of resources in the society.

Oil production is projected to be at 1.88m barrels daily inclusive of condensates, while, budget deficit is estimated at N6.23 trillion

The total federally collectible revenue is estimated at 17.70 trillion Naira in 2022, while, total federal distributable revenue is pegged at 12.72 trillion Naira, and the total revenue to fund the 2022 Federal budget is pegged at 10.13 trillion Naira, which is inclusive of grants and aid pegged at 63.38 billion Naira, coupled with the revenues of 63 government owned enterprises

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The president said a total expenditure of 16.39 trillion Naira has been proposed for the Federal Government in 2022, while oil revenue is projected at 3.16 trillion, non oil taxes estimated at 2.13 trillion Naira and FGN Independent revenues pegged at 1.82 trillion Naira.

However, with the ongoing tax collection hullabaloo between the Federal Government and the Southern governors, we are left with no choice than to wait for the Apex court to deliver her judgement, whichever way the judgement will affect this proposal on the long run.

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