BREAKDOWN: Buhari presents a budget proposal N16.3trn 2022 to the National Assembly
The president, Major General Muhammadu Buhari (retired), presented 16.39 trillion naira as the 2022 budget proposal ahead of a joint session of the National Assembly on Thursday.
The oil benchmark for the 2022 allocation is $ 57 per barrel, while the exchange rate is Naira 410.5 per dollar in the budget proposal titled “Economic Growth and Sustainability Budget”.
The budget is expected to boost GDP growth by 4.2 percent, while the inflation rate is estimated at 13 percent.
Oil production is expected to be 1.88 million barrels per day, including condensate.
The budget deficit is estimated at 6.23 billion naira
During the budget presentation, Buhari said: “Defense and homeland security will continue to be our top priority. We remain firmly committed to the security of life, property and investments nationwide. We will continue to ensure that our hardworking men and women in the armed forces, police and paramilitary units are properly equipped, paid and well motivated.
“The 2022 budget is also the first in our history, where MDAs have been clearly advised on gender responsive budgeting. These are among the critical steps in our efforts to equitably distribute resources and reach vulnerable groups in our society.
“Distinguished members of the National Assembly, the 2022-2024 Medium-Term Expenditure Framework and the Budget Strategy Document sets the parameters of the 2022 Budget as follows:
“Conservative oil price benchmark of US $ 57 per barrel;
“Estimated daily oil production at 1.88 million barrels (including condensate from 300,000 to 400,000 barrels per day); Exchange rate of four 410.15 per US dollar; and a projected GDP growth rate of 4.2 percent and an inflation rate of 13 percent.
“Based on these budget assumptions and parameters, the total revenue collected by the federal government is estimated at N17.7 trillion in 2022.
“The total distributable income at the federal level is estimated at 12.72 trillion naira in 2022, while the total income available to finance the federal budget 2022 is estimated at 10.13 trillion naira. This includes grants and aid of 63.38 billion naira, as well as the revenues of 63 state-owned enterprises.
“Oil revenues are estimated at 3.16 trillion dollars, non-oil taxes are estimated at 2.13 trillion naira and independent FGN revenues are estimated at 1.82 trillion naira.
”A total expenditure of sixteen point three-nine (16.39) billion naira is proposed for the federal government in 2022. or the economies to survive and prosper