- Next year, the Nigerian government will be spending N13.98 trillion on its activities, this will be higher than the N13.6 trillion budgeted for 2021
- The Minister of Finance, Zainab Ahmed, said the capital expenditure of the Federal Government is expected to gulp N3.6 trillion in 2021
- Ahmed, who is also the Minister of Budget and National Planning, stated that the government will use N3.6 trillion for the country's debt service
The Nigerian government is planning to spend N3.6 trillion on capital expenditure next year, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said.
Ahmed made this known while discussing the 2022 budget of the Federal Government which has been put at N13.98 trillion, against N13.6 trillion of 2021.
She stated this in Abuja at a public consultation on the Medium Term Expenditure Framework/Fiscal Strategy Paper for 2022-2024.
Other details to know about 2022 budget
While next year's budget is higher than that of 2021, the capital expenditure for 2022 is lower than the N4.37 trillion spent this year, with a difference of N758 billion.
Also, Ahmed said debt servicing for next year has been estimated at N3.6 trillion, settling below the N3.12 trillion budgeted for 2021 by the government.
In her statement, the finance minister stated that FG has projected a revenue generation of N8.35 trillion for 2022, higher than this year's N7.98 trillion.
Part of the 2022 budget also includes oil production benchmark of 1.88 million barrels per day at a price of $57 per barrel, with N410.15/$ as exchange rates.
Each Nigerian owes N160,000 due to FG's debt
It was gathered that over N21 trillion has been borrowed by President Muhammadu Buhari since he became the democratic leader of Nigeria in 2015.
This means the President has borrowed at least N10 billion daily. According to the Debt Management Office, Nigeria's total debt is about N33.1 trillion.