Key Numbers in the N16.39tn 2022 Budget Proposal Submitted by Buhari to The National Assembly For Approval

• President Buhari submitted the 16.39 trillion 2022 budget proposal to the National Assembly for approval on Thursday
• President Buhari also filed the 2022 appropriation bill, which outlines how and where the money would be spent
• The document, which is over 2000 pages long, will see Nigeria again spend heavily on debt service and personnel cost

President Muhammadu Buhari submitted on Thursday, 7th October, the budget proposal for 2022 titled the "Budget of Economic Growth and Sustainability" to the National Assembly for approval.

Here are the key figures from the document

N6.26trn

The Federal Government's overall fiscal operations are anticipated to result in a deficit of N6.26 trillion in 2022, which is more than the country's whole budget in 2016 which N6.06 trillion.

N6.83trn

In 2022, Nigeria intends to spend N6.83 trillion on non-debt recurrent spending, and this accounts for 41.7% of the entire budget.

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In fact, this is the budget's single largest expense item, and it is even more than half of Nigeria's total revenue in 2020.

The number also exceeds the N5.35 trillion planned for capital spending and N3.61 trillion for debt servicing.

N3.16 trillion

In the budget plan, oil revenue is estimated to be N3.16 trillion, making it the single greatest source of expected revenue for 2022. It also represents an increase over the N2.01 trillion allocated for this year (2021).

While non-oil revenues are expected to be N2.13 trillion in 2022, up from N1.49 trillion in 2021, while independent revenues are expected to total N1.82 trillion.

$57

The budget plan assumes a $57 per barrel oil price and daily oil output of 1.88 million barrels per day. This contains 300,000 to 400,000 condensates each day.

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N63.38bn

Nigeria is yet again expecting about N63.38 billion from Grants and Aid to help augment its revenue despite receiving nothing from this source since 2018.

4.2%

The projected GDP growth rate for 2022 is 4.2 percent, a growth that if achieved will be Nigeria’s highest GDP growth in eight years.

The projection is more optimistic than that of the International Monetary Fund which expects the economy to post 2.6 percent growth in 2022.

Other highlights of the budget

N410

The exchange rate for 2022 is pegged at N410.15 per US Dollar.

Naira has been struggling in recent months since the Central Bank of Nigeria began its clampdown on black market traders it remains to be seen if this can be achieved.

13%

The average rate of inflation is anticipated to be 13% in 2022. Inflation as the end of August was around 17%, which is much higher than the CBN's desired range of 6-9 percent.

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2022 Budget: Buhari Lists 5 Major Areas Nigeria’s Loans Will Be Focused On

The president made the revelation on Thursday, October 7, when he submitted the 2022 Appropriation Bill before the Joint Session of the National Assembly in Abuja.

His speech during the presentation was shared on Facebook by one of his spokesmen, Femi Adesina.

President Buhari also argued that Nigeria does not have a debt sustainability problem but a revenue challenge.

Source: Legit.ng