2022 Budget Presented by President Buhari
President Muhammadu Buhari on Thursday October 7, 2021, presented the country’s 2022 budget estimate to the national assembly in a joint session.
The President earlier sorted to increase the annual total expenditure from the previous N13 trillion in 2021 to N16.45 trillion in 2022. Unfortunately, the National Assembly on Wednesday the 6th of October, 2021, only approved N16.39 trillion in the revised ‘Medium Term Expenditure Framework’ (MTEF).
As a result, during his presentation, Buhari proposed a total expenditure of N16.39 trillion for the coming year. This expenditure includes Government owned enterprises, aids and grants.
The total expenditure for year 2022 which is set at N16.39 trillion has a crude oil benchmark price of $57 per barrel and a daily oil production estimate set at 1.88 million barrels. As for the exchange rate according to the proposed budget, it has been projected to be at N410 to a dollar.
According to the President, some reasons for the proposed increase from the N13 trillion in 2021 to N16.45 trillion in 2022 are; the N100 billion allocation to the Independent National Electoral Commission, INEC, for the 2023 general elections, the N50 billion allocation to health workers for their hazard allowance and some other allocations to security agencies.
In the concluding part of his presentation, President Muhammadu Buhari further said that the country would still be borrowing the sum of N5.01 trillion to fund the new 2022 budget. He said although he is aware that Nigerians are not happy with the current borrowing status of the country, their fears are understandable, but assured that the country’s debt level is still within limits.
With the increase in the 2022 budget, Nigerians will be hoping to see some significant improvements in the country’s economy and a relief from the hardship of the out going year 2021.