By Haruna Salami
President Muhammadu Buhari has presented the 2022 budget of N16.39 trillion to the joint session of the National Assembly.
The budget tagged “Budget of Economic Growth and Sustainability” has revenue of N10.3 trillion and N635.4 trillion fiscal deficit.
Buhari said the 2022 Budget will be the last full year budget to be implemented by his administration adding, “we designed it to build on the achievements of previous budgets and to deliver on our goals and aspirations as will be reflected in our soon-to-be launched National Development Plan of 2021 to 2025”.
He said the allocations to MDAs were guided by the strategic objectives of the National Development Plan of 2021 to 2025, which are
Highlights of the budget Diversifying the economy, with robust MSME growth, investing in critical infrastructure; strengthening security and ensuring good governance, enabling a vibrant, educated and healthy populace, reducing poverty; and minimizing regional, economic and social disparities.
“The 2022 Appropriation therefore is a Budget of Economic Growth and Sustainability.
“Defence and internal security will continue to be our top priority. We remain firmly committed to the security of life, property and investment nationwide. We will continue to ensure that our gallant men and women in the armed forces, police and paramilitary units are properly equipped, remunerated and well-motivated.
According the president, “the 2022 budget is also the first in our history, where MDAs were clearly advised on gender responsive budgeting. These are part of critical steps in our efforts to distribute resources fairly and reach vulnerable groups of our society”.
The 2022 – 2024 Medium Term Expenditure Framework and Fiscal Strategy Paper sets out the parameters for the 2022 Budget as follows:
“Conservative oil price benchmark of 57 US Dollars per barrel, daily oil production estimate of 1.88 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day); exchange rate of four 410.15 per US Dollar; and projected GDP growth rate of 4.2 percent and 13 percent inflation rate”.
