News

Buhari presents N16.39trn 2022 budget to National Assembly

By  | 

President Muhammadu Buhari has presented the 2022 Appropriation Bill with a total expenditure of N16.39 trillion.

The President laid the Bill christened ‘Budget of Economic Growth and Sustainability’ before a joint session of the National Assembly on Thursday.

According to the budget, the sum of N768.28 billion was earmarked for statutory transfers, N6.83 trillion for non-debt recurrent costs, N792.39 billion for overhead costs, and N5.35 trillion for capital expenditure.

Speaking during the presentation, Buhari said, “We expect the total fiscal operations of the federal government to result in a deficit of N6.26 trillion.

“This represents 3.39 percent of estimated GDP, slightly above the 3 percent threshold set by the Fiscal Responsibility Act 2007. Countries around the world have to of necessity over-shoot their fiscal thresholds for their economies to survive and thrive.

“We need to exceed this threshold considering our collective desire to continue tackling the existential security challenges facing our country.”

Senate President Ahmad Lawan, in his opening speech at the budget laying ceremony, said the National Assembly is committed to passing the 2022 Appropriation Bill before the end of this year.

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: