Buhari presents 2022 budget proposal of N16.39trn to NASS

2022 budget
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President Muhammadu Buhari on Thursday afternoon presented the 2022 budget proposal of ₦16.39 trillion to a joint session of the National Assembly.President Buhari presents 2022 budget proposal of ₦16.39trn to NASS

President Buhari said the 2022 budget estimate is based on a crude oil benchmark price of $57 per barrel and an exchange rate of ₦410.15 to the dollar.

He said it will be on daily oil production of 1.88 million barrels per day and projected revenue of ₦17.7 trillion for the 2022 fiscal year.President Buhari presents 2022 budget proposal of ₦16.39trn to NASS

Mr. President gave a breakdown and said debt service is estimated at ₦3.61 trillion; while provision for the Sinking Fund for maturing debts is placed ₦292.71 billion.

The President also said oil revenue is projected at ₦3.15 trillion and non-oil revenue is estimated at ₦2.13 trillion.President Buhari presents 2022 budget proposal of ₦16.39trn to NASS

He noted that the deficit will be financed mainly by new borrowings of ₦5.012 trillion.

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