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