Buhari To Present 2022 Budget To N/Assembly On Thursday

Nigeria’s President, Muhammadu Buhari will present the 2022 budget before a joint session of the National Assembly on Thursday.

Deputy Senate President, Ovie Omo-Agege, made this known on Tuesday while presiding over plenary in absence of Senate President Ahmad Lawan.

Earlier, Omo-Agege informed the lawmakers that President Buhari has submitted the revised 2022-2024 Medium Term Expenditure Framework MTEF and Fiscal Strategy Paper (FSP).

In a letter addressed to the Senate, the President urged the lawmakers to approve the planning documents which he said would form the basis and assumptions in the 2022 budget.

He stated that the revision reflected the new fiscal terms in the recently enacted Petroleum Industry Act, and 2022 2022 Appropriation Bill.

The revision, according to President Buhari, will reflect funds for the Independent National Electoral Commission (INEC) to prepare for the 2023 general elections.

He explained that it also has provisions for hazard allowance for health workers, wage adjustment for workers, and funds for the population and housing census in 2022.

Recall that the Senate had on September 22, approved the federal government Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

In approving the framework, the lawmakers assumed an international oil price of $57 per barrel and daily crude oil production of 1.88 million barrels.

Other parameters assumed by the legislators in passing the fiscal framework include an exchange rate of N410 to a dollar and an inflation rate of 13%.

The assumptions will form the basis for the N13.98 trillion 2022 budget figures to be prepared and submitted for approval by the executive arm of the federal government.

The N13.98 trillion estimate is made up of total recurrent (non-debt) of N6.21 trillion; Personnel Costs (MDAs) of N3.47 trillion; Capital expenditure (exclusive of transfers) N3.26 trillion; Special Intervention (recurrent) amounting to N350 billion; and Special intervention (Capital) of N10billion.

The Senate approval follows the presentation of a report of the finance committee headed by Senator Solomon Olamilekan during plenary.

It is understood that the parameters approved which include a projected Gross Domestic Product (GDP) growth rate of 4.20 percent were as suggested by the Federal Executive Council and the Senators didn’t make any adjustment.