BREAKING: Buhari Presents N16.3trn 2022 Budget Proposal To National Assembly

BREAKING: Buhari Presents N16.3trn 2022 Budget Proposal To National Assembly

BREAKING: Buhari Presents N16.3trn 2022 Budget Proposal To National Assembly

The President, Major General Muhammadu Buhari (retd.) at the 2022 budget presentation before the joint session of the National Assembly on Thursday.

The President, Major General Muhammadu Buhari (retd.), has presented N16.39 trillion as of the 2022 budget proposal before a joint session of the National Assembly on Thursday.

The oil benchmark for the 2022 appropriation is $57 per barrel, while the exchange rate is N410.5 per dollar in the budget proposal titled, “Budget of Economic Growth and Sustainability”.

The budget is projected to stimulate GDP growth by 4.2 percent, while the inflation rate is put at 13 percent.

It is projected oil production will be at 1.88m barrels per day including condensates.

The budget deficit is estimated at N6.23 trillion

While presenting the budget, Buhari said, “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.

“The 2022 budget is also the first in our history, where MDAs were 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.

“Distinguished Members of the National Assembly, 2022 to 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.


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