President Muhammadu Buhari on Thursday presented an appropriation bill of N16.39 trillion as the total expenditure of the federal government in 2022 to the National Assembly.
Christened “Budget of Economic Growth and Sustainability” a breakdown of the budget shows that 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.
Buhari said the Federal Government expects the total fiscal operations 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,” he said.
“We need to exceed this threshold considering our collective desire to continue tackling the existential security challenges facing our country.”
The national assembly had on Wednesday passed a revised medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) on which the 2022 budget will be framed.
