{"id":2332,"date":"2021-10-13T16:02:50","date_gmt":"2021-10-13T16:02:50","guid":{"rendered":"https:\/\/placng.org\/Legist\/?p=2332"},"modified":"2021-10-13T16:02:56","modified_gmt":"2021-10-13T16:02:56","slug":"president-buhari-presents-n16-trillion-2022-appropriation-bill","status":"publish","type":"post","link":"https:\/\/placng.org\/Legist\/president-buhari-presents-n16-trillion-2022-appropriation-bill\/","title":{"rendered":"President Buhari Presents N16 Trillion 2022 Appropriation Bill"},"content":{"rendered":"\n

President Muhammadu Buhari presented the 2022 Nigeria Appropriation Bill to a joint session of the National Assembly on Thursday, 7th<\/sup> October. The budget which has the theme, \u201cBudget of Economic Growth and Sustainability\u201d faces criticisms for its huge borrowing component. In his address, the President noted that allocations to ministries, departments and agencies (MDAs) of government were informed by the objectives of the National Development Plan 2021 to 2025, which include: <\/p>\n\n\n\n

  1. Diversifying\nthe economy, with robust MSME growth; <\/li>
  2. Investing\nin critical infrastructure; <\/li>
  3. Strengthening\nsecurity and ensuring good governance; <\/li>
  4. Enabling\na vibrant, educated and healthy populace; <\/li>
  5. Reducing\npoverty; and <\/li>
  6. Minimizing\nregional, economic and social disparities. <\/li><\/ol>\n\n\n\n

    The President stated that the\nbudget is the first in the nation\u2019s history, in which MDAs have been advised on\ngender-responsive budgeting as part of the Federal Government\u2019s efforts towards\neven resource distribution, to reach vulnerable groups in the society. He\nfurther stated that defence and internal security will remain the government\u2019s\ntop priority and to that end, will ensure that security agents are well\nequipped, remunerated and well-motivated. <\/p>\n\n\n\n

    The budget proposes a total\nexpenditure of N16,391,023,917,692 for the year ending 31st<\/sup>\nDecember 2022. With projected revenue at N10,132,457,121,661, this leaves a deficit of N6,258,566,796,031.<\/p>\n\n\n\n

    A broad breakdown of the budget\nsum is as follows: <\/p>\n\n\n\n

    Revenue (N10,132,457,121,661)<\/p>\n\n\n\n

    Oil Revenue \u2013 N3.16 trillion <\/p>\n\n\n\n

    Non-oil Revenue \u2013 N2.13 trillion <\/p>\n\n\n\n

    Independent Revenue \u2013\nN1,816,217,091,075<\/p>\n\n\n\n

    Grants and Donor Funding \u2013  N63,376,918,168<\/p>\n\n\n\n

    Expenditure (N16,391,023,917,692)<\/p>\n\n\n\n

    1. Statutory\nTransfers –  <\/strong>N768,276,616,043 <\/li>
    2. Debt\nService\/Sinking Fund – N3,901,952,981,550 (Domestic debts \u2013\nN2,506,075,200,107 and Foreign debts -N1,103,165,988,308, Sinking Fund \u2013\n292,711,793,135)<\/li>
    3. Recurrent\n(non-debt) Expenditure – N6,829,015,483,446\n<\/li>
    4. Capital\nExpenditure – N4,891,778,836,654\n<\/li><\/ol>\n\n\n\n

      The parametres for the budget as\ncontained in the 2022-2024 Medium Term Expenditure Framework and Fiscal\nStrategy Paper (MTEF\/FSP) are as follows:<\/p>\n\n\n\n