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Tuesday, May 17, 2022

Senate passes 2022 N17 trln budget, projects 4.2% GDP growth

Nigeria’s Senate on Wednesday passed the country’s 2022 budget of N17.13 trillion, a day after the House of Representatives approved the increased spending plan.

The budget assumes annual economic growth of 4.2 percent, crude production of 1.88 million barrels a day and an assumed price of $62 a barrel, papers from a budget committee showed.

House of Representative had on Tuesday passed the same amount of budget for 2022 with the lower chamber increased the deficit estimate and the benchmark oil prices above the level proposed by the executive.

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In October, President Muhammadu Buhari presented a spending plan of N16.39 trillion for 2022 to the joint sitting of the National Assembly, represeing 25 percent increase over the previous year’s fiscal spent.

Lawmakers at the House of Representatives passed the spending plan with an oil price of $62 a barrel from $57 presented byy the President and an increased deficit, papers from a budget committee showed.

Under the 2022 plan, Nigeria will spend N3.88 trillion to service debt and N6.91 trillion on recurrent expenditure. It set aside N5.47 trillion for capital projects.

President Muhammadu Buhari will now need to sign the budget for it to become law.
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