Nigerian govt plans N13.98tr budget for 2022

The Minister of Finance, Budget and National Planning, Zainab Ahmed, said on Thursday the Federal Government planned to spend N13.98 trillion in 2022.

Ahmed stated this at a public consultation on the Medium Term Expenditure Framework/Fiscal Strategy Paper for 2022-2024 held in Abuja.

She added that the federal government planned to spend N3.6trillion on capital expenditure in 2022.

The figure was N758 billion lower than the N4.37 trillion spent on capital expenditure this year.

The government also allocated N3.6 trillion for debt servicing in 2022 as against N3.12trn in 2021.

The minister said the non-debt recurrent expenditure was pegged at N6.2 trillion compared to N5.64 trillion in 2021.

The minister revealed that the federal government planned to generate N8.35 trillion next year as against the N7.98 trillion for 2021.

According to Ahmed, the 2022 budget would be based on the oil production benchmark of 1.88 million barrels per day at a price of $57 per barrel and an exchange rate of N410.15/$.