Buhari Presents N16trn 2022 Budget To National Assembly- The Legend News


Buhari Presents N16trn 2022 Budget To National Assembly- The Legend News

President Muhammadu Buhari on Thursday, 7 October, 2021 presented N16trillion 2022 Appropriation Bill to a joint session of both chambers of the National Assembly.

According to a breakdown of the abridged version of the budget, $57 was set as benchmark of oil price per barrel, as well as daily production rate of 1.88 barrels per day.

Exchange rate was put at N499 to $1, while the targeted oil revenue into the federation accounts for the year is N3.15trillion.

The non-oil revenue was projected at N2.133trillion.

Also, the President projects to generate N10.1trillion, while the remaining N6trillion is expected to be borrowed through a combination of both local and foreign loans.

Foreign loan is put at N2.5trillion, while there is domestic borrowing of N2.5trillion in addition to other borrowings.

The government is also expecting a 13 per cent inflation rate, as well as a debt service of 3.613trillion.

Through the budget, the estimated GDP growth is put at 4,2 per cent.

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