President Muhammadu Buhari on Friday signed the 2022 appropriation bill (budget). The financial document was already passed by the national Assembly before the end-of-year holidays.
"The Budget of Economic Growth and Sustainability" has been chosen as the theme for the fiscal year 2022.
Oil production volume - 1.88 Million
Average exchange rate - 410.15 US Dollar.
GDP growth rate - 4.2%
Capital expenditure - 4.89 Trillion.
Statutory transfer - 768.28 Billion.
Inflation rate -13%.
Debit service - 3.61 Trillion .
Total revenue - 10.13 Trillion.
Total expenditure - 16.39 Trillion.
Fiscal deficit - 6.26 Trillion.
The budget breakdown are as follows:
Benchmark oil price - 57 US Dollar per barrel.Oil production volume - 1.88 Million
Average exchange rate - 410.15 US Dollar.
GDP growth rate - 4.2%
Capital expenditure - 4.89 Trillion.
Statutory transfer - 768.28 Billion.
Inflation rate -13%.
Debit service - 3.61 Trillion .
Total revenue - 10.13 Trillion.
Total expenditure - 16.39 Trillion.
Fiscal deficit - 6.26 Trillion.
Budget key facts:
a) Nigeria will be spending a total of 16.39 Trillion in year 2022.b) It is Nigeria's most ambitious budget ever.
c) It is designed to reduce poverty.
d) It's deficit of 6.26 Trillion is about 3.39% of the estimated GDP.
e) Previous budgets are never really impactful in the lives of millions of Nigerians.
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