Buhari presents budget of economic growth & sustainability

Nigeria's President, Muhammadu Buhari, has presented a total budget of $16.39 trillion for the 2022 fiscal year before a joint session of the National Assembly. President Buhari emphasized that the budget is geared towards achieving economic growth and sustainability, with a focus on defense and internal security as top priorities. The budget allocates funds to key areas outlined in the National Development Plan of 2021 to 2025, including driving a diverse and robust economy, supporting the growth of micro, small, and medium enterprises (MSMEs), investing in critical infrastructure, strengthening security, ensuring good governance, promoting education, healthcare, poverty reduction, and minimizing regional economic and social disparities. President Buhari reiterated the government's unwavering commitment to the security of life, property, and investments across the nation. He assured that resources would be allocated to equip and motivate security personnel, including members of the armed forces, police, and federal military units. Noteworthy is the inclusion of gender-responsive budgeting in the 2022 budget, marking a significant step towards equitable resource distribution and support for vulnerable groups in society. The parameters of the 2022 budget, as outlined by President Buhari, include a conservative oil price benchmark of $57 per barrel, a daily oil production estimate of 1.88 million barrels, an exchange rate of $410 to $1, and projected GDP growth rate of 4.2% with a 13% inflation rate. Based on these fiscal assumptions, the total federally-collectible revenue for 2022 is projected to be 17.7 trillion Naira, with federally-contributable revenue estimated at 12.7 trillion Naira, leaving a total revenue available to the government of 10.13 trillion Naira. The breakdown of revenue sources in the budget includes projected oil revenue at 3.16 trillion Naira, non-oil taxes estimated at 2.13 trillion Naira, and federal government-independent revenues projected at 1.8 trillion Naira. The proposed total expenditure for the federal government in 2022 stands at 16.39 trillion Naira, reflecting a strategic allocation of funds to key sectors that align with the country's development objectives. As Nigeria navigates economic challenges and seeks to recover from the impact of the global pandemic, the 2022 budget underscores the government's commitment to fostering sustainable economic growth while prioritizing national security and well-being. The emphasis on gender-responsive budgeting signals a progressive approach to resource allocation and inclusivity in governance, setting a positive tone for addressing social disparities and advancing overall development in the country.