President Muhammadu Buhari had submitted a total of N16.39 trillion as 2022 budget to the National Assembly.
The presentation was done at the joint session of the National Assembly held in the green chamber yesterday.
The President tagged the appropriation bill “a Budget of Economic Growth and Sustainability”. The oil benchmark for the 2022 appropriation is $57 per barrel, while the exchange rate is N410.5 per dollar.
The GDP growth will be stimulated by 4.2 per cent, while the inflation rate is put at 13 per cent.
Meanwhile, oil production is projected at 1.88m barrels per day, including condensates, with a budget deficit estimated at N6.23 trillion.
According to the President, the budget will focus on diversifying the economy, concentrating on the growth of MSME, investing in critical infrastructure, strengthening security and ensuring good governance; enabling a vibrant, educated and healthy populace; reducing poverty; and minimising regional, economic and social disparities.
“Defence and internal security will continue to be our top priority,” the President said. “We remain firmly committed to the security of life, property and investment nationwide.
“We will continue to ensure that our gallant men and women in the armed forces, police and paramilitary units are properly equipped, remunerated and well-motivated.”
He further said the 2022 budget is the first time in the history of Nigeria, “where MDAs were advised on gender-responsive budgeting.
“These are part of critical steps in our efforts to distribute resources fairly and reach vulnerable groups of our society,” he said.
Buhari says he is happy that his administration is making enormous progress concerning infrastructure.
The Senate President, Ahmed Lawan, who chaired the joint session, said the National Assembly is committed to passing the budget before the year runs out.