BREAKING: Senate Reveals when Buhari will Present 2022 Budget
- With 2021 drawing to its close, President Muhammadu Buhari is already making plans for the next year
- The deputy Senate president, Ovie Omo-Agege, on Tuesday, October 5, revealed that the 2022 Appropriation Bill will be presented on Thursday, October 7
- Moreover, Omo-Agege noted that the revised 2022-2024 Medium Term Expenditure Framework MTEF has been presented by President Buhari
According to the Senate, President Muhammadu Buhari will be presenting the 2022 Appropriation Bill to a joint session of the National Assembly on Thursday.
Ovie Omo-Agege, the deputy Senate president, made this revelation during plenary on Tuesday, Channels TV reports.
Source: Facebook
Omo-Agege also disclosed to members of the National Assembly the president has submitted the revised 2022-2024 Medium Term Expenditure Framework MTEF and Fiscal Strategy Paper (FSP), Vanguard added.
President Buhari has called on NASS to approve the planning documents which would form the assumptions in the 2022 budget, adding that the revision showed the new fiscal terms in the Petroleum Industry Act and the 2022 Appropriation Bill.
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The president explained that the revision will reflect funds for the Independent National Electoral Commission (INEC) ahead of the next general elections.
Finance Minister, Zainab Ahmed, Gives details on 2022 budget spending
Meanwhile, the Nigerian government was planning to spend N3.6 trillion on capital expenditure in 2022, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said.
Ahmed made this known while discussing the 2022 budget of the Federal Government which has been put at N13.98 trillion, against N13.6 trillion of 2021.
She stated this in Abuja at a public consultation on the Medium Term Expenditure Framework/Fiscal Strategy Paper for 2022-2024.
While next year's budget is higher than that of 2021, the capital expenditure for 2022 is lower than the N4.37 trillion spent this year, with a difference of N758 billion.
Also, Ahmed said debt servicing for next year has been estimated at N3.6 trillion, settling below the N3.12 trillion budgeted for 2021 by the government.
In her statement, the finance minister stated that FG has projected a revenue generation of N8.35 trillion for 2022, higher than this year's N7.98 trillion.
Source: Legit.ng
