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Buhari presents 2022 Budget of Economic Growth and Sustainability to National Assembly

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d.  Projected GDP growth rate of 4.2 percent and 13 percent inflation rate.

“Based on these fiscal assumptions and parameters, total federally-collectable revenue is estimated at 17.70 trillion naira in 2022,” Buhari said.

Total federally distributable revenue is estimated at 12.72 trillion naira in 2022 while total revenue available to fund the 2022 Federal Budget is estimated at 10.13 trillion naira. This includes Grants and Aid of 63.38 billion naira, as well as the revenues of 63 Government-Owned Enterprises.

Oil revenue is projected at 3.16 trillion, Non-oil taxes are estimated at 2.13 trillion naira and FGN Independent revenues are projected to be 1.82 trillion naira.

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Buhari said a total expenditure of 16.39 trillion naira is proposed for the Federal Government in 2022., which comprises:

a.  Statutory Transfers of 768.28 billion Naira;

b.  Non-debt Recurrent Costs of 6.83 trillion;

c.  Personnel Costs of 4.11 trillion Naira;

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d.  Pensions, Gratuities and Retirees’ Benefits 577.0 billion Naira;

e.  Overheads of 792.39 billion Naira;

f.  Capital Expenditure of 5.35 trillion Naira, including the capital component of Statutory Transfers;

g.  Debt Service of 3.61 trillion Naira; and

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h.  Sinking Fund of 292.71 billion Naira to retire certain maturing bonds.

Source: NairaMetrics

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