President Muhammadu Buhari has presented the 2022 budget estimate to a joint session of the National Assembly.

The president, in his presentation, is proposing a total expenditure of N16.39 trillion for the coming year.

This also includes spending by Government Owned Enterprises and Grants and Aid funded expenditure.

The proposed total expenditure for the coming year is put at N16.39 trillion with a crude oil benchmark price of $57 per barrel and a daily oil production estimate of 1.88 million barrels per day.

The exchange rate is projected at N410 per dollar.

The president earlier sought to increase the total expenditure from N13 trillion to 16.45 trillion.

But the National Assembly, on Wednesday, approved N16.39 trillion – in the revised Medium Term Expenditure Framework (MTEF).

The president says the total projected revenue is put at N17.7 trillion.

Some reasons he gave for the increase are the allocation of N100 billion to the electoral umpire, INEC, for preparations for the 2023 general election, N50 billion to health workers for hazard allowance and other allocations to security agencies.

More details later…

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