President Muhammadu Buhari has told the Joint Session of the National Assembly while presenting the 2022 Federal Budget Proposals, that the next fiscal year is a very crucial one that will ensure that critical projects are completed, put to use, and improve the general living conditions of the Nigerian people.
The President while saying that the 2022 budget will be the last full-year budget to be implemented by this administration added that it is designed to build on the achievements of previous budgets and to deliver on the goals and aspirations that will be reflected in the soon-to-be-launched National Development Plan of 2021 to 2025.
During the 2022 Federal Budget Proposals presentation to the Joint Session of the National Assembly President Buhari commended the Federal Lawmakers for the expeditious consideration and passage of the Supplementary Appropriation Bill 2021 and noted that all the capital releases thus far have been prioritized in favor of critical ongoing infrastructural projects in the power, roads, rail, agriculture, health and education sectors.
President Buhari also revealed the planned 2022 expenditure of sixteen point three-nine (16.39) trillion Naira plans as follows:
- Statutory Transfers of 768.28 billion Naira;
- Non-debt Recurrent Costs of 6.83 trillion;
- Personnel Costs of 4.11 trillion Naira;
- Pensions, Gratuities and Retirees’ Benefits 577.0 billion Naira;
- Overheads of 792.39 billion Naira;
- Capital Expenditure of 5.35 trillion Naira, including the capital component of Statutory Transfers;
- Debt Service of 3.61 trillion Naira; and
- Sinking Fund of 292.71 billion Naira to retire certain maturing bonds.
He also made it known to the Joint Session of the Lawmakers that once ongoing consultations are completed, the Finance Bill would be submitted to the National Assembly to be considered alongside the 2022 Appropriation Bill.
Further details from President Muhammadu Buhari’s presentation will come your way in our subsequent bulletins on boomradio.com.ng