A budget totalling ₦11.907 trillion has been budgeted by the Federal Government for 2022. This is with ₦900 billion planned for fuel subsidy.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, while speaking on Thursday at the presentation of the 2022-2024 Medium Term Expenditure Framework (MTEF), said crude oil production for 2022 will be 1.88 million barrels per day with a price benchmark of $57 per barrel.
More details from the budget showed exchange rate of ₦410.15; FG’s share of federation account: ₦5.513 trillion; FG’s share of VAT: ₦339.3 billion and a projected deficit of ₦4.6 trillion while projected revenue is ₦8.359 trillion.
On expenditure, the government will spend an aggregate of ₦3.616 trillion on capital including transfers.
Personnel cost for MDAs will gulp ₦3.4 trillion inclusive of salaries, overheads, pension, presidential amnesty and other service wide votes like immunisation.
Ahmed warned that “high costs including PMS under-recovery and cost of security oil pipelines are, however, weighing down on oil revenues; these issues must be addressed wholesomely to free up much needed fiscal space.”
