- Before the end of 2021, President Muhammadu Buhari is already making plans for the next year
- Deputy Senate President Ovie Omo-Agege, on Tuesday, October 5th, announced that the Budget Act 2022 will be presented on Thursday October 7th
- Also, Omo-Agege noted that the revised Medium Term Expenditure 2022-2024 Framework MTEF was presented by President Buhari
According to the Senate, President Muhammadu Buhari will pass the Budget Act 2022 at a joint session of the National Assembly on Thursday. < / p>
Ovie Omo-Agege, the deputy Senate President, made the unveiling during Tuesday’s plenary session, reports Channels TV.
Omo -Agege also informed members of the National Assembly that the President had approved the revised Medium-Term Expenditure Framework 20 22-2024 MTEF and the Fiscal Strategy Paper (FSP), Vanguard added.
President Buhari has asked NASS to approve the planning documents that form the assumptions in the 2022 budget would, adding that the revision will highlight the new tax conditions in the Petroleum Industry Act and the Appropriation Bill 2022. The President stated that the revision will provide funding for independents National Electoral Commission (INEC) ahead of the next general election.
Finance Minister Zainab Ahmed announces details on budget spending in 2022
Meanwhile, the Nigerian government planned to spend N3.6 trillion on capital spending in 2022, said Minister of Finance, Budget and National Planning, Zainab Ahmed.
Ahmed did so at the Discussion on the federal government’s budget for 2022 known given, of 13.98 trillion N. compared to 13.6 trillion. N was set for 2021.
She explained this in Abuja during a public consultation on the medium-term spending framework / fiscal strategy paper for 2022-2024.
While the budget for next year is higher than that of 2021, capital expenditure for 2022 is lower than the N 4.37 trillion spent this year, with a difference of N. 758 billion.
Also, Ahmed said that the debt service for the next year is estimated at N 3.6 trillion, which is below the N 3.12 trillion estimated by the government for 2021.
In her statement, the finance minister stated that FG had forecast a revenue generation of 8.35 trillion N in 2022, more than this year’s 7.98 trillion N.