The budget for 2022 allocates the majority of funds to defence, infrastructure, and education.
The larger portion of Nigeria’s N16.39 trillion national budget for 2022 has been allocated to defence and security, infrastructure, education, and health.
Defence and security received N2.41 trillion (15%), infrastructure N1.45 trillion (8.9%), Education budget in Nigeria 2022 is N1.29 trillion (7.9%), health N820 billion (5%), and Social Development and Poverty Eradication N863 billion (5.3%) of the total allocation.
Recall that President Muhammadu Buhari presented the National Assembly with the 2022 aggregate expenditure budget, which is expected to be N16.39 trillion, up 12.5 percent from the 2021 budget.
Recurrent spending for the projected year is N6.83 trillion, accounting for 41.7 percent of total expenditure and 18.5 percent higher than the 2021 budget, according to a breakdown of the N16.39 trillion estimated budget.
According to the estimate, N5.35 trillion will be spent on capital projects, accounting for 32.7 percent of total spending.
Capital components of statutory transfers, GOE capital, and project-tied loan expenditures are all included in this provision.
The minister stated that a total of N10.132 trillion in revenue is expected to be collected in the current fiscal year to fund the budget, with N3.60 trillion set aside to pay off debts.
Mrs Zainab Ahmed, Minister of Finance, Budget, and National Planning, stated this at the ministry’s auditorium in Abuja on Friday during a public presentation and breakdown of the highlights of the 2022 appropriation bill.
Over ₦ 6 trillion will be borrowed to finance the 2022 budget present by Buhari, according to the 2022 Budget Breakdown made available to EJES GIST NEWS
The 2022 budget is a deficit budget.
Type of Budget
In economics, there are three (3) types of budget,
- Balance Budget: when your expected revenue is equal to your expected expenditure
- Surplus budget: when your expected revenue is above your expected expenditure
- Deficit Budget: when your expected revenue is below your expected expenditure. I.e when you budget to spend above your incomes or earning or revenue.
2022 Nigeria budget breakdown
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