Nigeria Budget: Five tins to expect inside 2022 budget

Nigeria president, Muhammadu Buhari don propose annual budget of 16.39 trillion naira for di year 2022.

Di presido go present dis proposal and im spending plan to join-bodi of lawmakers for di National assembly on Thursday, 7 October by 12 noon.

Dis na di sixth budget wey di president go present since e enta power and go be di highest one wey e don present.

Di budget wey propose last year na 13.08 trillion naira.

Wetin be di process to pass budget?

Afta di budget office prepare di kontri budget.

Di president go liase wit di legistlator and choose a day wey e go lay di budget before dem and read out di breakdown.

Afta dis process, di lawmakers go begin work on di document so dat dem fit pass di appropriation act wey go give presido di authority to spend di budget moni.

If dis appropriation act no dey ground, di goment no get authority to spend any moni.

Di budget go come go through second reading for di floor of both chambers of di National Assembly wia di appropriation committee go critically check di document.

If dem cross check evritin and find somtin wrong wit di budget process, dem go raise alarm for di executive to solve am.

But if notin dey, dem go harmonise di bill and send am to di president for assent.

Here oda keys to to sabi about di budget

Timing

Di timing for di presentation of di budget dey kampe sake of say di goment don try to ensure say e maintain di January to December budget cycle for di kontri.

Dis na why for President dey try make di propsal for October of di year before.

Before, e dey difficult for oda presidents to achieve regular budget calendar and dis wan dey make am hard for global organisations to match dia budget wit Nigeria own.

Breakdown

Dis na di 6 time wey president Buhari di present budget proposal to di National Assembly since e enta power for 2015.

For 2016, di president present 6.08 trillion budget, 2017, 7.2 trillion, 2018, 8.6 trillion, 2019: 8.83 trillion, 2020-10 trillion, 2021- 13 trillion and 2022- 16. 39 trillion Naira.

Dis year budget moni capture huge spending on top salaries and moni to run di goment plus infrastructure development alias (capital and recurrent expenditure)

For 2021, Security chop lion share inside di 2021 budget as di Defence ministry alone get N838.5 billion.

But for 2020 na Works and Housing chop money pass wit N262 billion out of the 10.33 trillion budget.

Oda sectors wey dey chop big money inside budget Power, Agriculture and Education.

How di President wan finance di Budget?

Di Buhari administration plan to finance dis budget wit both oil and non oil moni.

Nigeria Minister of Finance, Budget and National planning, Zainab Ahmed tell tori pipo sa dem fix di budget moni on top benchmark say oil price be $57 dollars, oil production go be 1.88 million barrel per day and di exchange rate be 410.15 dollar.

As e be so, goment dey expect 3.15 trillion naira from crude oil while 2.13 trillion naira from non-oil revenue to take fund di budget

Sake of dis, di goment di plan borrow N6.258 trillion deficit to finance di budget and di kontri go rely on local and foreign loans.

Nigeria Debt Profile

According to di Debt Management Office, Nigeria debt don reach 33.107 trillion as at March 31, 2021.

For statement, di agency say no be only di Federal goment dey owe dis moni and dat all di 36 states plus FCT borrow moni wey make di gbese moni go up.

Di DMO say debt moni increase by 0.58 per cent and most of di na domestic borrowing.

Dem say di federal goment part of dis debt na FGN bonds, Sukuk and Green Bonds wey goment use to finance infrastructure and oda capital projects as well as di N940.220 billion Promissory Notes.