FGN Budget – An Expansionary Stance In 2022

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FGN Budget - An Expansionary Stance In 2022
FGN Budget - An Expansionary Stance In 2022

The 2022 FGN budget titled Economic Growth and Sustainability was signed by President Buhari on 31 December ’21. The aggregate expenditure is estimated at N17.1trn, which is 18% higher than the 2021 FGN aggregate expenditure of N14.6trn.

 

The aggregate amount allocated for capital expenditure in the 2022 budget is N5.96trn. This represents 35% of total expenditure (above the 30% target set by the current administration) and is 14% higher than the 2021 provision of N5.23trn.

 

The budget has an estimated deficit of N6.39trn, approximately 4.1% of total GDP (in 2020) and is slightly above the 3% ceiling set by the fiscal responsibility Act 2007 (FRA).