Nigeria’s aggregate expenditure spending is projected to be N13.98 trillion for the 2022 budget, revealed the Minister of Finance, Zainab Ahmed.
This projected expense forms a part of the Nigeria’s 2022 budget, which includes funding from donors and other funded projects.
The estimated revenue for the period under review stands at N8.76 trillion with a N5.22 trillion for the 2022 fiscal year.
Ahmed said, “In accordance with the 2022 – 2024 Medium-Term Expenditure Framework and Fiscal Strategy Paper, the aggregate FGN revenue available for budget (including GOEs) for fiscal year 2022 is projected at N8.762 trillion, while the aggregate expenditure level is projected to be N13.98 trillion (inclusive of GOEs, grants/donor-funded projects).
“This aggregate expenditure is made up of Statutory Transfers of N613.36 billion, Debt Service of N3.61 trillion, Sinking Fund of N292.71 billion, and Recurrent (non-debt) expenditure of N6.21 trillion.
“A total of N4.79 trillion (inclusive of N750.04 billion for GOEs) is provided for personnel and pension costs, an increase of N534.40 billion over 2021. This is 57% of projected aggregate revenues for 2022.”
Nigeria’s capital expenditure for 2022 totals N3.61 trillion, according to the minister, representing 26 percent of the total expenditure, which is less than the 2021 level by 17.3 percent at N14.13 trillion.
The circular disclosing the budget for the next year stated that ministries, departments, and agencies will receive N1.76 trillion, while special intervention programmes will receive N10 billion and donor/grant-funded expenditures will get N62.24 billion.
Ahmed said that “the provision for development expenditure has been constrained by low revenues, increasing personnel and pension, as well as debt service costs.”
She added that the “The thrust of the federal government’s capital expenditure programme in 2022 will be completion of as many ongoing projects as possible, rather than starting new projects.
“Thus, MDAs are hereby advised that new projects will not be admitted into the capital budget for 2022, unless adequate provision has been made for completion.”