President Muhammadu Buhari on Thursday presented N16.39 trillion as 2022 budget proposal before a joint session of the National Assembly.
The budget termed budget of economic growth and sustainability will run on a deficit of N6.23 trillion.
Mr Buhari put the oil benchmark at $57 per barrel while the exchange rate was capped at N410.5 per dollar.
He said the budget is projected to stimulate GDP growth by 4.2 per cent, with 13 per cent inflation rate.
“Daily oil production estimate of 1.88 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day); Exchange rate of four 410.15 per US Dollar; and projected GDP growth rate of 4.2 per cent and 13 per cent inflation rate,” the president said.
“Based on these fiscal assumptions and parameters, total federally-collectable revenue is estimated at 17.70 trillion Naira in 2022.
“Total federally distributable revenue is estimated at 12.72 trillion Naira in 2022 while total revenue available to fund the 2022 Federal Budget is estimated at 10.13 trillion Naira. This includes Grants and Aid of 63.38 billion Naira, as well as the revenues of 63 Government-Owned Enterprises.
“Oil revenue is projected at 3.16 trillion, Non-oil taxes are estimated at 2.13 trillion Naira and FGN Independent revenues are projected to be 1.82 trillion Naira.
“A total expenditure of sixteen point three-nine (16.39) trillion Naira is proposed for the Federal Government in 2022.or the economies to survive and thrive.”
Buhari said defence and internal security will continue to be his administration’s top priority, adding that the 2022 budget is first in the nation’s history where government ministries, departments and agencies were advised on gender-responsive budgeting.