The 2022 budget estimate of N16.39 trillion naira has been presented to a joint session of the National Assembly by President Mohammadu Buhari. The appropriation bill tagged Budget of Economic Growth and Sustainability is higher with the sum of over N3 trillion than last year’s budget estimate of N13.08 trillion. Buhari said the budget will focus on diversifying the economy, with robust MSME growth as well as investment in critical infrastructure; strengthening security and ensuring good governance. He explained further that the budget was defined by the 2022 to 2024 Medium Term Expenditure Framework and Fiscal Strategy with a Conservative oil price benchmark of 57 US Dollars per barrel at an exchange rate of four 410.15 per US Dollar; and Projected GDP growth rate of 4.2 percent and 13 percent inflation rate. Analysis of the budget indicates defence and internal security attracted top priority, which the president said is a demonstration of his administration commitment to the security of life, property and investment nationwide. President Buhari also took time to highlight his administration achievements in the 2021 budget. Adding further on the uniqueness of the 2022 budget, the president noted that for the first time in the nation’s history, four MDAs were clearly advised on gender responsive budgeting.
