The defence and security, infrastructure, education and health have been allocated the larger chunk of Nigeria’s 2022 national budget of N16.39 trillion appropriated for the year.
From the allocation, defence and security got N2.41 trillion (15%); infrastructure N1.45 trillion (8.9%); education NN1.29 trillion (7.9%); health N820 billion (5%) and Social Development and Poverty Eradication N863 billion (5.3%) of the entire allocation.
Zainab Ahmed, the minister of Finance, Budget, and National Planning, disclosed this at the public presentation and breakdown of the highlights of the 2022 appropriation bill at the ministry’s auditorium in Abuja on Friday, October 8, 2021.
Recall that President Muhammadu Buhari had on Thursday presented the 2022 aggregate expenditure projected to be N16.39 trillion which is 12.5% higher than the 2021 budget to the National Assembly.
A breakdown of N16.39 trillion estimated budget shows that recurrent spending for the projected year is N6.83 trillion, repressing 41.7% of total expenditure and 18.5% higher than the 2021 budget.
From the estimate, aggregate capital expenditure of N5.35 trillion is earmarked, representing 32.7% of total expenditure.
This provision is inclusive of capital components of statutory transfers, GOEs capital, and project-tied loans expenditures.
The minister said a total sum of N10.132 trillion revenue is expected be raked in within the year under review to fund the budget, while N3.60 trillion was earmarked to fund debts.
Source: Vanguard
