President Muhammadu Buhari is expected to present the 2022 budget to a joint session of the National Assembly by noon on Thursday.
The Federal Executive Council on Wednesday had approved a N16.39 trillion budget.
At least, N5.012 trillion is to be financed by borrowing, raising concerns over the nation’s debt sustainability.
The Minister of Finance, Zainab Ahmed, has said the government needs to borrow to finance “developmental projects in the form of roads, rails, bridges, power and water for sustainable development in this country.
“If we just depend on the revenues that we get, even though our revenues have increased, the operational expenditure of government, including salaries and other overheads, is barely covered or swallowed up by the revenue.”
The budget to presented fixed the price of oil at $57 at 1.88 million barrels of oil per day and the exchange rate at N410.15.
Oil revenues and non-oil revenues were also set at N3.15 trillion and N2.13 trillion respectively.
This is a developing story. We will update this page as more information becomes available.