Ndubisi Nwokoma: No Hope That 2022 Budget Will Be Different From the Previous One

Today all eyes will be on President Muhammad Buhari to assent to the National Assembly transmitted 2022 budget.
The Clerk to the National Assembly, Amos Ojo, forwarded the letter to the president alongside a letter dated 24 December and titled “Appropriation Bill 2022”.
The transmission comes about a week after the Senate and House of Representatives passed the budget.

However, before passing the budget, the lawmakers had increased the total expenditure from N16.3 trillion to N17.1 trillion – showing an increase of over N700 billion.

Also the lawmakers increased the Oil Benchmark Price from $57 to $62 “to reflect the current market values of the oil barrel in the international market.” While Nigeria’s daily oil production rate was pegged at 1.86 million per barrel.
In the budget, statutory transfer was put at N869.6 billion, debt service at N3,88 trillion, recurrent (non-debt) expenditure at N6.9 trillion and capital expenditure at N5,46 trillion.

Joining us now for an in-depth analysis of the transmitted 2022 Budget, is PROFESSOR NDUBISI NWOKOMA. A Professor of Financial Economics and Director of the Centre for Economic Policy Analysis and Research at the University of Lagos, Akoka.

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