President Muhammadu Buhari today presented to the National Assembly, a total budge of N16.39trillion for the year 2022.
The appropriation bill “a Budget of Economic Growth and Sustainability”, will focus on diversifying the economy, with robust MSME growth; investing in critical infrastructure; strengthening security and ensuring good governance; enabling a vibrant, educated and healthy populace; reducing poverty; and minimizing regional, economic and social disparities.
The President noted that the budget was designed to build on the achievements of previous budgets and to “deliver on our goals and aspirations as will be reflected in our soon-to-be launched National Development Plan of 2021 to 2025”.
In his speech, he said vowed that defence and internal security will continue to be a top priority to his administration, stressing that his government would continue to remain firmly committed to the security of life, property and investment nationwide.
The budget was premised a crude oil benchmark price of $57 per barrel and a daily oil production estimate of 1.88 million barrels per day. The exchange rate is projected at N410 per dollar.
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