…To spend N900bn on subsidy in 2022
The Federal Government has projected to spend N13.98 trillion in the 2022 fiscal year.
The Minister of Finance Budget and National Planning, Zainab Ahmed, made this disclosure yesterday, during the presentation of the Medium Term Expenditure Framework/Fiscal Strategy Paper for 2022-2024, in Abuja.
She also disclosed that the Federal Government will slash capital expenditure to N3.61 trillion in 2022, from the N4.37 trillion approved for 2021; the figure is N758 billion lower than the N4.37 trillion spent on capital expenditure this year.
The minister added that it will spend N900 billion on subsidy payout to oil marketers in 2022.
The government also allocated N3.6 trillion for debt servicing in 2022, as against N3.12 trillion in 2021.
The minister further revealed that the FG planned to generate N8.35 trillion next year as against the N7.98 trillion for 2021. She also stated that the non-debt recurrent expenditure was pegged at N6.2 trillion compared to N5.64 trillion in 2021.
According to Ahmed, the 2022 Budget would be based on the oil production benchmark of 1.88 million barrels per day, at $57 per barrel and an exchange rate of N410.15/$.
