Nigeria head of state and head of government Muhammadu Buhari is predicted to present the 2022 budget to a joint session of the National Assembly by noon on Thursday.
The Federal council of Nigeria on Wednesday had approved a N16.39 trillion budget.
At least, N5.012 trillion is to be achieved by borrowing, which has raised concerns over the nation’s debt sustainability.
The government has to borrow in other to finance developmental projects such as roads, rails, bridges, power and water for sustainable development Said by the Minister of Finance, Zainab Ahmed.
“If we just focus all attention on the revenues that we get, even if the revenue increases, the operational expenditure of government such as salaries and other overheads, is barely covered or perhaps might be swallowed up by the revenue.”
The budget to presented fixed the value of oil at $57 at 1.88 million barrels of oil per day and also the rate at N410.15.
Oil revenues and non-oil revenues were also set at N3.15 trillion and N2.13 trillion respectively.
