Nigeria Implements 75% of 2022 Budget
The Federal Government of Nigeria has expended a total sum of N12.87 trillion against the N17.126 trillion budgeted for fiscaal year 2022 as at Nov. 30, 2022, according to official statement.
Zainab Ahmed, Minister of Finance, Budget and National Planning, said this at the Public Presentation and Breakdown of the Approved Federal Government 2023 Budget on Wednesday in Abuja.
Ahmed said out of the N12.87 trillion, N5.24 trillion was for debt service and N3.94 trillion was for personnel costs. “The actual spending as of November 30 was N12.87 trillion.
“Of this amount, N5.24 trillion was for debt service; N3.94 trillion for Personnel Costs, including pensions; Statutory Transfers, Overhead and Service Wide Votes expenditures totaled N1.81 trillion; and N1.88 billion was released for capital expenditure.”
Meanwhile, the minister said the fiscal deficit for 2022 was estimated at N8.17 trillion, inclusive of the supplementary Budget. She also added that as at Nov. 30, 2022, the deficit was N6.37 trillion.
“The deficit was totally financed by borrowings, mostly from domestic sources.” >>Nigeria Sees Sharp Rise in Prices as FX Adds to Cost Pressures -PMI
President Muhammadu Buhari signed the 2023 Appropriation Bill of N21.83 trillion into law on Tuesday. However, the National Assembly (NASS) passed the 2023 Budget on Dec. 28, 2022 after it was laid before a joint session of the NASS on Oct. 7, 2022.
Finance Bill 2022 was also passed to reinforce the administration’s public financial management reforms. The Act is expected to make key reforms on tax laws and others. # Nigeria Implements 75% of 2022 Budget