Overview

The document is the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) of the Federal Government of Nigeria, prepared by the Budget Office of the Federation and the Federal Ministry of Finance, Budget and National Planning. It outlines Nigeria's fiscal and economic outlook, budget performance reviews, and revenue and expenditure projections for the medium term. The report begins with an introduction, followed by an analysis of the global and domestic economic environment, including developments in the monetary sector (inflation, interest rates, exchange rates, foreign exchange reserves), fiscal sector (tax expenditure), and external sector (trade, capital importation). It then reviews the 2020 budget performance, highlighting oil and non-oil revenue outturns, FGN revenue, and expenditure. A preliminary review of the 2021 budget implementation is also provided. The core of the document details the assumptions underlying revenue projections for 2022-2024, focusing on oil revenues (domestic crude oil production, global supply and demand), exchange rate, and inflation. Key fiscal targets include reducing the budget deficit, improving revenue mobilization, and prioritizing capital expenditure on infrastructure and human capital development. The document emphasizes the need for fiscal consolidation and economic diversification to reduce reliance on oil revenues.

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