Overview

President Muhammadu Buhari presented the 2022 Budget Speech titled 'Budget of Economic Growth and Sustainability' to a joint session of the National Assembly on October 7, 2021. The speech highlights the performance of the 2021 budget, which was based on a benchmark oil price of $40 per barrel, oil production of 1.6 million barrels per day, and an exchange rate of N379 per US dollar. A supplementary budget of N982.73 billion was enacted for security and health sectors. Total revenue of N8.12 trillion was projected to fund aggregate expenditure of N14.57 trillion, with a fiscal deficit of N6.45 trillion (4.52% of GDP) to be financed mainly by borrowings. By July 2021, actual revenues were 34% below target due to underperformance of oil and gas revenues, despite oil prices averaging $68.53 per barrel and production averaging 1.7 million barrels per day. The 2022 budget aims to build on previous achievements and deliver on goals under the National Development Plan 2021-2025. It is the last full-year budget of this administration. The speech also acknowledges the COVID-19 pandemic's impact and the decision to hold a shorter ceremony due to safety protocols.

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