The Federal Government has submitted a proposal to borrow the sum of N5.62 trillion to finance deficits in the 2022 budget, and also slash capital expenditure in 2022 by N259.315 billion.

The budget for 2022, as proposed by the Federal Government, is N13.918trillion.

Besides, the Comptroller General of Nigerian Customs Service, NCS, Col. Ahmadu Ali(rtd), has advised the Department of Petroleum Resources, DPR to issue licenses to petrol stations in neighbouring countries, to check the smuggling of petroleum products to those
countries.

The minister for Finance, Budget and National Planning, Zainab Ahmad, while presenting the 2022—2024 Medium Term Expenditure Framework (MTEF), and Fiscal Strategy Paper(FSP), before the House Committee on Finance, stated that the reduction became necessary given economic volatility occasioned by unstable global oil market as well as effects of the covid-19 pandemic.

According to her, “on capital expenditure, the sum of N1,759,804,022,579, as opposed to the N2,019,119,204,546, will be available to Ministries Department and Agencies of government in 2022.”

On the exchange rate, the naira is being pegged at N410 to $1(US Dollar), just as that minister told legislators that the projection is likely to come down in favour of the naira in 2023.

Explaining the deficit, the minister said: “the budget deficit and the financing items for the expenditure. The budget deficit that is projected for 2022 is N5.62 trillion, up from N5.60 trillion in 2021.”

“The deficit is going to be financed by new foreign borrowing. And domestic borrowing, both domestic and foreign in the sum of N4.89 trillion, then privatisation proceeds of N90.73 billion and drawdowns from existing project titles of N635 billion.

“This amount represents 3.05 per cent of the estimated GDP, which is slightly above the 3 per cent threshold that is spent recommended in the Fiscal Responsibility Act.

On revenue projections, the minister in the document stated that based on the decision of the Federal Executive Council (FEC) the sum of N6.54 trillion is expected to be realised for the 2022 fiscal year, adding that it was projected to increase in 2023 to N9.15 trillion.

“The revenue that we expect is N6.54 trillion N2.62 trillion to accrue to the Federation Account and VAT respectively,” she said.

She disclosed further that net oil and gas revenue which will be available for the Federation Account for distribution will be N6.151 trillion in 2022.

The key macro-economic assumptions contained in the MTEF/FSP include a crude oil benchmark price of $57 per barrel for 2022, crude oil production of 1.88 million barrels per day, and a dollar exchange rate of N410.15 to one US dollar, an inflation rate of 13 percent in 2022, and a nominal GDP of 149.369 trillion.

“What is interesting is that the non-oil GDP continues to grow at 169.69 trillion compared to oil GDP of 14.68 trillion included in the nominal GDP. Nominal consumption is 130,49.36 billion.

On unemployment, the documents revealed that 82.9 million Nigerians are adjudged to be living in poverty.

According to the minister, the global economic growth is projected to moderate to 4.9 per cent in 2022, just as she warned that Nigeria continues to be exposed to risk aversion in the foreign exchange market and devaluation of the naira.

The MTEF/FSP are documents that describe the Federal Government’s socio-economic and developmental objectives and priorities for the reporting period of 2022 to 2024.

It also has the financial strategies to put in place and policies to achieve government economic priorities, including highlights of the key drivers of government’s revenue and the spending plans.

Also at the hearing, the CG Customs, advised that, “to check cross border smuggling of petroleum products and improve on government revenue, the government, must establish filling stations in neighbouring countries like Togo, Benin, Chad, Niger, Cameroon and other neighbouring countries”.



https://www.vanguardngr.com/2021/08/fg-to-borrow-n5-62trn-to-finance-deficit-in-2022-budget-finance-minister-2/

We don enter one chance in this country

Lolz.

When you idiots were rooting for a Rothschild puppet what were you thinking?

Idiot mannequin stop borrowing loans and borrow death for yourself na.

May God help us.

Last operation.
E be things for the next government.
We have failed as a country to build a solid infrastructure and economy with our abundant oil boom.
Now, that the world is transiting from hydrocarbon energy to green energy.
We will suffer in the future due to the recklessness of our greedy politicians.
As big as Nigeria, No bicycle or motorcycle factory.
Our monotechnics, polytechnics and Engineering faculties are just ordinary paper awarding institutions.
So pathetic!
Tesla ti take over.

When will this borrowing of a thing ends

If this is true then its the end of Nigeria.

I pray we will not stick to airplanes leaving to Niger republic like the Afghans, when the owner of all these money come looking for it.

Afamsi:
Id_ iot stop borrowing loans and borrow death for yourself na.

There is sense in every nonsense by Buhari and his Fulani cabal.

These humongous debt being granted by Jewish banksters which is basically just printed useless fiat money that will be repaid with real resources is geared towards one thing only - KEEPING NIGGERIA ONE AND UNITED.

How you may ask?

Well, other than the useless FG virtually all moribond states are in huge debts.

These states outside the oil producing Niger Delta states can never repay their loans and require oil receipts from Abuja to not only repay their loans but also run their corrupt government houses. Take away the oil and see how they sink into SHIT CREEK.

Take for example Ebonyi state under Umahi that has borrowed so much to fund useless projects like fly overs in the middle of his fcking village from Sukok Banks. This loans can only repaid if Ebonyi remains part of the parasitic one Nijeriya. The same goes for all states.

Or have you forgotten so soon how TInubu and Aregberascal borrowed all of Osun's future oil handouts and looted it to the point that Osun now recieves negative alerts from the FAAC allocations?

It is this debt that the Fulani and Jew rats want to use to force a one NIggeria.

They borrow to loot....

Everything about what the Minister said is really depressing,A massive 82 million Nigerians are living in poverty, borrowing 10 trillion to fund a budget for just 2 years,and a revenue that's less than 60% of what's needed.
I like Gen Buhari ambitious idea of spending big but he's spending revenue that's not yet earned,by the time he's leaving in 2023,the next government will not have any money Available to Budget with, cos Gen Buhari has already spent it all.
I have always said it about Northerns,they must stop opposing government plans to commercialize all government parasitic Parastals,and Gen Buhari must quickly allow the country to be balkanised so every region can quickly start looking for ways to stay afloat.
Nigeria is on life support,and almost at the point of death,can't anyone summon the courage to tell Gen Buhari to stop this voodoo economics he's practicing.
I weep for the future of Nigeria.

Buhari shall

dis pipu want to borrow money again!
maybe another name for bubu is chief borrower
and another name for mr lawani is rubber stamper

ha

Faiththatworks:
Everything about what the Minister said is really depressing,A massive 82 million Nigerians are living in poverty, borrowing 10 trillion to fund a budget for just 2 years,and a revenue that's less than 60% of what's needed.
I like Gen Buhari ambitious idea of spending big but he's spending revenue that's not yet earned,by the time he's leaving in 2023,the next government will not have any money Available to Budget with, cos Gen Buhari has already spent it all.
I have always said it about Northerns,they must stop opposing government plans to commercialize all government parasitic Parastals,and Gen Buhari must quickly allow the country to be balkanised so every region can quickly start looking for ways to stay afloat.
Nigeria is on life support,and almost at the point of death,can't anyone summon the courage to tell Gen Buhari to stop this voodoo economics he's practicing.
I weep for the future of Nigeria.

There were only two options for a Sovereign to raise money and these were:

1. Increase in taxes and levies and risk uprising and rebellion from his subjects

or

2. Turn around to your neighbor and invade and pillage his wealth and absorb what is left as a vassal state towards increasing revenues to fund your opulent decadent lifestyle.

Number 2 was usually the best options as the young restless male population and knights were eager for a rape fest and pillaging of other people instead of getting taxed higher.

There are however a lot of draw backs to 2 above. If a Sovereign fails to succeed in annexing another sovereign state he not only risked further bankruptcy as armies march on bellies full of beans which require money in the first place but also full rebellion back home and that is if he survives the battle and did not get captured.

But all these changed when some happy go lucky merchants from the land of Cain decided to begin lending huge sums of money to warring parties towards reaping huge profits.

Julius Caeser is one of those vanity and ego plagued Generals who out of his own banal ambitions to subdue the Germanic tribes and Gaul borrowed so much that all his pillaging and captured slaves could not repay the loan back to his Jewish lenders.

It is from there Caeser had the bright idea of seizing power for himself by declaring himself as Emperor towards one goal only - seizing the Roman treasury so as to offset his loans and get rid of the shylocks knocking on his villa gate every morning.

It is from this point Rome, a democracy, fell and became practically owned by Jewish loan sharks.

In Niggeria, the scenario is not much different as we have a profilgating ruling class that thinks first and foremost on funding their lavish lifestyles over the good of the citizenry.

So even in the face of a major famine, economic depression, the likes of Buhari, Lawan and co will still borrow not to address the issues on ground but to fund their decadent opulent offices.

Am checking if there's another name for bankruptcy

@mannabgrills, select some of your finest vultures and slaughter them.. for today, there shall be feast in your coven... your darling Daddy has borrowed the capital you've been begging him for to expand your vulture business....