President Muhammadu Buhari said his Government will borrow an additional N5.01 trillion in 2022 to enable the his Government execute its N16.39 Trillion budget.

The President made this known today during the presentation of the budget to the National Assembly in Abuja.

President Muhammadu Buhari described the budget as Budget of Economic Growth and Sustainability.

Capital expenditure will gobble N5.35T and debt service N3.61T.

Total recurrent expenditure will be N6.83T, out of which personnel cost will consume N4.11T.

Total revenue expected is N10.13T.

Oil revenue will be a third of it as it is estimated at N3.16T. Non oil taxes will be N2.13T and Federal Government revenue from its MDAs will be N1.82T.

President Buhari said the oil benchmark for 2022 has been put at $57 and daily production at 1.88 million barrels, including condensates.

Government expects exchange rate to be stable at N410.15 to US Dollar and inflation to be kept at 13 percent.

Buhari tried to allay the fears of critics of borrowing by government.

He said the loans were within what Nigeria could afford and that the crisis the nation faces is ‘revenue challenge’, so that it can sustain repayment of the loans.
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Nice clean site, by the way.

Borrow borrow government.

Kindly keep us posted when Nigeria will be recolonize.

Next President will not find it easy to run this Zoo after this failed government.

With the way Buhari dey borrow don show say Nigeria don cast finish

borrow borrow no even come make us fine

This really saddened, how can he mortgage nigeria bcoz of selfish interest...

All the borrowed funds is still being looted by same president and his cabinet.

May Almighty God deliver us from every evil leaders

I see the borrowed funds looted by the same parastatals, I see Buhari taking some other loans for some invincible projects, I see inflation and increase in the cost of living.
To be frank, this is the worst and most clueless government we’ve had.