January 7, 2022/Coronation Research

The 2022 FGN budget titled Economic Growth and Sustainability was signed by President Buhari on 31 December ’21.

The aggregate expenditure is estimated at N17.1trn, which is 18% higher than the 2021 FGN aggregate expenditure of N14.6trn. The aggregate amount allocated for capital expenditure in the 2022 budget is N5.96trn.

This represents 35% of total expenditure (above the 30% target set by the current administration) and is 14% higher than the 2021 provision of N5.23trn.

The budget has an estimated deficit of N6.39trn, approximately 4.1% of total GDP (in 2020) and is slightly above the 3% ceiling set by the fiscal responsibility Act 2007 (FRA).

For the full economic note, please click here.