* Buhari set to issue proclamation as fiscal year gets naira 178 billion in 2022 budget
François Ndubuisi in Abuja
A national population and housing census, which was last held in Nigeria 15 years ago, will be held in the country next year, thanks to the 178.09 billion naira approved for the fiscal year in the 2022 Appropriation Bill.
Minister of Finance, Budget and National Planning Zainab Ahmed, who made the disclosure during the public presentation and breakdown of the 2022 budget in Abuja yesterday, said President Muhammadu Buhari will soon issue a proclamation on the workforce planned for 2022.
Ahmed explained that the recent review of the Medium Term Expenditure Framework (MTEF) 2022-2024 was driven by a number of factors, including the need to provide the staffing funds.
The last population census, carried out in 2006, puts the country’s population at 140 million, but has been plagued by political interference from design to implementation.
Nigeria has not conducted a population census since then, based on estimates from Worldometer, an arm of the United Nations Department of Economic and Social Affairs.
In December 2020, the National Population Commission (NPC) announced that around 206 million people lived in Nigeria, an increase of eight million people in two years, from the 198 million announced in 2018.
The finance minister also revealed an additional N100 billion in 2022 budget estimates to enable the Independent National Election Commission (INEC) to prepare for the conduct of the 2023 general election.
Giving more information on why the MTEF was revised, the minister said the increase in the spending side was also driven by the need to budget for additional critical spending, as well as the need to present an FGN budget. more complete.
Other key expenditures in the 2022 budget estimates include 400 billion naira for the national strategy for poverty reduction and growth; Police operations fund of 50 billion naira; and 37 billion naira of additional allowance for debts from electricity bills of ministries, departments and agencies (MDA).
The minister further revealed that 517.5 billion naira had been offered as additional multilateral / bilateral project-related loans; 54 billion naira for the National Agency for Engineering Infrastructures (NASENI), which represents 1% of the FGN share of the Federation account; and 305.99 billion naira for TETFUND (financed by the school tax).
Ahmed said the tax figures were preliminary and would be updated “as the reconciliation process is completed.”
She further revealed that 2.88 trillion naira was allocated to service the debt between January and August of this year, out of a total expenditure of 8.14 trillion naira recorded in the first seven months of 2021.
The sum of 2.75 trillion naira was for overhead costs, while 1.75 trillion naira was spent on investment projects.
According to its report, the government has so far generated 3.9 trillion naira this year, including corporate income tax (CIT) of 547.5 billion naira; The levies of value added tax of 235.7 billion naira, customs collections of 338.6 billion naira and other revenues which amounted to 1.7 trillion naira.
She revealed that with a debt service cost of 2.88 trillion naira and total revenues of 3.9 trillion naira, the federal government spent about 73 percent of its revenues on debt service. in the past eight months.
She said: “For the 2021 performance, between January and August, the revenue generated was 3,933 billion naira, or 73% of the pro-rated target. Of this amount, income tax and VAT were respectively 547.5 billion naira and 235.7 billion naira, or 121 percent in the case of CIT and 148 percent in the case of pro-rated target VAT.
“On the expenditure side, 814 trillion naira representing 84% of the 9.711 billion naira of prorated spending from January to August has been spent.
“This performance includes estimates of public enterprise expenditure (EGO), but does not include project-related loans.
“Of the expenses, 2,89 trillion naira was used for debt service, while 2,57 trillion naira was used for personnel costs, including pensions and tips. By the end of August 2021, 1.75 trillion naira had been spent on investment projects, of this amount, 1.723 trillion naira represents 81 percent of the overall provision for capital of pro-rated ministries’ agencies. , while N36.01 billion is GOE expenditure.
“So the story here is that the revenue performance aggregate is 73%, but the point is that non-oil revenue is performing very well above target, while oil and gas revenue is at. the train. “
The finance minister also revealed that the federal government borrowed a total of 3.6 trillion naira between January and August to finance its budget deficit of 4.3 trillion naira, stressing that the remainder was covered by the proceeds of privatization and withdrawal of bilateral and multilateral loans.
On the proposed overall budget of 16.39 trillion naira 2022, with a projected revenue of 10.132 trillion naira and a budget deficit of 6.26 trillion naira, the minister said that 3.60 trillion naira was for debt service, 6.829 trillion naira for non-debt recurrent expenditure, and 4.892 billion naira for capital expenditure.
Ahmed said: “To promote budget transparency, accountability and comprehensiveness, allocations to TETFUND and 63 GOE budgets are incorporated into the FGN’s 2022 budget proposal.
“In total, 34.9% of projected revenues will come from petroleum-related sources, while 65.1% will come from non-petroleum sources.”
According to her, 3.331 naira are forecast for oil-related income, 1.816 trillion naira for independent income, 924.31 billion naira from other sources of income, and 1.728 billion naira of retained income from the GOE.
The minister also revealed that 23 billion naira “is proposed for sinking funds, 768 billion naira for statutory transfers”.
On the sectors with the highest allocation in 2022, the sum of 2.41 billion naira has been proposed for Defense, including military, police, intelligence and paramilitary agencies.
Infrastructure (including works and housing, electricity, among others) comes next with 1.45 trillion naira, followed by youth, women and social development with 921 billion naira.
An amount of 873.93 billion naira is proposed for the education sector and 108 billion naira for the Universal Basic Education Commission (UBEC).