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The proposed 2022 budget figure of N16.39 trillion is N2.41 trillion more than the projected budget for the 2022 fiscal year. And it is only N381.19 billion less than the projected aggregate budget expenditure of the 2024 fiscal year of N16.77 trillion.
Nigeria’s 36 states (except the FCT) will spend N11 trillion in the 2023 fiscal year. This represents budgets approved by the 36 states’ legislative houses.
In Osun and Ekiti states, 45 per cent of their agricultural expenditure was spent on capital expenditure. In Ondo State, 19 per cent of its agricultural expenditure was spent on capital expenditure, and 11 per cent was spent in Lagos State on capital expenditure.
A review of the 2022 budgeted expenditure of top tertiary institutions in the country reveals heavy recurrent spendings and very light capital expenditures
On the 7th of April, Nigeria’s President, Muhammadu Buhari, noted that the country would need up to four trillion naira for 2022 subsidy payment, up from the earlier projected N3 trillion. This development was blamed on rising oil prices amid high global demand.
Of the N5.467 trillion approved for capital expenditure in the 2022 budget, the Ministry of Finance, Budget, and National Planning was awarded N941 billion. This makes up 17.21% of the total capital expenditure approved.
Key Changes in the Proposed vs. Approved Budget (Capital Expenditure)
₦15 billion reduction in capital expenditure to Ministry of Health ₦30 million Cut in NHIS Enrolment and Coverage Budget No reduction in the overhead expenditure
The Nigeria Extractive Industries and Transparency Initiative (NEITI) audit report shows that Akwa Ibom State spent a total of NGN947 billion out of NGN1,515 billion of her total revenue on capital expenditure for a period of five years i.e. 2012 – 2016. This accounts for 63% of the total revenue accrued to the state within the specified period.
