President Muhammadu Buhari has presented a N16.39 trillion budget proposal for the 2022 fiscal year to the National Assembly.
The presentation of the Appropriations Bill 2022, was made at a joint session attended by members of both chambers of the National Assembly.
President Buhari arrived the House of Representatives Chamber where the joint session held at about 12:04pm.
The presentation which lasted for an hour ended at 1:05pm.
President Buhari, in his presentation, said the Appropriations Bill 2022, was tagged “Budget of Economic Growth and Sustainability.”
He said allocations to MDAs in the budget were guided by the strategic objectives of the National Development Plan of 2021-2025.
According to him, the plan includes diversifying the economy with robust MSME growth; investing in critical infrastructure; strengthening security and ensuring good governance; enabling a vibrant, educated and healthy populace; reducing poverty; and minimizing regional, economic and social disparities.
He added that defence and internal security would continue to be top priority for his administration.
“We remain firmly committed to the security of life, property and investment nationwide.
“We will continue to ensure that our gallant men and women in the armed forces, police and paramilitary units are properly equipped, remunerated and well-motivated” President Buhari said.
On parameters and fiscal assumptions of the 2022 Appropriations Bill, he explained that same was based on the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper.
He said oil price benchmark was pegged at 57 US Dollars per barrel; oil production estimate at 1.88 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day); Exchange rate at N410.15 per US Dollar; and Projected GDP growth rate at 4.2 percent and 13 percent inflation rate.
He stated that based on these fiscal assumptions and parameters, total federally-collectible revenue wasestimated at N17.70 trillion Naira in 2022.
Buhari explained further that while total federally distributable revenue is estimated at 12.72 trillion Naira,total revenue available to fund the 2022 Federal Budget was estimated at 10.13 trillion Naira, an amount which includes Grants and Aid of 63.38 billion Naira, as well as the revenues of 63 Government-Owned Enterprises.
According to him, Oil revenue was projected at 3.16 trillion, Non-oil taxes estimated at 2.13 trillion Naira and FGN Independent revenues projected at 1.82 trillion Naira.
He said out of the total expenditure of N16.39 trillion Naira proposed for the Federal Government in 2022, N768.28 is for Statutory Transfers of 768.28 billion Naira; N6.83 trillion is for Non-debt Recurrent Costs;and N4.11 trillion for Personnel Costs.
Others are N577.0 billion for Pensions, Gratuities and Retirees’ Benefits; N792.39 for Overheads; N5.35 trillion for Capital Expenditure, including capital component of statutory transfers; N3.61 trillion for Debt Service; and N292.71 billion Naira for Sinking Fund to retire certain maturing bonds.
He, however, emphasised that the expected total fiscal operations of the Federal Government would result in a deficit of 6.26 trillion Naira, an amount representing 3.39 percent of estimated GDP, which, according to him, is slightly above the 3 percent threshold set by the Fiscal Responsibility Act 2007.
In addition, the President disclosed that efforts were being made by his administration to partly support the realization of fiscal projections by reviewing the current tax and fiscal laws to produce a draft Finance Bill 2022.
It is our intention that once ongoing consultations are completed, the Finance Bill would be submitted to the National Assembly to be considered alongside the 2022 Appropriation Bill”, he said.
The Federal Government has ruled out any plan to increase electricity tariffs, saying its priority is to improve power supply and ensure reliable electricity across the country.
The Minister of Power, Joseph Tegbe, gave the assurance in Ibadan, Oyo State, on Thursday, amid concerns and speculation about a possible increase in electricity tariffs.
Tegbe spoke during the groundbreaking ceremony for five interconnected mini-grid projects with a combined generation capacity of 17.7 megawatts and a 17.74-megawatt-hour Battery Energy Storage System (BESS).
“I want to say this clearly and without ambiguity: there is no plan to increase electricity tariffs. What we are planning is a power sector that works around the clock. Our commitment is 24/7 power,” the minister said.
He urged Nigerians to disregard reports suggesting an impending tariff hike, stressing that the government was focused on improving electricity generation, transmission and distribution.
The five mini-grid projects are located in Bola, Jiboye, Molade-Adelubi, Ogo Oluwa and Sooko-Elega. They are expected to provide electricity to communities across Akinyele, Ido, Ibadan North, Egbeda and Lagelu Local Government Areas of Oyo State.
According to the minister, the projects are designed to expand electricity access, reduce dependence on petrol and diesel-powered generators, and create a more favourable environment for businesses, investment and job creation.
Tegbe said the Federal Government was also implementing a broader energy strategy aimed at improving electricity supply through designated energy corridors, including the Lagos-Ogun, Abuja-Kaduna-Kano and Benin-Enugu-Port Harcourt corridors.
He added that efforts were underway to strengthen the national grid and upgrade generation and transmission infrastructure across the country’s eastern, western and central corridors.
The minister described the mini-grid initiative as part of President Bola Tinubu’s Renewed Hope Agenda, noting that similar electricity interventions had been implemented in communities across several states with support from the Rural Electrification Agency (REA).
He commended Tinubu for his leadership and acknowledged the contributions of the REA, project developer Paras Energy and Natural Resources Development Limited, the World Bank and the Ibadan Electricity Distribution Company.
Tegbe also recognised the Oyo State Government, traditional rulers and other stakeholders for their roles in facilitating the projects.
The initiative is expected to improve electricity reliability in the beneficiary communities, support local economic activities and reduce energy costs for households and businesses.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned governments against imposing new taxes or increasing the tax burden on vulnerable citizens and productive sectors amid economic pressures.
Oyedele spoke on the sidelines of the 2026 annual meetings of the International Monetary Fund (IMF) and the World Bank in Bangkok, Thailand, where he presented the communiqué of the Intergovernmental Group of Twenty-Four (G24), which he chairs.
The minister said governments should prioritise identifying areas of savings, improving revenue mobilisation and strengthening fiscal management rather than introducing additional tax burdens that could further strain households and businesses.
“This is the wrong time to impose new taxes or increase the burden of tax, particularly on the vulnerable population and productive sectors of the economy,” he said.
Oyedele made the remarks while responding to questions on how developing countries could reduce debt-servicing costs without cutting essential public expenditure.
He urged governments to look inward for savings and explore more efficient ways of generating revenue while protecting vulnerable populations from further financial pressure.
On public borrowing, the minister said debt financing remained necessary to support economic growth but stressed that borrowed funds should be deployed to stimulate job creation and promote inclusive development.
He noted that governments should prioritise limited public resources for essential services, including healthcare and education, while leveraging private capital to support other investment needs.
Oyedele also cautioned against treating taxation and borrowing as mutually exclusive options, explaining that both have economic implications and must be carefully balanced.
According to him, excessive taxation of vulnerable households could reduce their capacity to afford basic necessities, including food, healthcare and education.
He described public debt as a future tax burden, emphasising the need for governments to adopt fiscal policies that balance present revenue needs with long-term economic sustainability.
“Debt is future taxes, so it’s not one or the other. It’s to strike a balance, bearing in mind ultimately that the essence of tax and of debts is to cater for the people,” he said.
The minister’s remarks underscore the need for developing economies to strengthen domestic revenue mobilisation, improve public spending efficiency and manage debt sustainably without undermining household welfare or productive economic activities.
President Bola Tinubu has said that 67,512 Nigerians across 25 states and the Federal Capital Territory (FCT) have so far benefited from credit backed by the National Credit Guarantee Company (NCGC).
Tinubu disclosed this on Monday in a series of posts on his official X account as Nigeria prepares to celebrate its 66th Independence Day.
According to the President, the NCGC has issued ₦21.59 billion in guarantees, enabling participating financial institutions to provide ₦46.95 billion in loans.
He said 11,374 of the beneficiaries are women, while 33.5 per cent are first-time formal borrowers.
Tinubu noted that more than 22,000 Nigerians had entered the formal credit system for the first time through the scheme, giving them an opportunity to build credit records that could improve their access to future loans.
The consumer credit scheme was launched in July 2026 by the Nigerian Consumer Credit Corporation (CREDICORP), in partnership with the Federal Ministry of Communications, Innovation and Digital Economy.
The President said the initiative was part of his campaign promise to move Nigeria towards a credit-based economy and make financing more accessible to individuals and businesses.
He said CREDICORP enables working Nigerians to access consumer credit, while the National Education Loan Fund (NELFUND), Bank of Industry and Development Bank of Nigeria provide financing in other sectors.
Tinubu explained that the NCGC was established to reduce the risks faced by financial institutions when lending to businesses and individuals without sufficient collateral or credit history.
He said the company currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.
The President added that businesses supported through the NCGC scheme were estimated to have created 661,291 direct and indirect jobs.
He said the impact of the scheme showed how government reforms could translate into economic opportunities for Nigerians.
“Our reforms laid the foundation. Credit gives Nigerians the means to build on it,” Tinubu said, adding that the Federal Government would continue to expand access to credit across the country.
He described the development as evidence of his administration’s efforts to fulfil its campaign promises, saying, “Promise made, promise kept. We are moving from reforms to opportunities. Nigeria First.”