President Muhammadu Buhari is presenting the 2022 budget to a joint session of the National Assembly.
The Federal Executive Council on Wednesday had approved a N16.39 trillion budget.
At least, N5.012 trillion is to be financed by borrowing, raising concerns over the nation’s debt sustainability.
The Minister of Finance, Zainab Ahmed, has said the government needs to borrow to finance “developmental projects in the form of roads, rails, bridges, power and water for sustainable development in this country.
“If we just depend on the revenues that we get, even though our revenues have increased, the operational expenditure of government, including salaries and other overheads, is barely covered or swallowed up by the revenue.”
The 2022 budget fixed the price of oil at $57 and production rate at 1.88 million barrels of oil per day. The exchange rate was fixed at N410.15.
Oil revenues and non-oil revenues were also set at N3.15 trillion and N2.13 trillion respectively.