Buhari plans to execute Nigeria’s 2022 budget with 5,000 billion naira loans
President Muhammadu Buhari presented the 2022 budget labeled “Economic Growth and Sustainability Budget” to the joint session of the National Assembly on Thursday.
The president in his speech revealed that the budget, if approved by federal lawmakers, would be funded by a title loans of 5.01 trillion naira.
Buhari typically applauded members of the National Assembly for the speed and approval of its previous budgets, adding that “the 2022 budget will be the last annual budget to be implemented by this administration.”
The President said: “We have designed it to build on the achievements of previous budgets and to achieve our goals and aspirations, as will be reflected in our soon to be launched 2021-2025 National Development Plan.”
Amidst the turmoil over the country’s current debt profile, Buhari added, “We plan to finance the deficit primarily through new borrowing totaling 5.01 trillion naira, with 90.73 billion nair from the proceeds of the privatization and N1.16 trillion in withdrawals from guaranteed loans for specific development projects. ”
Defending his borrowing plans, the president said loans taken out by his government were spent on investment projects, mostly rail and other infrastructure projects.
“I am pleased to inform you that we plan to fully fund the MDA investment budget by the end of fiscal 2021.
“Until now, capital releases have been a priority for critical infrastructure projects underway in the electricity, roads, railways, agriculture, health and water sectors. ‘education.
“We have made progress on rail projects connecting different parts of the country. I am happy to announce that the Lagos-Ibadan line is now complete and operational. The Abuja-Kaduna line operates efficiently. The Itakpe-Ajaokuta railway line was finally completed and put into service more than thirty (30) years after its launch.
“Arrangements are underway to complete the Ibadan-Kano line. In addition, work will begin soon on the Port Harcourt-Maiduguri line and the Calabar-Lagos coast line, which will connect the southern and eastern states to themselves and to the north.
“Progress is also being made on several electricity generation, transmission and distribution projects, as well as off-grid solutions, all aimed at achieving the national target of optimizing electricity supply by 2025. “, added Buhari.