{"id":51416,"date":"2021-10-07T18:39:23","date_gmt":"2021-10-07T17:39:23","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/?p=51416"},"modified":"2021-10-07T17:52:39","modified_gmt":"2021-10-07T16:52:39","slug":"buhari-presents-2022-budget-before-nass-says-borrowing-helped-nigeria-exit-recessions","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/policy\/buhari-presents-2022-budget-before-nass-says-borrowing-helped-nigeria-exit-recessions","title":{"rendered":"Buhari presents 2022 budget before NASS, says borrowing helped Nigeria exit recessions"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>The 2022 budget has been laid by President Muhammadu Buhari before the joint session of the National Assembly with a N6.2 trillion deficit to be funded by borrowing.<\/p>\n

President Buhari, while laying the budget, defended the borrowing by his government. He stated that Nigeria would have still been in recession if not for borrowing by his government.<\/p>\n

\u201cAs you are aware, we have witnessed two economic recessions within the period of this administration. In both cases, we had to spend our way out of recession, which necessitated a resort to growing the public debt. It is unlikely that our recovery from each of the two recessions would have grown as fast without the sustained government expenditure funded by debt,\u201d he said.<\/p>\n

According to the president, Nigeria is not having a debt problem, rather, a revenue problem.<\/p>\n

To finance the deficit, Nigeria will borrow \u201cN5.01 trillion, N90.73 billion from privatization proceeds and N1.16 trillion drawdowns on loans secured for specific development projects.\u201d<\/p>\n

The total budget presented by Buhari is N16.39 trillion.<\/p>\n

The breakdown is as follows; statutory transfers N768.28 billion, recurrent costs of N6.83 trillion, overhead N792.39 billion.<\/p>\n

Capital expenditure of N5.35 trillion, debt service N3.61 trillion, sinking fund 292.71 billion.<\/p>\n

In his remarks, the Senate President, Ahmad Lawan said the National Assembly will pass the budget before the end of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The 2022 budget has been laid by President Muhammadu Buhari before the joint session of the National Assembly with a N6.2 trillion deficit to be funded by borrowing. President Buhari, while laying the budget, defended the borrowing by his government. He stated that Nigeria would have still been in recession if not […]<\/p>\n","protected":false},"author":84,"featured_media":51415,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,29,28,14,26],"tags":[5019,1570,2140,97,678,254],"class_list":["post-51416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","category-twitter","tag-2022-budget","tag-africa-press","tag-africa-press-nigeria-2","tag-buhari","tag-nass","tag-nigeria"],"yoast_head":"\nBuhari presents 2022 budget before NASS, says borrowing helped Nigeria exit recessions - Nigeria<\/title>\n<meta name=\"description\" content=\"The 2022 budget has been laid by President Muhammadu Buhari before the joint session of the National Assembly with a N6. ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/policy\/buhari-presents-2022-budget-before-nass-says-borrowing-helped-nigeria-exit-recessions\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buhari presents 2022 budget before NASS, says borrowing helped Nigeria exit recessions\" \/>\n<meta property=\"og:description\" content=\"The 2022 budget has been laid by President Muhammadu Buhari before the joint session of the National Assembly with a N6. ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/policy\/buhari-presents-2022-budget-before-nass-says-borrowing-helped-nigeria-exit-recessions\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-07T17:39:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/10\/img-615f25b605533.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/buhari-presents-2022-budget-before-nass-says-borrowing-helped-nigeria-exit-recessions#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/buhari-presents-2022-budget-before-nass-says-borrowing-helped-nigeria-exit-recessions\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Buhari presents 2022 budget before NASS, says borrowing helped Nigeria exit recessions\",\"datePublished\":\"2021-10-07T17:39:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/buhari-presents-2022-budget-before-nass-says-borrowing-helped-nigeria-exit-recessions\"},\"wordCount\":234,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/buhari-presents-2022-budget-before-nass-says-borrowing-helped-nigeria-exit-recessions#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/10\/img-615f25b605533.jpg\",\"keywords\":[\"2022 budget\",\"Africa Press\",\"Africa Press-Nigeria\",\"Buhari\",\"NASS\",\"Nigeria\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"Policy\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/policy\/buhari-presents-2022-budget-before-nass-says-borrowing-helped-nigeria-exit-recessions#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/buhari-presents-2022-budget-before-nass-says-borrowing-helped-nigeria-exit-recessions\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/buhari-presents-2022-budget-before-nass-says-borrowing-helped-nigeria-exit-recessions\",\"name\":\"Buhari presents 2022 budget before NASS, says borrowing helped Nigeria exit recessions - 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