Last week, President Muhammadu Buhari submitted his government’s proposed spending plan for 2022 to the National Assembly.
The proposed total expenditure is N16.39 trillion, 12.5 per cent higher than the 2021 Budget.
Recurrent spending — that is wages and administrative cost of government — is estimated to cost N6.83 trillion. That is 41.7 per cent of the total
expenditure, and 18.5 per cent higher than the 2021 Budget.
The total capital expenditure is N5.35 trillion. The remaining consists of debt service and provision for repayment of maturing bonds.
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