The Federal Government has projected a revenue target of N10.7trillion for the 2022 fiscal year.
This was disclosed by the Minister of Finance, Zainab Ahmed at the public presentation and breakdown of the highlights of 2022 Appropriation Bill in Abuja.
She said the figure is 32 percent higher than the N8.1trillion projected in 2021.
Debt servicing according to the bill is expected to gulp N3.6trillion.
She further explained that the 2022 budget has a deficit of N6.3trillion and will be financed from domestic, foreign, multi-lateral loans and proceed from privitisation.
A total of N2.5 trillion is expected from domestic sources and N2.5trillion from foreign sources. Also, N1.1 trillion will be from bilateral loans and N90 billion from privatisation proceeds.
According to the minister, a number of domestic tax reforms are also expected.
President Muhammadu Buhari had earlier on December 31, 2021, signed into law 17.126 Trillion Appropriation Bill for the year 2022 at the Council Chambers, the State House, Abuja with the Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed in attendance.
The President announced that as the 2023 Budget is going to be a transition budget, work will start in earnest to ensure early submission of the 2023-2025 Medium-Term Expenditure Framework and Fiscal Strategy Paper as well as the 2023 Appropriation Bill to the National Assembly.
He directed Heads of Ministries, Departments, and Agencies (MDAs) to cooperate with the Ministry of Finance, Budget, and National Planning, more specifically with the Budget Office of the Federation, to realise the objective.
He, however, said he was displeased with some changes as well as major additions and reductions made by the National Assembly in critical projects ‘without justification’.