The federal government has submitted a proposal to borrow the sum of N5.62 trillion to finance the 2022 budget deficit. This is just as the government The federal government has submitted a proposal to borrow the sum of N5.62 trillion to finance the 2022 budget deficit.
“This amount represents 3.05 per cent of the estimated GDP, which is slightly above the 3 percent threshold that is spent recommended in the Fiscal Responsibility Act.
“The revenue that we expect is N6.54 trillion N2.62 trillion to accrue to the Federation Account and VAT respectively,” she said. The key macro-economic assumptions contained in the MTEF/FSP include a crude oil benchmark price of $57 per barrel for 2022, crude oil production of 1.88 million barrels per day, and a dollar exchange rate of N410.15 to one US dollar, an inflation rate of 13 percent in 2022, and a nominal GDP of 149.369 trillion.
On unemployment, the documents revealed that 82.9 million Nigerians are adjudged to be living in poverty.
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