The Federal Executive Council FEC has approved the 2022 Appropriation Bill for an aggregate expenditure of 16.39 trillion naira for presentation to the National Assembly by President Muhammadu Buhari.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, made this known when she briefed State House correspondents on the outcome of the Council meeting, presided over by President Muhammadu Buhari, in Abuja.
According to her, government will continue to borrow to fund infrastructure projects as it does not get enough from its revenues.
She noted that Nigeria’s revenues could barely accommodate services even as she emphasized that despite the concerns, its borrowings were still within acceptable limits
The minister said that the Council noted the changes in the 2022-2024 fiscal projections based on implementation of the Petroleum Industry Act 2021 and other necessary expenditures that should be accommodated in the 2022 Budget.
