The 2022 budget that was approved has a total aggregate expenditure of N17.13 trillion. This is a 4.51% increase in aggregate expenditure over the proposed budget of N16.39 trillion.
The budget’s proposed revenue of N10.74 trillion is expected to be sourced from both oil and non-oil revenue sources. The balance will be sourced from other sources, including loans and sales of government assets.
The budget is planned to bring about 4.2% economic growth by the end of the year. Also, it is expected that the country’s nominal Gross Domestic Product (GDP) will sum up to N184.74 trillion.
Here are 22 important numbers drawn from the budget.
6,728q Ongoing Projects
The 2022 budget contains 6,728 projects which are carried over from the previous year. These projects are ongoing projects which are yet to be completed. Though it is expected that the projects will continue in the 2022 financial year, some of them have a lifespan beyond 2022.
These projects have an estimated cost of N1.099 trillion.
11,972 New Projects
There are 11,872 new projects in the 2022 budget.
These new projects will cost N2.58 trillion. In all, there are 18,700 projects in the 2022 budget.
636 Water Projects at N105.13 billion
Of the 18,700 projects captured in the 2022 budget, N105.13 billion will be spent on 636 water projects. As stated in the budget, these 636 water projects include construction and provision of water facilities in various communities, supply of water pumps, and the provision of solar-powered boreholes. The rehabilitation of deteriorating water facilities across the country is also included.
300 of these projects are new and expected to start this year, while 336 projects are already ongoing and carried over into 2022.
74 Electricity Projects at N77.38 Billion
N77.38 billion will be spent in 2022 to finance 74 electricity projects. The budget document shows that 53 of these projects are new projects which will gulp N75.12 billion. Thus, 97.1% of electricity projects are new projects.
Ongoing electricity projects summed up to 25 in the 2022 budget.
The electricity projects expected to be carried out include the extension of electricity supply to various communities, provision, and installation of transformers at numerous places, and the construction of electricity grids.
2,183 Road Projects at N21.81 billion
As identified in the 2022 budget, 2,183 projects will be funded by the budget. These road projects will cost N21.81 billion.
Though some of these projects involve the rehabilitation of already existing roads, it also includes the construction of new ones and the expansion/extension of existing roads.
One thousand, five hundred and sixty-four (1564) of these projects are new, while 619 are ongoing projects.
213 Bridge Projects at N58.1 billion
The budget provides for 136 new bridges and 77 ongoing bridge projects. The 213 bridges captured in the budget will cost N58.1 billion across different locations in the country.
181 Health Projects at N15.41 Billion
The sum of N15.41 billion will be used to provide health centers across the country. These projects, totalling 181, include the construction and provision of hospitals, clinics and facilities, and medical supplies.
The budget figure also covers training and improving the technical knowledge of medical personnel across the country.
76 of these projects are already ongoing, and 105 are newly designed.
287 Classrooms at N19.36 billion
That 2022 budget makes provisions for 287 newly built or refurbished classrooms.
N19.36 billion will be spent on these classroom-related projects which includes the cost of construction, rehabilitation, and supply of classroom materials.
Thirty-seven of these classroom-related projects are ongoing, and 250 of them are new.
879 Training Projects at N80.61 Billion
The 2022 budget includes N80.61 billion to carry out training for personnel of various MDAs and citizens .
This money will be spent on 879 training projects and the majority of these funds, N63.49 billion for 682 (78.77%), will go into new training projects. while N17.12 billion is planned to facilitate 197 ongoing training projects.
474 Housing Projects
A total of 474 housing projects are covered in the 2022 budget. These projects include building new apartments and the renovation of existing dilapidated ones.
At least N52.68 billion will be spent on these projects within the year. Of this sum, N31.69 billion will be spent on new housing projects, while N20.99 billion will be for the completion of ongoing projects.
Ninety-five (95) of these projects covers the building of bedroom apartments across the country at the cost of N13.81 billion while 379 covers the building of residential residential quarters at a cost of N38.87 billion in the year.
N500.87 Million on Telecommunications
Nine projects were designed to improve the telecommunication infrastructure in the country. These projects will be executed for the sum of N500.87 million as stated in the 2022 budget.
N445.17 million, about 88.9% of the budgeted sum will be spent on six new telecommunications projects while 11.1% will be used for ongoing projects.
837 Women-Centered Projects
N85.03 billion will be spent on 837 projects targeted at women empowerment in different communities across the country.
As indicated in the 2022 budget, N75.31 billion of the budgeted amount will be spent on 705 new projects designed for the current financial year. These projects take up 88.8% of the budget on women-centered projects.
11.2% of the money will be spent on ongoing projects costing N9.51 billion across 132 projects in all.
N67.28 Billion on Equipment and other Items
N67.28 billion will be spent purchasing items and other equipment in 2022. These purchases will be made on 863 projects across different MDAs.
It is expected that these purchases will facilitate operations of the MDAs involved. The purchases also include entrepreneurial items for economic enhancement.
As identified in the budget, three hundred and seventy-seven (377) of these projects are already ongoing and will take N31.43 billion of the sum allocated. 35.84 billion will be spent on new purchase projects across the country. The new projects sum up to 486.
622 Youth-Centered Projects
The sum of N46.05 billion will be spent on 622 projects designed to empower the youth across various communities. These projects involve the provision of grants to youths in selected communities, training of youths in selected communities, and the supply and provision of goods for entrepreneurship ventures. Others include special skills development in advanced agricultural techniques, ICT, and modern technology.
37.29% Deficit to Total Expenditure
The 2022 budget deficit of N6.39 trillion is 37.29% of the total expenditure. The budget deficit has continued to increase in nominal terms over the past four years, with 2022 highest.
The deficit figure increased from N1.9 trillion in 2019 to N4.6 trillion in 2020, in 2021 it increased to N6.2 trillion and then N6.39 trillion in 2022.
The percentage of budget deficit to total expenditure however dropped from 43.9% in 2021 to 37.3% in 2022.
1.156 Trillion Loan-Tied Projects
The budget document identified projects which are tied to loans. These projects are worth N1.156 trillion and funded by the World Bank, African Development Bank, and the IMF. These loan-funded projects make up 18.09% of the total deficit.
The majority of these projects are to be executed by three ministries; the Ministry of Finance, Ministry of Power, and Ministry of Communication Technology.
31.9% Capital Expenditure
With a total capital expenditure of N5.47 trillion, the 2022 capital budget is 31.9% of the total expenditure. This is marked progress as the percentage of capital expenditure exceeds the 30% benchmark set by the current administration.
For two consecutive years (2021 and 2022) the government has passed the 30% benchmark. The 2022 figure is however lower than the 2021 capital budget which was 35.43% of the total expenditure.
N3,094 Per Capita on Healthcare of Nigerians
The 2022 budget has N724.92 billion allocated to the Ministry of Health. This amount covers both capital and recurrent expenditures throughout the year. Its capital allocation is N208.01 billion, and N516.91 billion goes for recurrent expenditure.
With an estimated population of 234 million people, the per capita expenditure on the healthcare of Nigerians is N3,094.
N63.37 Billion in Aid/Grant
As part of the revenue projected for 2022, N63.37 billion will come in as aid/grants from international donors. This money is used for funding projects to be carried out within the year. The proportion of this funding to total revenue is insignificant (0.59%).
3.46% Deficit as a Percentage of GDP
The 2022 budget has a deficit percentage to GDP of 3.46%. This shows a decline from the 3.67% recorded in the 2021 budget.
It is expected that by the end of 2022, the country’s nominal GDP will be N184.38 trillion. With a budget deficit of N6.39 trillion, the budget deficit to GDP stands at 3.46%.
36.12% Debt Service to Revenue
In 2022, the government’s budget for debt servicing is N3.88 trillion. If the estimated revenue of N10.74 trillion is taken into account, it then means that the government’s debt servicing to revenue in the year will be 36.12%.
This means that for every N100 the federal government generates in 2022, N36.12 will be used to service its debt.
16.91% Independent Revenue to Total Revenue
The revenue ites of the government are made up of various components, among which is independent revenue. This item will generate a revenue sum of N1.8 trillion in 2022, accounting for 16.91% of the projected revenue.
Items classified as independent revenue are tax revenue, non-tax revenue, and operating surplus. Operating surplus is expected to bring in more revenue with a projection of N1.01 trillion (55.35%). Revenue expected from tax and non-tax revenue is N113.3 billion (6.24%) and N697.6 billion (38.4%), respectively.