The President, Major General Muhammadu Buhari (retd.), will, on Thursday, present the 2022 budget to a joint session of the National Assembly. The Deputy Senate President, Ovie Omo-Agege, gave the hint on Tuesday after reading and referring Buhari’s submission of the revised 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper to the Committee on Finance for necessary legislative input.
The President in a letter to both chambers of the National Assembly, dated October 4, 2021, explained that the revision was necessitated by the need to reflect the new fiscal terms in the Petroleum Industry Act, 2021, as well as other critical expenditures in the 2022 budget.
He said the underlying drivers of the 2022 fiscal projections, such as oil price benchmark, oil production volume, exchange rate, GDP growth, and inflation rate reflected emergent realities and the macroeconomic outlook, and remained unchanged in the previously approved 2022-2024 MTEF/FSP. He said,
“The PIA established a progressive fiscal framework aimed at encouraging investment in the Nigerian Petroleum Industry. “This significantly alters the oil and gas fiscal terms and has necessitated changes in the 2022-2024 Medium Term Fiscal Framework.
