Nigeria’s 2022 Budget Is Debt and Vibes

October 19, 2021

Running a country, like most things in life, requires a budget. On Thursday, October 7, 2021, the country got a presentation from Buhari on what it would cost to keep Nigeria ‘working’ in 2022. 

The presentation was tagged a “Budget of Economic Growth and Sustainability.” According to the president, this budget is meant to diversify Nigeria’s economy, develop infrastructure, improve security and do so many other great things you’ve probably heard before.

But something you’ve definitely not heard is the content of this particular budget. In 2022, Nigeria plans to spend ₦16.3 trillion naira, even though it plans to make only ₦10.1 trillion. 

To achieve this already suspect plan, the government will have to borrow about ₦5 trillion. Nigeria currently has a public debt of over ₦33.1 trillion. 

There are so many other things in the 2022 budget, but all we’re thinking of now is how much each of us will have to pay when our debtors come to collect.

Budget breakdown

A budget usually contains how much you make and how much you plan to spend. In Nigeria’s budget, our earnings are classified as “revenue” while our spendings is called”expenditure”. The difference between how much we make and how much we earn is the “budget deficit”.

This is what Nigeria’s 2022 budget looks like:

Revenue – 

In 2022, Nigeria plans to make ₦10.1 trillion. 

The federal government wants to make ₦5.3 trillion from oil sales and value added tax, while government enterprises like the Nigerian National Petroleum Corporation (NNPC) are supposed to make ₦1.7 trillion. 

The government wants to make ₦1.8 trillion from other taxes. Dividends from the Bank of Industry (BOI) should come from ₦195 billion and ₦300 billion should come from special funds. 

The government also wants to earn ₦63 billion from foreign aid and ₦710 billion will come from other sources.

Expenditure –

In 2022, Nigeria wants to spend ₦16.3 trillion. ₦6.8 trillion will be to pay for expenses like salaries while ₦4.8 trillion will be to build roads and other infrastructure. Nigeria will use ₦3.9 trillion to pay back debts while ₦768.2 billion will be used to pay for some very important things like pensions.

Deficit – 

Nigeria needs ₦6.2 trillion to complete its budget. The government will borrow ₦5 trillion. ₦1.1 trillion will come from loans tied to projects and ₦90 billion will come from the sale of some assets.

Remember, this is a budget, and it is only a plan. Nigeria may not make or spend up to the amount in this budget. But anything you see, just try to take it like that. 

Join The Conversation

Bring a friend.

You'll like this

January 23, 2020

Many young Nigerians don’t know how to talk about money or bring up conversations about finance. There are varying reasons for this trend that are too numerous to go into. Because we like you, we created a list of ways to know when it’s time to ask for a salary increase. 1) Fatigue: If one […]

Watch

Now on Zikoko

Recommended Quizzes

September 1, 2021

August is over, and here are some of our best quizzes from August. Enjoy: 1. QUIZ: Only Ajebutters Can Get 10/21 On This Quiz Some people like to form ajepako when they’re really ajebutter. Are you one of them? Let’s find out. 2. QUIZ: Sorry, If You’re Under 25 There’s No Way You Can Pass […]

November 19, 2019

Regardless of what society has tried to tell us, enjoying sex is not something to be ashamed of. So, in a bid to celebrate our generation’s sexual agency, we’ve created a quiz that will accurately (again, keep your complaints to yourself) infer how many people you’ve spelt with. Try it out: 11 Quizzes For The […]

More from Citizen

Watch

Trending Videos

Zikoko Originals

December 14, 2020
What happens when a group of chatty young Nigerians talk about things they're passionate about? You get Nigerians talk. A show that discusses very familiar struggles for the average Nigerian. From relationship deal breakers to sex education with Nigerian parents to leaving Nigeria, be prepared for a ride.
November 2, 2020
'The Couch' is a Zikoko series featuring real life stories from anonymous people.
October 26, 2020
A collection of videos documenting some of the events of the EndSARS protests.
June 22, 2020
'The Couch' is a Zikoko series featuring real life stories from anonymous people.
June 22, 2020
Hacked is an interesting new series by Zikoko made up of fictional but hilarious chat conversations.
June 4, 2020
What happens when a group of chatty young Nigerians talk about things they're passionate about? You get Nigerians talk. A show that discusses very familiar struggles for the average Nigerian. From relationship deal breakers to sex education with Nigerian parents to leaving Nigeria, be prepared for a ride.
June 2, 2020
Quickie is a video series where everyone featured gets only one minute to rant, review or do absolutely anything.
May 14, 2020
Isolation Diary is a Zikoko series that showcases what isolation is like for one young Nigerian working from home due to the Coronavirus pandemic.
March 12, 2020
Life is already hard. Deciding where to eat and get the best lifestyle experiences, isn't something you should stress about. Let VRSUS do that for you.

Z! Stacks

Here's a rabbit hole of stories to lose yourself in:

Zikoko amplifies African youth culture by curating and creating smart and joyful content for young Africans and the world.
X