Middle East

President of Nigeria approves record budget for 2022

Nigeria’s President Muhammad Buhari has approved a government budget of 17 trillion naira ($ 41 billion, € 37 billion) for 2022 as Africa’s largest economy suffers from rising inflation.
Last year’s fall in oil prices caused by a coronavirus pandemic was tough for top producers on the continent, whose activity shrank by 1.8%, according to the World Bank.
Nigeria has returned to growth this year, but criminal attacks and kidnappings in the northwestern and central states have curbed Nigeria.
Next year’s government spending plan is 26% higher than 2021.
However, the real increase will be much smaller than the 17% inflation forecast.
Even when he signed the budget, Buhari attacked a “worrisome change” by lawmakers who added another 550 billion Nyra spending for next year.
“I will return to Parliament with a request for amendments and / or remittances … important ongoing projects … and so that projects nearing completion do not suffer frustration due to funding cuts. I will do it, “said the president.
Spending plans expect the country’s economy to grow 4.2% next year after 2.7% in 2021, demanding a deficit of more than 6 trillion naira, which will be covered by new borrowing. increase.
“Effective implementation is critical to realizing our legacy projects, promoting social inclusion and strengthening economic resilience,” he plans to run for re-election in the 2023 presidential election. Buhari without it said.
The Austria-based World Data Lab estimates that about 87 million people live in Nigeria under the extreme poverty line of $ 1.90 a day.
That’s 41% of the 210 million people in Africa’s most populous country.
Nigeria also suffers from growing security problems, including criminal organizations known as bandits in the northwest and central regions, rebellions of religious militants in the northeast, and separatist movements in the southeast.



http://www.gulf-times.com/story/707228/Nigeria-president-approves-record-budget-for-2022 President of Nigeria approves record budget for 2022

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