The Federal Government has projected a rise to 4.2 per cent of the country\u2019s Gross Domestic Product (GDP) in 2022.
\nMrs Zainab Ahmed, Minister of Finance, Budget and National Planning said this at the Public Consultation on the Draft 2022 to 2024 Medium Term Fiscal Framework and Fiscal Strategy Paper (MTFF\/FSP) on Thursday.
\nAhmed said the GDP projected in 2021, to close at three per cent, had been adjusted downwards to close at 2.5 per cent.
\n\u201cIn 2022, we are expecting an uptake to 4.2 per cent, then a dip to 2.3 per cent in 2023 and up to 3.3 per cent in 2024.\u201d
\nThe minister further said the Nominal GDP projected for 2022 was N184.38 trillion up from N168.6 trillion in 2021, and then to N201 trillion in 2023 and N222 trillion in 2024.
\nShe also said the inflation rate was expected to drop slightly to 13 per cent in 2022 from 15 per cent in 2021.
\nShe noted that the increase in inflation was due to the exchange rate.
\n\u201cInflation rate, which was planned for 11.95 per cent in 2021, has been reflected in reality because the exchange rate is high.
\n\u201cThe average we have so far is 15 per cent.
\nWe are expecting 2022 to go down slightly to 13 per cent, then 11 per cent in 2023 and 10 per cent in 2024.\u201d
\nShe, however, said the Federal Government had put the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) rate of N410.15 to one US dollar for 2022 to 2024.
\n\u201cThe exchange rate of the naira to the dollar, which was N379 in the 2021 budget, has been adjusted to the NAFEX rate of N410.15 to one US dollar.
\n\u201cWe are assuming, for now, the same rate for 2022, 2023 and 2024.\u201d
\nFurthermore, Ahmed took an overview of the federation and fiscal outcomes for the Federation and Value Added Tax (VAT) Pool Accounts Distributable for January to May.
\nShe said the amount available for distribution from the Federation Account was N2.78 trillion.
\n\u201cOf this amount, the Federal Government received N998.57 trillion, while the states and Local Governments received N506.59 billion and N390.48 billion respectively from the Main Pool Account.
\n\u201cFederal, state and local governments received N132.70 billion, N442.33 billion and N309.63 billion respectively from the VAT Pool Account.\u201d
\nAlso, the minister said the gross oil and gas revenue was projected at N5.19 trillion for January to May.
\n\u201cAs of May, N1.49 trillion was realised out of the prorated sum of N2.16 trillion. This represents 69 per cent performance.
\n\u201cOil and gas deductions were N194.31 billion (or 45.8 per cent) more than the budget.
\n\u201cThis is mainly attributable to petroleum subsidy costs which was not provided for in the 2021 Budget.
\n\u201cAfter netting out deductions (including 13 per cent derivation) net oil and gas revenue inflows to the Federation Account amounted to N872.16 billion.\u201d
\nShe noted that the inflow was N864.20 billion or 49.8 per cent less than the projection as of May.
\nGiving an update on the revenue performance of 2021 budget implementation for January to May, Ahmed said the Federal Government\u2019s retained revenue was N1.84 trillion, 67 per cent of pro rata target.
\nShe said the share of oil revenues was N289.61 billion, which represented 50 per cent performance.
\nShe also added that non-oil tax revenues totalled N618.76 trillion, 99.7 per cent of pro rata.
\n\u201cCompanies Income Tax (CIT) and VAT collections were ahead of the budget targets with N290.90 billion and N123.85 billion, representi 102 per cent and 125 per cent respectively of the pro rata targets for the period.
\n\u201cCustoms collections was N204.0 billion (86 per cent of target).
\nShe said other revenues amounted to N762.70 billion, of which Independent revenues were N487.01.
\nOn the expenditure side, the minister said N4.86 trillion, representing 92.7 per cent of the prorated budget had been spent.
\n\u201cThis excludes GOEs\u2019 and project-tied debt expenditures.\u201d
\nShe noted that of the expenditure, N1.80 billion was for debt service representing 37 per cent of Federal Government\u2019s expenditure and N1.50 trillion for Personnel costs, including Pensions, representing 31 per cent of Federal Government\u2019s revenues.
\nThe minister further said that as at May, N973.13 billion had been released for capital expenditure.<\/p>\n\n
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The Federal Government has projected a rise to 4.2 per cent of the country\u2019s Gross Domestic Product (GDP) in 2022. Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning said this at the Public Consultation on the Draft 2022 to 2024 Medium Term Fiscal Framework and Fiscal Strategy Paper (MTFF\/FSP) on Thursday. Ahmed said […]<\/p>\n","protected":false},"author":1,"featured_media":1771,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125,296],"tags":[205],"class_list":["post-31797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","category-social-economic","tag-gdp","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n
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