The Senate on Wednesday approved Nigeria’s 2022 – 2024 income and expenditure programme, with the price of oil projected at $57 per barrel.
Known as the Medium-Term Expenditure Framework and Fiscal Strategy Paper, the programme sets out the government’s fiscal activities for the three years to 20224, including its plans for borrowing.
The approved plan contains a daily oil production of 1.88 million barrels per day (mbd), 2.23mbpd, and 2.22 Mbp for 2022, 2023 and 2024, respectively.
In the plan the government’s revenue for the period is projected to be 8.36 trillion, while the expenditure is N13.98 trillion, leaving a deficit of N5.62 trillion.
The Senate also recommended for approval new borrowings of N4.89 trillion and $3.5 billion International Monetary Fund (IMF) loan at the rate of 0.01% to 0.02% subject to the provision of details of the borrowing plan to the National Assembly.
Nigeria is currently facing fiscal challenges which have led the government into a borrowing spree. The borrowing binge has attracted criticism from various groups and individuals, including former President Olusegun Obasanjo.
