Mrs. Zainab Ahmed, Honourable Minister of Finance, Budget and National Planning. Photo/facebook/Finminnigeria
However, experts have continued to fault the performance of the 2022 budget. The issue of debt service to revenue is of the critical factors identified as being responsible for the poor performance of the 2022 budget. In 2022’s first quarter, Nigeria’s public debt rose to N41.6t from N39.56t recorded at the end of December 2021, putting enormous pressure on debt servicing. Budget performance reports as studied by The Guardian showed that gross oil and gas revenue for full year 2022 was projected at N9.37t but as at April 30, 2022, only N1.23t was realised out of the prorata projection of N3.12t, representing a mere 39 per cent performance.
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