Adeola Olamilekan, the chairman of the panel, who presented the report, said the oil benchmark of $57 per barrel be approved because of the age-long fiscal strategy of addressing the oil price shocks by the adoption of a higher than forecast oil price benchmark for fiscal projections over the medium term.
He also said the 2022 expenditure estimate includes statutory transfers of N613.36 billion; non-debt recurrent expenditure of N6.21 trillion .Meanwhile, the lawmakers also approved a projected GPD growth rate of 4.20 per cent and inflation rate of 13 per cent. An International Monetary Fund loan of $3.5 billion at the rate of 0.01 per cent to 0.02 per cent was approved to shore up its internal borrowing and to reduce external borrowing because of the exchange rate risks.* New Borrowings of N4.89 trillion .* Debt Service estimate of N3.12 trillion.* Pension, Gratuities & Retirees Benefits of N567 billion; and
* Total Recurrent of N6.21 trillion; Personnel Costs of N3.47 trillion; of Capital expenditure N3.26 trillion; Special Intervention amounting to N350 billion; and Special intervention of N10 billion. In his presentation, Mr Adeola said there is a need for continuous review of the Fiscal Responsibility Act to ensure that all revenues are remitted to the Consolidated Revenue Fund as at when due, in order to curtail frivolous deductions and diversion of funds by the MDAs.
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