President Muhammadu Buhari is expected to present the 2022 budget to a joint session of the National Assembly by noon on Thursday.
Buhari had on Wednesday written both chambers of the National Assembly intimating the lawmakers that he will be presenting the 2022 budget estimate before them by 12 noon.
The Federal Executive Council on Wednesday had approved a N16.39 trillion budget.
At least, N5.012 trillion is to be financed by borrowing, raising concerns over the nation’s debt sustainability.
The Minister of Finance, Zainab Ahmed, has said the government needs to borrow to finance “developmental projects in the form of roads, rails, bridges, power and water for sustainable development in this country.
“If we just depend on the revenues that we get, even though our revenues have increased, the operational expenditure of government, including salaries and other overheads, is barely covered or swallowed up by the revenue.”
The budget to presented fixed the price of oil at $57 at 1.88 million barrels of oil per day and the exchange rate at N410.15.
Oil revenues and non-oil revenues were also set at N3.15 trillion and N2.13 trillion respectively.
News lead reports that security operatives at the entrance to the National Assembly are conducting thorough screening on staff and other people coming into the complex before being allowed entry.
Our reporter observed that those without pass are being denied access to the National Assembly Complex.
This is a developing story. We will update this page as more information becomes available.