Privatisation Proceeds To Fund Nigeria’s 2022 Budget Deficit

Privatisation Proceeds will be part of borrowings, totaling N5.01 trillion to fund the deficit in the 2022 Fiscal Budget, His Excellency President Muhammadu Buhari (GCFR) has announced.

Presenting the 2022 National Budget tagged Budget of Economic Growth and Sustainability to the Joint Session of the National Assembly in Abuja on Thursday, October 7, 2021, the President said the other source is N1.16 trillion draw downs on loans secured for specific development projects in the country.

He said that the fiscal year 2022 is very crucial in his administration’s efforts at ensuring that critical projects were completed and put to use to improve the general living conditions of Nigerians.

The President maintained that the loans obtained by his administration were used to finance critical development projects and programmes aimed at improving the country’s economic environment and ensuring effective delivery of public services to the people. He listed these as:

  • The completion of major road and rail projects;
  • The effective implementation of Power sector projects;
  • The provision of potable water;
  • The  construction of irrigation infrastructure and dams across the country; and
  • Critical health projects such as the strengthening of national emergency medical services and ambulance system, procurement of vaccines, polio eradication and upgrading Primary Health Care Centres across the six geopolitical zones.

He stated that in 2022, the Federal Government would further strengthen the frameworks for concession and public private partnerships (PPPs) and that Capital projects that are good candidates for PPP by their nature would be developed for private sector participation.

 

Amina Tukur Othman

Head, Public Communications

October 8, 2021.