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Funding 2022 Budget By Borrowing To Increase Revenue & Infrastructure Is An International Practice

President Muhammadu Buhari on Thursday presented the N16.39 trillion 2022 Appropriation Bill to the joint session of the National Assembly. The appropriation bill tagged "Budget of Economic Growth and Sustainability", has defense and Internal security as sectors with the highest allocation. Nigeria had a budget size of N677 billion in 2000, Nigeria’s budget jumped to N3.93 trillion in 2010 which is an increase of about 399% in 10 years.

However, the budget crossed the trillion Naira mark for the first time in 2005 with a sum of N1.35 trillion. It increased to N4.99 trillion in 2013 and N6.07 trillion in 2016. Nigeria’s 2022 Budget of N16.3 trillion is now is N700 billion shy of a whopping N17 trillion. Some might ask the question about the expertise of those handling Nigeria's economy. Questions like, do they understand the economic mess we have found ourselves? How much is the 2021 national budget that we should be spending this much on debt servicing? Production is stagnant yet we are still looking for money to borrow? And so on.

What they need to know is that borrowing to increase revenue, improve business development, and constructing infrastructure in Nigeria is good but borrowing to pay salaries that have little or no economic impacts will take Nigeria to the lowest of the low. Those shouting out that the authorities are borrowing too much money are just a class with myopic or does not understand economics. It is a fact that the highest debtor in the world is the US.

Ordinary Nigerians are extraordinarily interested in seeing tangible results and no stealing across the loan administration, period. With the implementation of this budget, it is envisaged that Nigeria will be covered in Infrastructure facilities. An aspect in which the present administration led by President Muhammadu Buhari has been focusing. The giant stride taking by President Muhammadu Buhari has yielded positive results in making Nigeria and Nigerians a better place to thrive.

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Muhammadu Buhari Nigeria


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