On 7 October 2021, His Excellency, President Muhammadu Buhari, presented the 2022 Federal Budget Proposal to the National Assembly of Nigeria.
The Nigerian Budget theme for 2022 is a “Budget of Economic Growth and Sustainability”.
The 2022 Budget was brief and did not provide for specific fiscal measures. Instead, the President announced that a draft Finance Bill 2022 will be prepared and submitted for consideration shortly.
Below are the fiscal highlights:
- As of the end of July, actual revenues were 34% below target. This is mainly due to the underperformance of oil and gas revenue sources.
- The government of Nigeria plans to enhance revenue mobilisation by enhancing tax and excise revenues through policy reforms and tax administration measures.
- The government has announced that it intends to evaluate the policy effectiveness of tax waivers and concessions.
- Boosting of customs revenue through the e-Customs and Single Window initiatives have also been announced.
- The government also stated that it would be leveraging technology and automation to ensure more effective independent revenue monitoring. One of the strategies will be to conclude the service-wide implementation of the Nigerian IPPIS, which stands for Integrated Personnel and Payroll Information System.