Buhari regime predicts 4.2% GDP growth for Nigeria
President Muhammadu Buhari’s regime has projected a rise to 4.2 per cent of Nigeria’s gross domestic product (GDP) in 2022.
Finance minister Zainab Ahmed said this at the public consultation on the Draft 2022 to 2024 Medium Term Fiscal Framework and Fiscal Strategy Paper (MTFF/FSP) held on Thursday.
Ms Ahmed explained that the GDP projected in 2021, to close at three per cent, had been adjusted downwards to close at 2.5 per cent.
“In 2022, we are expecting an uptake to 4.2 per cent, then a dip to 2.3 per cent in 2023 and up to 3.3 per cent in 2024,” she stated.
The minister further noted that the nominal GDP projected for 2022 was N184.38 trillion, up from N168.6 trillion in 2021 and then to N201 trillion in 2023 and N222 trillion in 2024.
She also pointed out that the government expected the inflation rate to drop slightly to 13 per cent in 2022 from 15 per cent in 2021, noting that the rise in inflation was due to the exchange rate.
“Inflation rate, which was planned for 11.95 per cent in 2021, has been reflected in reality because the exchange rate is high. The average we have so far is 15 per cent.
“We are expecting 2022 to go down slightly to 13 per cent, then 11 per cent in 2023 and 10 per cent in 2024,” Ms Ahmed.
She, however, said the federal government had put the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) rate of N410.15 to $1 for 2022 to 2024.
“The exchange rate of the naira to the dollar, which was N379 in the 2021 budget, has been adjusted to the NAFEX rate of N410.15 to $1. We are assuming, for now, the same rate for 2022, 2023, and 2024,” explained the minister.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Ibadan
Kidnapped Oyo schoolchildren, teachers regain freedom after about two months in captivity
The release of the victims followed a series of sustained protests over the prolonged captivity of the victims.
Agriculture
Plateau govt. procures 500 truckloads of fertiliser for sale at subsidised rate
The governor directed that fertiliser be sold to farmers at a subsidised rate of N20,000 per bag.
Economy
Court clears FCCPC to investigate air ticket pricing complaints
Mr Bello said investigating consumer complaints was fundamentally different from regulating prices.
States
National Cash Transfer: 1,908 vulnerable residents receive debit cards in Edo
The initiative is in collaboration with the Federal Ministry of Humanitarian Affairs and Poverty Reduction, the World Bank, and the National Cash Transfer Office.
Africa
Rwanda spent $32 million on fuel subsidies in four months: Minister
He said the subsidies were to shield consumers and businesses from surging oil prices triggered by the conflict in the Middle East.
Heading 3
FG to integrate 80 million Nigerian students into NIMC database
He said the ministry had integrated the National Learners’ Identification Number (LIN) with the NIN through the Nigeria Education Management Information System (NEMIS).
