Nigeria’s federal government intends to spend N252 billion (over $500 million) on various intervention funds.
The breakdown of the signed 2022 Appropriation bill, which is the legal document that underpins this year’s budget, reveals this. Nigeria has set aside N17.2 trillion for budgeted expenditure in 2022, the highest amount in the country’s history.
Intervention funds are part of the federal government’s stimulus programs, which aim to help small businesses, fund capital projects, and reduce poverty. The sums were categorized as capital projects.
- The FGN SPECIAL INTERVENTION PROGRAMME: SOCIAL HOUSING has been allocated N7 billion (FAMILY HOMES FUND).
- The NIGERIA YOUTH INVESTMENT FUND received another N25 billion.
- ZONAL INTERVENTION PROJECTS and NATIONAL POVERTY REDUCTION WITH GROWTH STRATEGY each received N100 billion from the government (FGN COMMITMENT, INCLUDING NSIP UPSCALING).
- Finally, the budget for SPECIAL INTERVENTION PROJECTS was set at N20 billion.
The projects were categorized as Capital Supplementation in the budget.
Out of the total budget expenditure of N17.2 trillion, Nigeria plans to spend N5.46 trillion on capital expenditures this year.