President Muhammadu Buhari is expected to present the 2022 budget to a joint session of the National Assembly on Thursday.

The Deputy Senate President, Ovie Omo-Agege, gave the hint on Tuesday after reading and referring President Muhammadu Buhari’s submission of the revised 2022-2024 Medium Term Fiscal Framework to the Committee on Finance for legislative input.

Buhari, in letter to the upper chamber dated October 4, 2021, explained that the revision was necessitated by the need to reflect the new fiscal terms in the Petroleum Industry Act, 2021, as well as other critical expenditures in the 2022 budget.

According to him, the underlying drivers of the 2022 fiscal projections, such as oil price benchmark, oil production volume, exchange rate, GDP growth, and inflation rate reflect emergent realities and the macroeconomic outlook, and remain unchanged as in the previously approved 2022-2024 MTEF/FSP.

“The PIA established a progressive fiscal framework aimed at encouraging investment in the Nigerian Petroleum Industry.

“This significantly alters the Oil and Gas fiscal terms and has necessitated changes in the 2022-2024 Medium Term Fiscal Framework.

“The fiscal effects of PIA implementation are assumed to kick in by mid-year 2022. The revised 2022-2024 Fiscal Framework is premised on hybrid of January-June (based on current fiscal regime) and July-December (based on PIA fiscal regime), while 2023 and 2024 are now fully based on the PIA”, he said.