- Emerging reports indicate that FG has allocated the sum of N100 billion for the forthcoming general elections in 2023
- The national budget for the economic year was also reportedly increased by N2.47 trillion to to N16.45 trillion
- The detailed expenditure was given and submitted to the House of Representatives by President Muhammadu Buhari for approval
This new development was contained in the revised 2022-2024 Medium Term Expenditure Framework (MTEF), submitted to the House of Representatives by President Muhammadu Buhari for approval, Vanguard reported.
Legit.ng gathered that it has also increased the national budget for the fiscal year from N13.98 trillion to N16.45 trillion, indicating a raise of N2.47 trillion.
MTEF is an annual, rolling three year-expenditure planning that sets out the medium-term expenditure priorities and hard budget constraints against which sector plans can be developed and refined.
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It also contains outcome criteria for the purpose of performance monitoring.
Recall that the House had recently passed the first one containing N13.98 trillion for the 2022 national budget.
But in a letter dated Saturday, October 2, 2021 addressed to the Speaker of the House, Femi Gbajabiamila, President Buhari said that the need to reflect the new fiscal terms in the Petroleum Industry Act (PIA) 2021, as well as other critical expenditures in the 2022 Budget necessitated the revision of MTEF.
Senate reveals when Buhari will present 2022 budget
Meanwhile, Legit.ng had earlier reported that, according to the Senate, President Muhammadu Buhari will be presenting the 2022 Appropriation Bill to a joint session of the National Assembly on Thursday, October 7.
Ovie Omo-Agege, the deputy Senate president, made this revelation during plenary on Tuesday, October 5.
Omo-Agege also disclosed to members of the National Assembly that the president has submitted the revised 2022-2024 Medium Term Expenditure Framework MTEF and Fiscal Strategy Paper (FSP).
From Obasanjo to Buhari: List of loans borrowed under Nigeria's 4 presidents
In other news, President Buhari recently stirred heated reactions from Nigerians when he tabled a fresh request for the approval of another set of loans before the Senate.
The Nigerian leader sought approval from the National Assembly to borrow $4,054,476,863.00, €710 million and a grant of $125 million.
Many Nigerians are against the borrowing spree of the current administration as it seeks to provide more infrastructure amid dwindling revenue.