- Members of the Ninth Senate on Wednesday, December 22, passed the 2022 fiscal budget at N17.126 trillion
- The 2022 budget was passed by the Senate a day after the lawmakers of the House of Representatives pass the appropriation bill
- The bill was passed by the Nigerian Senate with an N800 billion increased figure for the 2022 fiscal year
In what appears to be a swift move, the lawmakers of the Nigerian Senate have passed the N17.126 trillion budget.
Daily Trust reports that the budget was passed on Wednesday, December 22, for the 2022 fiscal year with an N800 billion increased figure.
Also, while the members of the House of Representatives passed the budget on Tuesday, December 21, the Senate's move followed considerations of a report by the Committee on Appropriations on the 2022 Appropriations bill.
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Key details of the 2022 appropriation bill
Some of the considerations and resolutions reached by the Senate while forming its decision on the budget include a raise of the oil benchmark to $62 against $52 which was proposed by the executive.
However, the exchange was retained just as it was marked by the executive at N410.15.
The Punch reports that Senate leadership said that the increase in the price of oil is expected to reflect the current market values of the oil barrel in the international market.
Making a presentation on the highlight of the resolution reached by the committee, Jibrin Barau (APC - Kano North) who is the chairman of the appropriation committee, said out of the total sum of N17.126trn for the fiscal year 2022, N869.6bn is for Statutory transfers; N3.8trn is for debt servicing.
Barua also said that N6.9 trillion is for recurrent expenditure while N5.4trn is for capital expenditure.
President Muhammadu Buhari presents 2022 appropriation bill to the National Assembly
President Muhammadu Buhari presented the 2022 budget to a joint session of the National Assembly on Thursday, October 7.
The president in a letter to both the Senate and House of Representatives informed the lawmakers of his visit to the legislative complex to present the Appropriation Bill.
President Buhari is also expected to speak on the 2020 budget performance, insecurity across the country across many others.
Details of the 2022 budget broken down by Legit.ng
More details from the 2022 proposed budget have shown that Nigeria would spend significantly to ensure that the seat of power does not experience any power outages.
According to legit.ng analysis of the 2022 appropriation bill proposal submitted on Thursday, 7th October 2021, out of N16.39 trillion spending plan next year, N30.67 million will go into fueling statehouse generating set and plant.
The document also revealed that the cost of cooking gas will gulp N22.07 million in the year 2022,