By Ismail Auwal
President Muhammadu Buhari signed the N17.126 trillion Appropriation Bill for 2022 into law on Friday.
The Appropriation Bill titled “Budget of Economic Growth and Sustainability” was signed at a brief ceremony attended by Senate President Ahmed Lawan, Speaker Femi Gbajabiamila of the House of Representatives, the Secretary to the Government of the Federation (SGF), Boss Mustapha; and the Minister of Finance Budget and National Planning, Zainab Ahmed.
Senator Babajide Omoworare, the President’s Senior Special Assistant on National Assembly Matters (Senate), presented the Bill to him for signature.
The National Assembly transmitted to the President the new Budget, valued at N17.126 trillion, last Friday, December 24.
On Thursday, October 7, 2021, President Buhari presented the draft proposed 2022 Budget of N16.391 trillion to the joint session of the National Assembly, urging legislators to give it prompt consideration.
The budget is broken down as follows: N869 billion for statutory allocation, N3.8 trillion for debt servicing, N6.9 trillion for recurrent expenditure, and N5.4 trillion for capital expenditure.
The oil benchmark was raised from $57 per barrel to $62 per barrel. The projected oil production, including condensates, is 1.88 million barrels per day.
Zainab Ahmed, Minister of Finance, Budget, and National Planning, laid out the projected funding process for the Budget in October, stating that revenues of N6.54 trillion and N2.62 trillion are projected to accrue to the Federation Account and the Value Added Tax (VAT), respectively.
