The Senate has approved the sum of N17.127 trillion budget for 2022 fiscal year, against the sum of N16.391 trillion naira proposed and submitted by President Muhammadu Buhari.
The 2022 Appropriation bill was increased by N736 billion.
Presenting the report to his colleagues, the Chairman Senate committee on Appropriation, Senator Jibrin Barau, said that out of the amount N869.667 billion is for Statutory Transfer, Recurrent Expenditure N6.910 trillion naira, Capital expenditure N5.467 trillion naira and Debt Services N3.870 trillion naira.
The Senate also approved 1.88million barrel per day as daily oil production; $62 oil benchmark price; 410 naira exchange rate; 4.2% GDP growth rate and 13% inflation rate for the 2022 fiscal year.
The sum of N100 billion naira was also approved for Zonal Intervention Projects.
Under the Recurrent (Non-Debt) Expenditure, the Senate approved the sum of N350 billion naira for National Social Investment Programme (NSIP); N4 billion for Employee Compensation.