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President Buhari Signs N17.127trn 2022 Budget

President Muhammadu Buhari on Friday signed the 2022 Appropriation Bill of N17.126 trillion into law.

The President also signed the Finance Bill 2021, which he said is critical to the execution of the 2022 Budget.

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 the Secretary to the Government of the Federation, Boss Mustapha; and the Minister of Finance Budget and National Planning, Mrs Zainab Ahmed.

The Bill was handed over to the President for signing by his Senior Special Assistant on National Assembly Matters (Senate), Senator Babajide Omoworare.

The new Budget, valued at N17.126 trillion, was transmitted to the President by the National Assembly last week Friday, December 24.
President Buhari had submitted the draft proposed 2022 Budget of N16.391trillion to the joint session of the National Assembly on Thursday, October 7, 2021, calling on the legislators to give it a speedy consideration.

The breakdown of the budget include N869 billion for statutory allocation, N3.8 trillion for debt servicing, N6.9 trillion and N5.4 trillion for recurrent and capital expenditure.

The oil benchmark was raised from the proposed $57 per barrel to $62. The projected oil production is put at 1.88million barrels per day including condensates.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, had in October layed out the projected funding process for the Budget, saying revenues of N6.54 trillion and N2.62 trillion are projected to accrue to the Federation Account and the Value Added Tax (VAT).
She also added that the deficit would be funded through borrowings.

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