President Muhammadu Buhari will Thursday lay before the joint session of the National Assembly the 2022 Appropriation Bill for the lawmakers’ consideration.
The Deputy President of the Senate, Ovie Omo-Agege, disclosed this on Tuesday while presiding over the plenary of the upper chamber of the Legislature. The Senate President, Ahmad Lawan, was absent.
Before the announcement, the Deputy President told the lawmakers that President Buhari had submitted the revised 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP).
In his letter to the Senate, the President Buhari urged the lawmakers to approve the planning documents since it formed the basis and assumptions of the 2022 Appropriation Bill, pointing out that
the revision reflected the new fiscal terms in the recently enacted Petroleum Industry Act and the 2022 Appropriation Bill.
According to him, the revision will reflect funds for the Independent National Electoral Commission (INEC) to prepare for the 2023 general elections and also has provisions for hazard allowance for health workers, wage adjustment for workers, and funds for the population and housing census in 2022.
It would be recalled that Buhari had presented a proposed 2021 budget of N13.08 trillion tagged Budget of Economic Recovery and Resilience, to the National Assembly on October 8, last year
The key assumptions in the 2021 budget comprised crude oil benchmark price of $40 per barrel and a daily oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day).
A breakdown of the 2021 budget indicated that the act had a recurrent expenditure of N5.65 trillion, personnel cost of N3.76 trillion, and a debt service of N3.12 trillion.
