Nigeria’s House of Representatives on Tuesday approved the sum of N17.127 trillion budget for 2022 fiscal year.
The passage of the budget followed the consideration and adoption of clauses in the Bill’s report presented by the Chairman of the House Appropriation Committee, Hon. Muktar Betara.
The figures represented about N736 billion more than the N16.391 trillion proposed in the budget estimates submitted by President Muhammadu Buhari.
A breakdown of the budget showed that Statutory transfers will gulp N869.667 billion during the fiscal year while N6.910 trillion and N5.467 trillion were proposed by the lawmakers as Recurrent Expenditure and Capital expenditures for the year. Debt Services is proposed at N3.870 trillion.
The Green Chamber also approved the 1.88mbpd as daily oil production; $62 oil benchmark price; N410/$ exchange rate; 4.2% GDP growth rate and 13% inflation rate for the 2022 fiscal year.
In addition, the lawmakers approved an increase in the oil price benchmark from $57 to $62; increased the budget deficit by N98 billion to accommodate other requests of national importance not provided for in the budget estimates and which could not be covered by the revenue increase.
It would be recalled that President Buhari had last October laid the Appropriation bill tagged a ‘Budget of Economic Growth and Sustainability’ estimated at N16.39 trillion before the two chambers of National Assembly for consideration and subsequent passage.
