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JUST IN: Senates okay 2022 budget after jacking up estimates to N17.126trn

By Monsurudeen Olowoopejo

The Senate has passed the 2022 budget of N17.126 trillion, adding N735 billion to the N16.391 trillion estimates presented by President Muhammadu Buhari before the lawmakers as expenses for the year.

A breakdown of the estimate approved by the lawmakers showed that the sum of N3.8 trillion was for debt servicing while N6.9 trillion allotted for non-recurrent debt expenditure for 2022.

Also, the lawmakers, in the budget approved for the country, set aside N5.4 trillion for capital expenditure for next year.

The Senate, meanwhile, increased the benchmark price of crude from 57 to 62 dollars per barrel, from which a proposed increase in revenue is expected.

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