Lawmakers at the House of Representatives have passed the 2022 budget into law, increasing the figure from N16,391,023,917,692 proposed by the executive to N17,126,873,917,692.
The lawmakers also increased the oil benchmark to 62 dollars as against the 52 dollars that was proposed by the executive, while the exchange rate was retained at N410.15.
The legislators approval followed the consideration of the reports by the House Committee on Appropriation and Committee on Finance on the bills, respectively.
Giving the highlights of the budget shortly before the House dissolved into Committee of Supply for the clause by clause consideration of the report, the Chairman, House Committee on Appropriations, Hon. Mukhtar Betera, said that before the current figure,
The budget consists of Statutory Transfer of N869,667,187,542; Debt Service of N3,879,952,981,550 and Recurrent (Non-Debt) Expenditure of N6,909,849,788,737 and Capital Expenditure of N5,467,403,959 863
According to him, the House debated on the General principles of the Bill on Tuesday 12th through Thursday 14” October 2991, read it a second time, and consequently referred same to the Committee on Appropriations for further legislative action.
“The Committees on Appropriations of both the House and Senate met and drew up a work plan to guide the processing of the Appropriation Bill, which was approved by the National Assembly leadership.
“Subsequently, the Committee engaged its Sub-Committee Chairmen on Monday, 18th October 2021 on the approved Time Table and relevant guidelines provided for the processing of the Bill.
“Sub-Committees were given both the hard and soft copies of the schedules of the budgetary proposal under their jurisdiction for detailed analysis and consideration.
“An Additional guideline provided to Chairmen of the Sub-Committees directed them not to tamper with the N1,153.823,207,500 MultiLateral/Bi-Lateral Project-tied Loans in the capital component of the proposed budget in their deliberations and consideration.
“In the same vein, on conclusion of work on the 2022 budget engagement/defense with MDAs under their jurisdiction, Sub-Committees submitted and defended their reports before the Appropriations Committee from Wednesday 10th to Friday 26th November, 2021,