President Muhammadu Buhari, is set to sign into law the 2022 budget on Friday, December 31, 2021.
The 2022 Appropriation Bill passed by the upper and the Lower legislative chambers on Tuesday and Wednesday, respectively have been transmitted to Buhari who has acknowledged the receipt of the document.
The lawmakers had increased the total estimates from the proposed N16.39tn to N17.13tn.
The oil benchmark was increase from the proposed $57 per barrel to $62.
The breakdown of the budget includes N869bn for statutory allocation, N3.8tn for debt servicing, N6.9tn and N5.4tn for recurrent and capital expenditure respectively.
In keeping with National Assembly’s promise of January-December budget cycle, the 2022 Appropriation Bill was transmitted on Friday, December 24, 2021, by the Clerk to the National Assembly, Amos Ojo, and acknowledged by the Office of the Chief of Staff to the President on Saturday, December 25.
The transmission letter, with Reference Number NASS/CNA/37/Vol.1/35, addressed to the “President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria” and titled ‘APPROPRIATION BILL, 2022.’ reads, “In consonance with the Provisions of the Acts Authentication Act Cap. A2, Laws of the Federation of Nigeria, 2004, I wish, with due respect, to forward to Your Excellency, the authenticated copies of Appropriation Bill, 2022, for your consideration and assent.