President
Buhari has signed a record N17.13 trillion 2022 appropriation bill into law. He
signed the bill at the statehouse this morning December 31.
The president also signed the 2021 finance bill into law.
President
at the signing ceremony was the President of the Senate, Ahmed Lawan, Femi
Gbajabiamila, speaker of the house of representatives, Zainab Ahmed, minister
of finance, budget, and national planning.
This is
coming less than a week after the house of representatives and senate passed
the appropriation bill. The two chambers increased the budget spending by
N735.8 billion from the proposed N16.391tn to N17.126 trillion. They also
raised the oil benchmark from $57 per barrel proposed by the executive to $62.
The
National Assembly also fixed oil production at 1.88 million barrels per day,
exchange rate at N410.15 to the dollar, GDP at 4.2 percent and inflation at 13
percent.
Speaking
at the event, Buhari said the 2022 Budget, just signed into law, provides for
aggregate expenditures of N17.127 trillion, an increase of N735.85 billion over
the initial Executive Proposal for a total expenditure of N16.391 trillion. The
president explained that N186.53 billion of the increase however came from additional
critical expenditures that he had authorized the minister of finance, budget
and National Planning to forward to the National Assembly.
‘‘The
Minister will provide the public with the details of the budget as passed by
the National Assembly, and signed into law by me,’’ he said.
He
announced that as the 2023 Budget is going to be a transition budget and that
work will start in earnest to ensure early submission of the 2023-2025
medium-term expenditure framework and fiscal strategy paper as well as the 2023
appropriation bill to the national assembly.
He
directed heads of ministries, departments and agencies (MDAs) to cooperate with
the ministry of finance, budget and national planning, more specifically with
the budget office of the federation, to realize this very important objective.
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