National Assembly passes revised 2022 budget, raises it by N193bn

 

The national assembly has passed a revised budget of N17.31 trillion for the fiscal year of 2022.

 

The two chambers of the national assembly revised the budget after considering reports of appropriations committees on Thursday.

 

President Muhammadu Buhari had asked the house of representatives and senate to make adjustments to the 2022 budget, citing the impacts of the Russia-Ukraine war on the country’s economy.

 

The revised figure represents an increase of N193 billion from N17.12 trillion in the earlier signed 2022 budget.

 

The national assembly also adjusted the medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) — documents any budget is premised on.

 

The oil benchmark and projected daily crude oil production output were among the components of the MTEF and FSP that were adjusted.

 

With these adjustments, the national assembly had also approved N4 trillion subsidy payment for premium motor spirit (PMS), popularly known as petrol.

 

The federal government had initially approved N442.7 billion for subsidy in the 2022 fiscal year.

 

Out of the total sum of N17.31trillion naira passed, N817.69 billion is for statutory transfers; N3.97 trillion for Debt Service; N7.1 trillion for recurrent (non-debt expenditure); and N5.4 trillion for contribution to the development fund for capital expenditure.