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.
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