The Senate has approved a revised budget of N17.3 trillion for the 2022 fiscal year.
The approval came with the passage of a bill to amend the 2022 Appropriations Act transmitted to the National Assembly on 10th February, 2022, by President Muhammadu Buhari for consideration.
It could be recalled that in December last year, the Senate passed a budget of N17.126 trillion.
The revised sum of N17.3 trillion, in contrast with the 2022 budget of N17.126 trillion passed last year, represents a N193 billion naira increase.
The passage of the Appropriations Act, 2022 (Amendment) Bill, followed the consideration of a report by the Committee on Appropriations.
Out of the total sum of N17.319 trillion passed, N817.699 billion is for Statutory Transfers; N3.978 trillion for Debt Service; N7.108 trillion for Recurrent (Non-Debt Expenditure); and N5.415 trillion for Contribution to the Development Fund for Capital Expenditure.
Also, the Senate approved the total sum of 3.55 trillion for PMS subsidy in 2022, forwarded in two separate requests by the President to the National Assembly for approval.
The President, in a letter to the senate dated 10th February, 2022, sought an additional N2.557 trillion to fund subsidy payments from July to December, 2022.
He disclosed that 138 of the 254 projects in the budget totalling N13.24 billion had been identified for deletion.
The National Assembly in December, 2021, had approved the sum of N442.7 billion for subsidy in the 2022 budget for the period of January to June this year.
In another letter dated 12th April, 2022, President Buhari requested the National Assembly to approve an additional N1 trillion to his earlier N2.557 subsidy request to bring the total amount on payments to N4 trillion for the year 2022.
He explained that the additional request was against the backdrop of adjustments to the 2022 fiscal framework which became imperative due to market developments occasioned by the spike in crude prices, following the Russian-Ukrainian war.
Bashir Mayere
