President Buhari signs 2022 budget into law

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Weeks after the National Assembly passed the 2022 budget, President Muhammadu Buhari signed the budget into law on Friday with Vice President Yemi Osinbajo, Senate President Ahmad Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila witnessing the occasion.

Although the executive proposed a budget of N16.3 trillion, the lawmakers approved a total expenditure of N17.1 trillion with over N700 billion was added to the proposed appropriation.

The National Assembly also increased the Oil Benchmark Price from $57 to $62. The increase, they said, was to reflect the current market values of the oil barrel in the international market. Nigeria’s daily oil production rate was pegged at 1.86 million per barrel.

In the budget, statutory transfer was put at N869.6 billion, debt service at N3,88 trillion, recurrent (non-debt) expenditure at N6.9 trillion and capital expenditure at N5.46 trillion.

With the president’s assent, the bill has become law and the implementation is expected to commence in January for the 2022 fiscal year.

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