President Muhammed Buhari of Nigeria has signed the country’s 2022 budget into law, and this is coming two weeks after the Senate and House of Representatives passed the bill presented by Buhari a few weeks earlier.
Penpushing reports that, the signing of the budget held at the Presidential Villa in Abuja on Thursday, was witnessed by Vice President Yemi Osinbajo, Senate President Ahmad Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila.
The bill with the president’s assent, has become law and the implementation is expected to commence in January for the 2022 fiscal year, while it is recalled that the lawmakers had approved a total expenditure of N17.1 trillion against the N16.3 trillion proposed by the President in October, and over N700 billion was added to the proposed appropriation.
Penpushing further reports that, the National Assembly also increased the Oil Benchmark Price from $57 to $62, while the increase, the lawmakers explained said, was to reflect the current market values of the oil barrel in the international market.
The Nigeria’s daily oil production rate was pegged at 1.86 million per barrel, and 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
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