Home Economy Buhari signs 2022 budget into law

Buhari signs 2022 budget into law

by Business News Report

President Muhammadu Buhari has signed the 2022 Appropriation Bill of N17.126 trillion into law. The budget was presented to the President by his Senior Special Assistant (Senate) on National Assembly, Senator Babajide Omoworare, on Friday at the Council Chamber of the Presidential Villa in Abuja, the Federal Capital Territory (FCT). This comes a week after lawmakers in the House of Representatives and Senate chambers of the National Assembly passed a budget of N17.126 trillion, increasing the benchmark price of crude from $57 to $62 per barrel.

The lawmakers had approved a total expenditure of N17.1 trillion against the N16.3 trillion proposed by the President in October. Over N700 billion was added to the proposed appropriation. According to reports, the President seems displeased with some changes as well as major additions and reductions made by the National Assembly in critical projects ‘without justification’. He however, said that as soon as the National Assembly return from their recess, he would revert back to them with a request for an amendment, to ensure that critical ongoing projects cardinal to his administration do not suffer a setback as a result of reduced funding.

Present at the budget signing were Vice President Yemi Osinbajo, Senate President Ahmad Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila. With the president’s assent, the bill has become law and the implementation is expected to commence in January for the 2022 fiscal year.

Related Posts