The National Assembly has transmitted the 2022 budget to President Muhammadu Buhari for assent.
The Clerk to the National Assembly, Amos Ojo, forwarded the letter to the president alongside a letter dated 24 December.
In the letter seen by PREMIUM TIMES and titled “Appropriation Bill 2022”, the clerk informed the president that the transmission of the budget is in consonance with the provisions of the Acts Authentication Act Cap. A2, Laws of the Federation of Nigeria, 2004.
“I wish, with due respect, to forward to Your Excellency, the authenticated copies of Appropriation Bill, 2022, for your consideration and assent.
“After Your Excellency’s assent, one copy of the signed bill should be retained in your office while the other two are to be returned for our further action, please. With my highest regards,” the letter read.
The lawmakers had increased the total expenditure from N16.3 trillion to N17.1 trillion – showing an increase of over N700 billion.
READ ALSO: Senate increases 2022 budget by N700 billion
They also increased the Oil Benchmark Price from $57 to $62 “to reflect the current market values of the oil barrel in the international market.” While 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.
Having returned the annual budget cycle to January-December, both the legislature and the executive have vowed to maintain the pattern.
The president is expected to assent to the 2022 budget on Friday.
The legislature recently approved the implementation of the 2021 budget to March 2022.
Spokesperson of the Senate, Ajibola Basiru, did not respond to a telephone call from this newspaper as of the time of filing this report.
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