Senate has on Wednesday passed N17.126 trillion as budget for the 2022 fiscal year, increasing the appropriation bill by N735.8 billion.
The upper legislative chamber passed the bill for third reading after Barau Jibrin, chairman of the appropriation committee, presented a report for the consideration of his colleagues.
This followed the adoption of the recommendations of the report of the Senate Committee on Appropriation at plenary on Wednesday.
The house of representatives also raised and passed the exact figure on Tuesday. The bill passed is higher than the 2022 budget proposal of N16.391 trillion proposed by the Presidency in October.
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The sum of N3.8 trillion is for debt service, N6.9 trillion recurrent non-debt expenditure while N5.4 trillion is for capital expenditure.
Jubrin said the committee raised oil price benchmark to $62 per barrel from the $57 proposed by the executive to reflect the current “economic realities.”
Read Also: President Buhari Presents N16.39trn Budget For 2022
After presenting his report, the senate dissolved into the “committee of supply” to consider clauses of the 2022 appropriation bill.
Speaking after the passage of the budget on Wednesday, Senate President, Ahmad Lawan commended the national assembly for restoring the budget cycle back to January to December.
“We thank Almighty God for helping us achieve that,” Lawan said.
He expressed;
Let me commend this senate for standing tall. We are rounding the year on a very high note, we passed the PIB and it is not an act, something that was not passed for over 20 years.
We passed the electoral bill but we know there are some reservations, so we will look at it with the house of representatives. I am sure that this senate and the national assembly has done a lot in legislative intervention.
I want to commend Nigerians, we take your advice. This national assembly is for all Nigerians.
