House gives stamp to N17trn 2022 Budget

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The House of Representatives has passed the 2022 appropriation Bill sent to it by President Muhammadu Buhari, raising the sum to N17.126 trillion.

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Recall that Buhari had in October presented to both chambers of National Assembly, the Appropriation bill tagged a “Budget of Economic Growth and Sustainability.” estimated at ₦16.39trillion.

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The passage of the budget followed the consideration and adoption of clauses in the Bill’s report presented by the Chairman Appropriation Committee, Hon. Muktar Betara.

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While the major capital, recurrent, debt service, statutory transfers remain untouched, the Houe made provision for an increase by N400 billion for agencies that came forward with financial reports which were not captured in the proposed budget, such as INEC, Ministries of Humanitarian Affairs, the National Assembly, and more.

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In passing the bill, the House increased the benchmark price for crude from $57 to $62 per barrel, from which a proposed increase in revenue is expected.

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The lawmakers also made provision for 10 percent of monies recovered by EFCC and the national financial intelligence unit to be utilised by the agencies for their operations, to strengthen their fight against corruption.

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The budget deficit was increased by N98 billion to accommodate some other requests of national importance which have not been captured in the budget estimates and which could not be covered by the revenue increase.

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