Reps Pass 2022 Budget of 17.126 trillion naira.
Written by News Room on December 22, 2021
The House of Representatives on Tuesday passed a 2022 budget of 17.126 trillion naira against the 16.391 trillion-naira sum presented by the president.
While the major capital, recurrent, debt service, statutory transfers remain untouched, the House made provision for an increase by 400 billion naira 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.
In passing the bill, the House increased the benchmark price for crude from 57 dollars to 62 dollars per barrel, from which a proposed increase in revenue is expected.
The lawmakers also made provision for 10 percent of monies recovered by EFCC and the National Financial Intelligence Unit to be utilized by the agencies for their operations, to strengthen their fight against corruption.
The budget deficit was increased by 98 billion naira 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.