President Muhammadu Buhari on friday signed the 2022 Appropriation Bill into law.

Ttitled, the Budget of Economic Growth and Sustainability, which was submitted to the National Assembly at 16.391trillion Naira , now stands at 17.126 Naira trillion.

Its breakdown shows that statutory allocation has 869 billion Naira, debt servicing, 3.8 trillion Naira, recurrent allocation, 6.9 trillion Naira, and capital expenditure, 5.4 trillion Naira.

The oil benchmark is raised from the proposed 57 dollars per barrel to 62 dollars, while the projected oil production is put at 1.88 million barrels per day including condensates.

The 2022 Appropriation Bill was handed over to the President for signing by his Senior Special Assistant on National Assembly Matters (Senate), Senator Babajide Omoworare, while the President of the Senate, Dr. Ahmad Lawal, the Speaker of the House of Representatives, Mr. Femi Gbajabiamila, the Secretary to the Government of the Federation, Mr. Boss Mustapha, and the Minister of Finance, Dr. Zainab Ahmad, assisted President Buhari in the signing process.

The President also signed the Finance Bill 2021, which he said was critical to the execution of the 2022 Budget.

The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, had in October layed out the projected funding process for the Budget, saying that revenues of 6.54 Naira trillion and 2.62 trillion Naira are projected to accrue to the Federation Account and the Value Added Tax, VAT.

She pointed out that the deficit of would be funded through borrowings.


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