FOLLOW US ON SOCIAL

Posted On

14
April
2022

Senate Passes N17.3trn Revised Budget For 2022

The Senate Thursday approved a revised budget of N17,319,704,091,019 trillion for the 2022 fiscal year.

The Senate gave the approval following the passage of a bill to amend the 2022 Appropriations Act transmitted to the National Assembly on February 10, 2022, by President Muhammadu Buhari.

The Senate, in December, 2021, passed a budget of N17,126,873,917,692 trillion.

The revised sum of N17.3 trillion, in contrast with the 2022 budget of N17.13 trillion passed last year, represents a N193 billion increase.

The passage of the Appropriations Act, 2022 (Amendment) Bill, Thursday, followed the consideration of a report by the Committee on Appropriations.

Out of the total sum of N17,319,704,091,019 passed, N817,699,410,210 billion is for Statutory Transfers; N3,978,087,110,437 for Debt Service; N7,108,621,131,849 for Recurrent (Non-Debt Expenditure); and N5,415,296,438,523 for Contribution to the Development Fund for Capital Expenditure.

Also, the Senate approved the total sum of N3.55 trillion for PMS subsidy in 2022, forwarded in two separate requests by the President to the National Assembly for approval.

The President, in a letter to the Legislature dated February 10, 2022, sought an additional N2.557 trillion to fund subsidy payments from July to December, 2022.

He disclosed that 138 of the 254 projects in the budget totalling N13.24 billion had been identified for deletion.

The National Assembly in December, 2021, had approved the sum of N442.7 billion for subsidy in the 2022 budget for the period of January to June this year.

Buhari, however, anchored his fresh request on the fact that PMS subsidy was not duly appropriated for in the national budget beyond June.

According to him, the development was as a result of the provisions of the Petroleum Industry Act which stops all such payments past the given June deadline.

In another letter dated April 12, 2022, President Buhari requested the National Assembly to approve an additional N1 trillion to his earlier N2.557 trillion subsidy request to bring the total amount of payments to N4 trillion for the year 2022.

The Senate, after passing the 2022 Appropriations Act (Amendment) Bill, adjourned till April 26.

RelatedPost

Related Blog post

UserComment

Valuable Users idea's
0 Comments

Leave a Reply

Your email address will not be published.