Reps raise 2022 budget by N735bn to N17.13trn

The house of representatives has passed N17.126 trillion as budget for the 2022 fiscal year.

The budget was increased by N735.8 billion.

The appropriation bill was passed by the lower legislative chamber on Tuesday after Muktar Betara, chairman of the committee on appropriations, presented a report.

While presenting his report, Betara said the oil price benchmark for the 2022 budget has been increased from $57 per barrel proposed by the executive to $62 to “reflect the current market values of the oil barrel in the international market”.

He said the budget is of much significance because it would be the last full-year budget to be implemented by the current administration.

Betara noted that other than the oil benchmark, other MTEF parameters were approved as proposed by the executive.

“It is our hope that all hands will be on deck between the executive and legislature and all the citizens to ensure that the difference is made,” he said.

On October 9, President Mohammadu Buhari presented the 2021 budget of N16.39 trillion to a joint session of the national assembly.