President Muhammadu Buhari on Friday signed the 2022 Appropriation Bill into law.
Entitled “Budget of economic growth and sustainability, and valued at N17.126 trillion, it was transmitted to the President by the National Assembly on December 24.
The President signed the documents in the Presidential Villa in the presence of Senate President Ahmed Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, and other members of the Federal Executive Council.
The President also signed the Finance Bill 2021, which he said was critical to the execution of the 2022 budget.
President Buhari had submitted the 2022 Appropriation Bill of N16.391 trillion to the joint session of the National Assembly on October 7, calling on the legislators to give it a speedy consideration.
The budget comprises N869 billion for statutory allocation, N3.8 trillion for debt servicing, N6.9 trillion and N5.4 trillion for recurrent and capital expenditure, respectively.
The oil benchmark was raised from the proposed $57 per barrel to $62.
The projected oil production is put at 1.88 million barrels per day, including condensates.
Speaking at the event, the President said the 2022 Budget, just signed into law, provides for aggregate expenditures of N17.127 trillion, an increase of N735.85 billion over the initial Executive Proposal for a total expenditure of N16.391 trillion.
The President explained that N186.53 billion of the increase however came from additional critical expenditures that he had authorised the Minister of Finance, Budget, and National Planning to forward to the National Assembly.
‘‘The Minister will provide the public with the details of the budget as passed by the National Assembly, and signed into law by me,’’ he said.
