President Muhammadu Buhari on Thursday, signed Nigeria’s 2022 budget into law at the Presidential Villa in Abuja.
This is coming two weeks after the Senate and House of Representatives passed the bill presented by the president a few weeks earlier.
The lawmakers had approved a total expenditure of N17.1 trillion against the N16.3 trillion proposed by the president in October. Over N700 billion was added to the proposed appropriation.
The National Assembly also increased the Oil Benchmark Price from $57 to $62.
According to NASS, the increase was to reflect the current market values of the oil barrel in the international market.
The country’s daily oil production rate was pegged at 1.86 million per barrel.
In the budget, statutory transfer was put at N869.6 billion, debt service at N3,88 trillion, recurrent (non-debt) expenditure at N6.9 trillion and capital expenditure at N5.46 trillion.
The Vice President, Yemi Osinbajo, Senate President Ahmad Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila witnessed the signing of the budget.
With this signing, the bill has become law and is expected to be implemented in January for the 2022 fiscal year.