President Muhammadu Buhari on Friday signed the 2022 Appropriation Bill into law. It is entitled “Budget of economic growth and sustainability.”
The budget, valued at N17.126 trillion, was transmitted to the President by the National Assembly on December 24.
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.
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The breakdown of the budget include 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.
The Federal Government had earlier revealed that it would be financing the N6.258 trillion deficits in the 2022 Budget with domestic and external loans.
This was disclosed by Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, after a virtual Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.