Reps approve N17.1trn 2022 budget

Nigeria’s House of Representatives today, Tuesday, approved the sum of N17.127 trillion budget for 2022 fiscal year, against the sum of N16.391 trillion proposed in the budget estimates submitted by President Muhammadu Buhari.

Breakdown of the budget showed that Statutory transfer will take N869.667 billion; Recurrent Expenditure of N6.910 trillion; Capital expenditure of N5.467 trillion and Debt Services of N3.870 trillion.

The House also approved the 1.88mbpd as daily oil production; $62 oil benchmark price; N410/$ exchange rate; 4.2% GDP growth rate and 13% inflation rate for the 2022 fiscal year.

Also approved is an increase in the oil price benchmark from $57 to $62; increased the deficit by N98 billion to accommodate some other requests of national importance not provides for inthe budget estimates and which could not be covered by the revenue increase