New Appropriation Bill recently passed into law by the National Assembly has received President Muhammadu Buhari’s assent.
According to the Senior Special Assistant to the President on National Assembly Matters (House of Representatives), Umar El-Yakub, the new law repeals the Appropriation Act passed by the lawmakers in December 2021 and enacts a new Appropriation Act, 2022.
He said this authorised the issue from the Consolidated Revenue Fund of the Federation the total sum of N17,319,704,091,019 (seventeen trillion, three and nineteen billion, seven and four million, ninety-one thousand and nineteen Naira) only.
Out of this, N817,699,410,210 (eight hundred and seventeen billion, six hundred and ninety-nine million, four hundred and ten thousand, two hundred and ten Naira) only, is for Statutory Transfers, while N3,978,087,110,437 (Three trillion, nine hundred and seventy-eight billion, eighty-seven million, one hundred and ten thousand, four hundred and thirty-seven Naira) only will be for Debt Service.
Similarly, N7,108,621,131,849 (seven trillion, one hundred and eight billion, six hundred and twenty-one million, one hundred and thirty-one thousand, eight hundred and forty-nine Naira) only is for Recurrent (Non-Debt) Expenditure while the sum of N5,415,296,438,523 (five trillion, four hundred and fifteen billion, two hundred and ninety-six million, four hundred and thirty-eight thousand, five hundred and twenty-three Naira) would be for Contribution to the Development Fund for Capital Expenditure for the Year Ending on the 31st day of December, 2022.