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Reps pass 2022 budget of N17.126trn

The House of Representatives has passed a 2022 budget of N17.126 trillion.

The bill which was passed on Tuesday was above the N16.391 trillion sum presented by President Muhammadu Buhari.

The Senate is expected to equally pass the appropriation bill on Tuesday.

Reps did not touch major capital, recurrent, debt service, statutory transfers, but made provision for an increase by N400 billion for agencies that came forward with financial reports which were not captured in the proposed budget, such as INEC, Ministries of Humanitarian Affairs, the National Assembly, and more.

In passing the bill, the House increased the benchmark price for crude from $57 to $62 per barrel, from which a proposed increase in revenue is expected.

The federal lawmakers also made provision for 10 per cent of monies recovered by EFCC and the National Financial Intelligence Unit to be utilised by the agencies for their operations, to strengthen their fight against corruption.

The budget deficit was increased by N98 billion to accommodate some other requests of national importance which have not been captured in the budget estimates and which could not be covered by the revenue increase.

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