NASS passes revised 2022 budget, raises it by N193bn

The national assembly has passed a revised budget of N17.31 trillion for the fiscal year of 2022.

The two chambers of the National Assembly (NASS) revised the budget after considering reports of appropriations committees on Thursday, April 14, 2022.

President Muhammadu Buhari had requested that the house of representatives and senate to make adjustments to the 2022 budget.

The president owed the budget review to the impacts of the Russia-Ukraine war on the country’s economy.

The revised figure is an increase of N193 billion, from N17.12 trillion in the earlier signed 2022 budget.

Initially, the federal government had approved N442.7 billion for subsidy in the 2022 fiscal year.

NASS also adjusted the medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) — documents any budget is premised on.

The oil benchmark and projected daily crude oil production output were among the components of the MTEF and FSP that were adjusted.

With these adjustments, NASS had also approved N4 trillion subsidy payment for premium motor spirit (PMS), popularly known as petrol.

Out of the total sum of N17.31trillion naira passed, N817.69 billion is for statutory transfers; N3.97 trillion for Debt Service; N7.1 trillion for recurrent (non-debt expenditure); and N5.4 trillion for contribution to the development fund for capital expenditure.