Buhari (file photo)
By Adamu Hasan
Nigeria’s President Muhammadu Buhari on Friday signed the 2022 Appropriation Bill into law.
Titled, “Budget of economic growth and sustainability,” the document, valued at N17.126 trillion, was transmitted to the President by the National Assembly on December 24, 2021.
Buhari also signed the Finance Bill 2021, which he said was critical to the execution of the 2022 budget.
Buhari had submitted the draft proposed 2022 budget of N16.391trillion to the joint session of the National Assembly on October 7, 2021, calling on the legislators to give it a speedy consideration.
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.