Nigeria’s House of Representatives on Tuesday passed a 2022 budget of N17.126 trillion against the N16.391 trillion sum presented by the President.
The Upper Chamber, Senate is also expected to pass the appropriation bill on Tuesday.
While the major capital, recurrent, debt service, statutory transfers remain untouched, the House 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 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.
Politics3 days ago
THE FALSE ZONING PROPAGANDA IN BAYELSA WEST: THE TRUE POSITION.
News5 days ago
Multi-million-naira Edo community road washes away two months after completion
News17 hours ago
Fresh Details Emerge On Why Gunmen Abducted Bayelsa Commissioner
Politics5 days ago
Ovie Omo-Agege’s Die-hard Supporter Resigns Position, Dumps APC
Gist6 days ago
My Lecturer In UNIUYO Has Been Having Sex With Me & My Classmate (Photo)
Politics5 days ago
North-Central Reportedly Gets APC National Chairman Slot, South-East Gets National Secretary
Crime5 days ago
CNPP, CSOs Want NCDMB Boss Simbi Wabote, To Step Aside Over Alleged Perjury, Corruption
Breaking News5 days ago
BREAKING Court Declares Nnamdi Kanu’s Arrest As Illegal, Orders Nigerian Government To Pay Him N1billion