Nigerian Senate has passed the 2022 appropriation bill, totalling N17,126,873,917,692.
Gatekeepers News reports that the N17,126,873,917,692 is an increase of N1 trillion as against the N16,391,023,917,692 which was proposed by President Buhari in October.
The lawmakers increased the benchmark price of crude from $57 to $62 per barrel.
The sum of N3.8 trillion was allocated for debt service, N6.9 trillion recurrent non-debt expenditure while N5.4 trillion is for capital expenditure.
President of the Senate, Ahmad Lawan, after the passage of the budget, commended the National Assembly for restoring the budget cycle back to January to December.
“We thank Almighty God for helping us achieve that,” Lawan said.
“Let me commend this senate for standing tall. We are rounding the year on a very high note, we passed the PIB and it is not an act, something that was not passed for over 20 years.
“We passed the electoral bill but we know there are some reservations, so we will look at it with the house of representatives. I am sure that this Senate and the National Assembly has done a lot in legislative intervention,” he added.
