The National Assembly Thursday approved a revised budget of N17, 319,704,091,019 trillion for the 2022 fiscal year.
The approval came with the passage of a bill to amend the 2022 Appropriations Act transmitted to the National Assembly 10th February, 2022 by President Muhammadu Buhari for consideration.
The revised N17.319trillion 2022 budget is predicated on parameters of $73 per barrel oil price benchmark, 1.600million barrels oil production per day and N410 to $1 exchange rate.
The National Assembly had in December, 2021, passed a budget of N17, 126,873,917,692 trillion which was also assented to by President Buhari.
The revised sum of N17.3 trillion, in contrast to the 2022 budget of 17.13 trillion passed last year, represents a N192. 52 billion increase.
The passage of the Appropriations Act, 2022 (Amendment) Bill, followed consideration of harmonised report by Committees on Appropriations at both Chambers.
Out of the total sum of N17,319,704,091,019 trillion passed, N817,699,410,210 billion is for Statutory Transfers; N3,978,087,110,437 trillion for Debt Service; N7,108,621,131,849 trillion for Recurrent (Non-Debt Expenditure); and N5,415,296,438,523 trillion for Contribution to the Development Fund for Capital Expenditure.
Both chambers also approved the total sum of N3.55 trillion for PMS subsidy in 2022, forwarded in two separate requests by the President to the National Assembly for approval, making total projection for subsidy in the fiscal year to be N4trillion.
In a letter to the legislature dated 10th February, 2022, the president sought an additional N2.557 trillion to fund subsidy payments from July to December, 2022.
He disclosed that 138 of the 254 projects in the budget totalling N13.24 billion had been identified for deletion.
The National Assembly in December, 2021, had approved the sum of N442.7 billion for subsidy in the 2022 budget for the period of January to June this year.
Buhari, however, anchored his fresh request on the fact that PMS subsidy was not duly appropriated for in the national budget beyond June.
According to him, the development was as a result of the provisions of the Petroleum Industry Act which stops all such payments past the given June deadline.
In yet another letter dated 12th April, 2022, President Buhari requested the National Assembly to approve an additional N1 trillion to his earlier N2.557 subsidy request to bring the total amount on payments to N4 trillion for the year 2022.
He explained that the additional request was against the backdrop of adjustments to the 2022 fiscal framework which became imperative due to market developments occasioned by the spike in crude prices, following the Russian-Ukrainian war.
Both chambers accordingly, approved the president’s request for additional N3.557 trillion for PMS subsidy in addition to N442billion earlier passed in December 2021.
The federal lawmakers also approved N192.52 billion aggregate increase sought by the executive, and an additional provision of N182.45 billion to cater for the needs of the Nigerian Police Force to enhance their morale.
It also increased budgetary provisions for both Chambers and other supporting Institutions to N153billion from N139 billion earlier appropriated in December 2021.
After the passage of the revised budget, both chambers adjourned till the 26th of April, 2022 for Easter break.