National Assembly Passes Amended 2022 Budget

The National Assembly has passed an amendment to the 2022 Appropriation Act and 2022 Fiscal Framework.

Naija News understand that the passage of the amended budget raised the deficit in the Federal Government’s budget by ₦965.42billion to ₦7.35trillion.

Recall that President Muhammadu Buhari had written to the National Assembly to call for amendments to the budget and the fiscal framework for 2022.

During Thursday’s plenary, both the Senate and the House of Representatives considered and adopted reports from their committees on the amendment bills.

Before the passage, the provision for federally-funded upstream projects being implemented was cut by ₦200bn from ₦352.80bn, while the projection for Federal Government independent revenue was raised by ₦400bn.

Also passed was an additional provision of ₦182.45bn to cater for the needs of the Nigeria Police Force as well as a provision of ₦76.13bn for domestic debt service, with net reductions in statutory transfers by ₦66.07bn.

The statutory transfers’ adjustments were as follows: NDDC by ₦13.46bn, from ₦102.78bn to ₦89.32bn; NEDC by ₦6.30bn, from ₦48.08bn to ₦41.78bn.

Others are UBEC by ₦23.16bn, from ₦112.29bn to ₦89.13bn; Basic Health Care Fund by ₦11.58bn, from ₦56.14bn to ₦44.56bn; and NASENI by ₦11.58bn, from ₦56.14bn to ₦44.56bn.