……..moves oil benchmark price from $57 to $62
By Chibisi Ohakah, Abuja
Nigerian House of Representatives (Green Chamber) has passed N17.127 trillion for the 2022 national budget, approving 1.88mbpd as daily oil production; moving oil benchmark price from $57 to $62; while pegging exchange rate at N410/$.
Also contained in the budget is a 4.2% GDP growth rate and 13% inflation rate for the 2022 fiscal year. In the estimate, the budget deficit was increased by N98 billion to accommodate other requests of national importance not provided for in the budget estimates and which could not be covered by the revenue increase.
The passage of the budget followed the consideration and adoption of clauses in the Bill’s report presented by the Chairman of the House Appropriation Committee, Hon. Muktar Betara.
The figures represented about N736 billion more than the N16.391 trillion proposed in the budget estimates submitted by President Muhammadu Buhari.
A breakdown of the budget showed that Statutory transfers will gulp N869.667 billion during the fiscal year while N6.910 trillion and N5.467 trillion were proposed by the lawmakers as Recurrent Expenditure and capital expenditures for the year. Debt services is proposed at N3.870 trillion.
The sum of N100 billion was also approved for Zonal Intervention Projects; N10 billion for National Assembly liabilities; N300 million for National Assembly e-Library; N139 million for National Assembly Dashboard; N1 billion for Constitution Review and N20 billion for Special Intervention Projects.
Under the recurrent (Non-Debt) expenditure, the House approved the sums of N350 billion for National Social Investment Programme (NSIP); N4 billion for Employee Compensation Fund; N30 billion Contingency (Recurrent); Treasury Single Account (TSA) – N1 billion; N50 billion for Police Operations Fund; N50 billion for Hazard Allowance for health workers; N50 billion for Enhanced Allowance for Nigeria Police; N300 billion for national Poverty Reduction with Growth Strategy (FG commitment, including NSIP upscaling); N40 billion for settlement of MDAs electricity bills debt;
N65 billion for Presidential Amnesty Programme: Reintegration of transformed ex-Militants; N115 billion for military operations: Lafiya Dole and other operations of the Armed Forces; N1 billion for severance benefits to retired Heads of Government Agencies and parastatals; N2.300 billion for entitlements of former Presidents/Heads if States and Vice Presidents/Chief of General Staff; N125 billion for Pension Protection Fund; N10 billion for benefits of retired Heads of Service and Permanent Secretaries an Professors; N11 billion for arrears of pension liabilities; N30.064 billion for defunct privatized agencies pension; N125 billion for payment into redemption fund.
It would be recalled that President Buhari had last October laid the Appropriation bill tagged a ‘Budget of Economic Growth and Sustainability’ estimated at N16.39 trillion before the two chambers of National Assembly for consideration and subsequent passage.
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