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2022 Revised Budget To Be Passed Next Week-Senate

The Senate has passed the 2022 Appropriation Act (Amendment) Bill for second reading.

The President of the Senate, Ahmad Lawan, after the bill scaled second reading, referred it to the Senate Committee on Appropriation for further work, asking it to report back within one week.

President Muhammdu Buhari had earlier in February transmitted the executive bill to the National Assembly, seeking adjustments in the recurrent and capital expenditures in the Federal Government’s budget with estimates totaling N150,032,091,096.

Buhari had also sought approval for another N2.557tn to extend the payment of subsidy on Premium Motor Spirit, popularly called petrol.

Buhari said 139 out of the 254 projects in the 2022 budget valued at N13.24bn had been identified, asking the lawmakers to delete them.

The President also requested the National Assembly to provide for capital expenditures totaling N106,161,499,052, and recurrent expenditures amounting to N43,870,592,044.

Buhari also requested that an additional provision of N2.557tn be made to fund the PMS subsidy in 2022.

The President also asked the lawmakers to reinstate four capital projects worth N1.4bn under the Federal Ministry of Water Resources; and the N22bn cut from the provision for the Sinking Fund to retire mature loans needed to meet government’s obligations under already issued bonds.

President of the Senate, Ahmad Lawan; and Speaker of the House of Representatives, Femi Gbajabiamila, had read Buhari’s letter dated February 10, 2022, in plenary.

The Majority Leader of the Senate, Senator Yahaya Abdullahi, while leading the debate at the second reading, gave key highlights of the amendment to include 11 areas.

Contributing to the debate, Senator Gabriel Suswam, however, criticised the high tax expenditure in the 2022 budget.

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