President Muhammadu Buhari has signed Nigeria’s 2022 budget into law.
He signed the budget at the Presidential Villa in Abuja on Thursday.
The signing of the budget comes two weeks after the Senate and House of Representatives passed the bill presented by the president a few weeks earlier.
The lawmakers had approved a total expenditure of N17.1 trillion against the N16.3 trillion proposed by the president in October. Over N700 billion was added to the proposed appropriation.
The National Assembly also increased the Oil Benchmark Price from $57 to $62. The increase, they said, was to reflect the current market values of the oil barrel in the international market. Nigeria’s daily oil production rate was pegged at 1.86 million per barrel.
In the budget, statutory transfer was put at N869.6 billion, debt service at N3,88 trillion, recurrent (non-debt) expenditure at N6.9 trillion and capital expenditure at N5.46 trillion.
Those who witnessed the signing of the budget include Vice President Yemi Osinbajo, Senate President Ahmad Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila.
With the president’s assent, the bill has become law and the implementation is expected to commence in January for the 2022 fiscal year.