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 N965.42billion to N7.35trillion.

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 N200bn from N352.80bn, while the projection for Federal Government independent revenue was raised by N400bn.

Also passed was an additional provision of N182.45bn to cater for the needs of the Nigeria Police Force as well as a provision of N76.13bn for domestic debt service, with net reductions in statutory transfers by N66.07bn.

The statutory transfers’ adjustments were as follows: NDDC by N13.46bn, from N102.78bn to N89.32bn; NEDC by N6.30bn, from N48.08bn to N41.78bn.

Others are UBEC by N23.16bn, from N112.29bn to N89.13bn; Basic Health Care Fund by N11.58bn, from N56.14bn to N44.56bn; and NASENI by N11.58bn, from N56.14bn to N44.56bn.