Buhari Signs Amended Appropriation Act 2022

President Muhammadu Buhari has assented to the new Appropriation Bill recently passed into law by the National Assembly.

Naija News reports that the Senior Special Assistant to the President on National Assembly Matters (House of Representatives), Umar I. El-Yakub, made this known in a statement on Friday.

El-Yakub disclosed that the new law repeals the Appropriation Law passed by the lawmakers in December 2021.

He said the new Act increases the size of the federal budget for 2022 to ₦17,319 trillion. ₦817,699 billion is for statutory transfer, while N3.978 trillion will go to debt service.

Recall that the President received the 2022 Appropriation Bill from the National Assembly in December last year.

The National Assembly passed the budget after raising the total estimates from the proposed N16.391tn to N17.126tn.

It also raised the oil benchmark from the proposed $57 per barrel to $62  to “reflect the current market values of the oil barrel in the international market”.

More to come…