House of Representatives passes N17.126trn Nigerian Budget 2022

*The House of Representatives approves a 2022 budget of N17.126trillion with an increase in the benchmark price for crude from $57 to $62 per barrel

Alexander Davis | ConsumerConnect

With an increase in the benchmark price for crude from $57 to $62 per barrel, from which a proposed increase in revenue is expected, the Nigerian House of Representatives, in the National Assembly (NASS) Tuesday, December 21, 2021, approved a 2022 budget of N17.126trillion against the N16.391trillion sum earlier presented by President Muhammadu Buhari.

ConsumerConnect reports while the major capital, recurrent, debt service, statutory transfers remain untouched, the Federal legislators in the Lower Chamber of NASS made provision for an increase by N400billion for agencies that came forward with financial reports which were not captured in the proposed budget.

President Muhammadu Buhari submitting the 2022 Budget estimates to NASS October 2021

These include such MDAs as INEC, Ministries of Humanitarian Affairs, the National Assembly, and others.

The House also increased the benchmark price for crude oil from $57 to $62 per barrel, from which a proposed increase in revenue for 2022 is expected.

The lawmakers as well made a provision for 10 percent of monies recovered by the Economic and Financial  Crimes Commission (EFCC) and the National Financial Intelligence Unit (NFIU) to be utilised by the agencies for their operations, to strengthen their fight against corruption in the country.

Simiarly, the budget deficit was jacked up by N98billion to accommodate some other requests of national importance, which the Representaives noted had not been captured in the budget estimates and could not be covered by the revenue increase.

Meanwhile, the Senate is also expected to pass the appropriation bill Tuesday.

Earlier, the Senate has shifted the date for the passage of the 2022 Federal Budget until next Tuesday, December 21.

Senate President Ahmad Lawan had announced this development during the plenary Wednesday, December 15.

The upper chamber of the NASS had said it would pass the 2022 budget Wednesday, but it appeared the delay in capturing the financial requirements of the Independent National Electoral Commission (INEC) and National Population Commission (NPC) in the 2022 budget may be responsible for the inability of the Senate to pass the budget at the time.

Senator Jibrin Barau, Chairman of Senate Committee on Appropriation, in an interview with reporters, said the Commission had met with INEC and NPC officials to discuss the problem of insufficient funds in the budget of the government agencies.

Barau stated: “We had a very robust and frank interaction with INEC and the National Population Commission in respect to the complaints we have had in different quarters about the inefficiency of funds that have been provided for them in the 2022 appropriation bill.”

The Federal lawmaker also said: “Because of the stance of the Senate of the Federal Republic of Nigeria that these two institutions need to be properly catered for in terms of their funding, we all know the importance of election in this country, and indeed, the entire world, it is the foundation of every democracy.

“I can’t tell you whether it will be passed this (last) week or not because we are still working on it, you can make your calculations.”

Based on Barau’s comments, the Senate adjourned the plenary till December 21, 2021, thereby foreclosing its earlier projection to pass the budget in the past week.

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