President Muhammadu Buhari will on Thursday, October 7, 2021, present the 2022 Appropriation Bill to a joint session of the National Assembly.
The early submission of the budget by the President is in line with the Federal Government’s effort to have the appropriation bill out on time and follow through with the January to December budget cycle.
This disclosure was made by the Deputy Senate President, Ovie Omo-Agege, while presiding over the plenary session in the absence of the Senate President, Ahmad Lawan, at the Senate Chamber of the National Assembly in Abuja.
Senator Omo-Agege, had before the announcement, informed the lawmakers that President Buhari has submitted the revised 2022-2024 Medium Term Expenditure Framework MTEF and Fiscal Strategy Paper (FSP), where he urged them to approve the planning documents which he said would form the basis and assumptions in the 2022 budget.
The President stated that the revision of the MTEF and FSP reflected the new fiscal terms in the recently enacted Petroleum Industry Act and the 2022 Appropriation Bill which includes funds for the Independent National Electoral Commission (INEC) to prepare for the 2023 general elections, provisions for hazard allowance for health workers, wage adjustment for workers, and funds for the population and housing census in 2022.
What you should know
- The budget presentation was coming early enough due to the January to December fiscal budgetary policy by the 9th National Assembly.
- Recall that President Buhari had presented a proposed 2021 Budget of N13.08 trillion, to the National Assembly on October 8, 2021, which enabled the parliament to pass the document into law for its implementation in January 2020.
- The bill, which was tagged Budget of Economic Recovery and Resilience, contained a crude oil benchmark price of $40 per barrel and a daily oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day).