Reps Pass 2022 Budget For Second Reading

The House of Representatives on Thursday passed the 2022 budget of N16.39 trillion for second reading.

This followed the conclusion of debate on on the general principles of the budget.

The Senate, had also on Wednesday, passed the 2022 Appropriation Bill for second reading after over one hour of debate on its general principles.

Exactly a week ago, President Muhammadu Buhari presented a N16.39 trillion budget proposal for the 2022 fiscal year.

The president had said out of the total expenditure of N16.39 trillion proposed for the Federal Government in 2022, N768.28 is for Statutory Transfers; N6.83 trillion is for Non-debt Recurrent Costs; and N4.11 trillion for Personnel Costs.

Others are N577.0 billion for Pensions, Gratuities and Retirees’ Benefits; N792.39 for Overheads; N5.35 trillion for Capital Expenditure, including a capital component of statutory transfers; N3.61 trillion for Debt Service; and N292.71 billion Naira for Sinking Fund to retire certain maturing bonds.

The budget has a deficit of N6.26 trillion, an amount representing 3.39 per cent of estimated GDP.