CheCheBlogs
Viral

Buhari signs N17trn 2022 budget into law

Muhammadu Buhari

President Muhammadu Buhari on Friday signed into law the 2022 Appropriation Bill and the 2021 Finance Bill.

The law provides for aggregate expenditures of N17.127 trillion, an increase of N735.85 billion over the initial executive proposal for a total expenditure of N16.391 trillion.

Buhari explained that N186.53 billion of the increase however came from additional critical expenditures that he had authorised the minister of finance, budget, and national planning to forward to the National Assembly.

Details of the budget will be made public by the minister, he said.

According to a statement by his spokesman Garba Shehu, the president said he was worried about some changes made by the National Assembly to the budget proposal.

Among some of the “worrisome changes” are: ‘‘Increase in projected FGN Independent Revenue by N400 billion, the justification for which is yet to be provided to the executive.

‘‘Reduction in the provision for Sinking Fund to Retire Maturing Bonds by N22 billion without any explanation.

‘‘Reduction of the provisions for the Non-Regular Allowances of the Nigerian Police Force and the Nigerian Navy by N15 billion and N5 billion respectively. This is particularly worrisome because personnel cost provisions are based on agencies’ nominal roll and approved salaries/allowances.

‘‘Furthermore, an increase of N21.72 billion in the Overhead budgets of some MDAs, while the sum of N1.96 billion was cut from the provision for some MDAs without apparent justification.

‘‘Increase in the provision for Capital spending (excluding Capital share in Statutory Transfer) by a net amount of N575.63 billion, from N4.89 trillion to N5.47 trillion.’’

Buhari further said he would revert to the National Assembly with a request for amendment as soon as the Assembly resumes to ensure that critical ongoing projects cardinal to his administration do not suffer setback due to reduced funding.

The president signed the documents in the Presidential Villa in the presence of Senate President Ahmad Lawan; Speaker of the House of Representatives Femi Gbajabiamila; and other members of the federal executive council.

Related posts

My father, I, brothers, uncle were charged with murder – Wike

Neche

JUST IN: Uche Nwosu arrested, not kidnapped — Police

Neche

Makinde absent at Olubadan’s eighth-day fidau

Neche

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: