The Senate has passed a 2022 budget of N17.126 trillion against N16.391 trillion as presented by President Muhammadu Buhari.
The Senate while passing the bill on Wednesday, December 22, increased the benchmark price of crude from $57 to $62 per barrel, from which a proposed increase in revenue is expected.
The sum of N3.8 trillion is for debt service, N6.9 trillion recurrent non-debt expenditure while N5.4 trillion is for capital expenditure.
After the passage of the budget, Senate President Ahmad Lawan commended the National Assembly for restoring the budget cycle back to January to December.
“We thank Almighty God for helping us achieve that,” Lawan said.
“Let me commend this senate for standing tall. We are rounding the year on a very high note, we passed the PIB and it is not an act, something that was not passed for over 20 years.
“We passed the electoral bill but we know there are some reservations, so we will look at it with the house of representatives. I am sure that this Senate and the National Assembly has done a lot in legislative intervention,” he said.
The House of Representatives also raised and passed the exact figure on Tuesday.
The lawmakers made provision for 10 percent of monies recovered by EFCC and the National Financial Intelligence Unit; to be utilised by the agencies for their operations, to strengthen their fight against corruption.
The budget deficit was increased by N98 billion to accommodate some other requests of national importance; which have not been captured in the budget estimates and which could not be covered by the revenue increase.
Meanwhile, Ekiti State Governor, Kayode Fayemi on Tuesday, December 21, supported President Muhammadu Buhari’s decision to decline assent to the Electoral Act Amendment Bill; saying he thinks Nigerians should be happy with the development.
Fayemi made this disclosure while speaking to State House correspondents after meeting with the President in his office; noting it does not matter to the governors which mode is adopted for the conduct of primaries.
The governor, who is also the Chairman of the Nigerian Governors’ Forum; dismissed talks that the President was simply conceding to the wishes of the governors.
While noting that the President’s desire is to see that all options are provided for; there is an exaggerated expectation that direct primaries will resolve electoral challenges in the country.
“I think all of us should be happy with that we shouldn’t really dwell too much; on there’s been this exaggerated expectation that direct primaries; are going to provide all answers to whatever electoral challenges that we have faced,” Fayemi said.