Reps pass 2022 budget, increase Buhari’s proposal by N730 billion

The House of Representatives has passed the 2022 appropriation estimate with significant increase of N730 billion.

It would be recalled that President Muhammadu Buhari had presented N16.39 billion estimate, however, the House approved N17.126 billion.

The passage followed the adoption of the report of the Committee on Appropriations by the Committee of Supply.

The Chairman of the House Committee on Appropriations had informed his colleagues that the increment would allocated to INEC for the 2023 elections, Ministry of Works and Housing, Ministry of Water Resources and others.

It would be recalled that INEC had said it would need N305 billion to conduct the 2023 elections.

To generate the revenue, the lawmakers increased oil benchmark from $57 per barrel proposed to $62 per barrel. In addition, there would be an increment of N98 billion to the deficit.

The Committee of Supply, chaired by Femi Gbajabiamila, considered the report on a clause by clause basis and approved the recommendations without changes.